You’ve come up with a brilliant new idea! But who owns it? Don’t automatically assume that it is you; you might be in for a big surprise!
Think you own your idea?
Check your contract of employment – many employers have clauses in their contracts that give them ownership of intellectual property developed by their employees, i.e. you.
This may be more relevant where your invention is in the same field as your job.
Is inventing part of your job or something your employer considers part of working for their company?
Has your employer given you a written declaration that they have no interest in your idea?
You should find out your position before you start and, if you have already come up with your idea, as soon as possible. Confusion over who owns an idea will put off an investor and can even result in legal proceedings and financial compensation, so get the situation agreed before you go any further.
Smart Idea Store
January 11, 2013