QUESTION
What if I have an idea that could make an already exsisting company millions, how could I benefit from telling them about it?
Asked on Jul 20th, 2013 on Business Law - Virginia
More details to this question:
I have found a use for something that is already in production. Hypothetically lets say I found that I could turn a ceiling fan into a kids helicopter (this is totally hypothetical and far away from my idea). Lets say I told a ceiling fan company and they used the idea and every kid in the US now owned a "Kiddiecopter" Now I blew it, right? My idea, I get nothing.
1 ANSWER
You might or might not get nothing, but certainly you'd be in a better position if you had first protected your idea under copyright, trademark, or patent law, if any of them apply. Also, you could protect yourself somewhat if you reach an agreement with the company before you reveal your idea to it that the company will keep all the information you reveal to it confidential, and will not use it for any purpose, until and unless you reach an agreement for it to buy your ideas, pay you a royalty on sales, or some other method of compensating you for your idea.
Answered on Jul 22nd, 2013 at 10:29 AM