Patent Basics – Can someone steal my patent idea?

can someone steal my patent idea so I
got a great question for one of my
youtube viewers love you guys Adarsh who
wrote in to say let us consider if we
have a totally theoretical idea with the
viable business plan can we go out sir
pattern for this theory you want to be
put out on a particular domain possibly
open to some pilferage threatened
without benefiting us so Adarsh yes
absolutely when you go for a patent you
have to explain how your idea works
right you have to lay out here is
exactly how my idea works and there are
people who go out and look at patents
and just try to find one little tweak to
it to say that it’s their own idea right
so your patent can only protect a
certain way of doing things and there
are others who will go look exactly at
that I want to tweak just a few things
to get around your patent and then do
the idea themselves the thing with a
patent is it lasts 14 to 20 years
depending on the type of patent that you
go for if you’re super protective of
your idea and you’re worried that you’re
not gonna get paid for it the only other
options that go with what you consider a
trade secret right you look at coca-cola
you don’t know what their recipe is
right they’ve had it for over a hundred
years you don’t know what the rest
denver went for a patent because it
would have expired and then everybody
would know how to make coca-cola so they
keep it to themselves to keep it as a
trade secret the other thing with a
patent is you have to enforce it this is
the expensive part for entrepreneurs the
biggest reason to get a patent is that
you can then sell it to a corporation
you can sell your company you can
license it out you have an asset that
you can sell and leverage the hard part
about the patent is you can enforce it
right it’s too expensive so if somebody
does come along and steal your idea and
that’s exactly what you say in your
patent
you’d have to sue them right you’d have
to hire a lawyer and sue them to say you
can’t do this because it’s my Pilon do
you want to be caught in this lawsuit
right yes or no so the bigger
opportunity is are you gonna be able to
sell it eventually to a corporate client
or an investor who has the funds to go
after anybody who was stealing your idea
so that’s that that’s the thing you
gotta balance you know that your idea is
gonna be out there public knowledge
public domain and if they make a few
changes to it they have their own idea
that you can’t sue them for your idea is
also only going to be protected for
fourteen to twenty years depending on
the type of patent that you get so is
that worth it for you or not that’s the
decision you have to make on top of it
costing money to apply for a patent and
then to maintain it every year in each
country that you want protection for
those are your pros and cons hope that
helps you make a decision believe
everybody watchin like the video give it
a thumbs up below let me know what you
think do you have a patent in your
business and you’re thinking about
getting one leave it in the comments I
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like this thank you so much I’ll see you
soon