Patenting idea for a start-up

AM writes: We have an idea for a new retail concept. We are living overseas, working on the idea, and will return to Britain soon to set up the business. The idea depends on branding for its success, so it is extremely important that we patent it. Where do we start?

Answer

First you need to produce a really good business plan, writes Chris Lane, partner of Kingston Smith. This is not just a basic requirement if you are going to borrow money to start a company, it is also an excellent way of concentrating your mind on the risks involved as well as the rewards. A business plan will include an estimate of the sales and profits your business is likely to make, the money you will need to get the idea off the ground and all the running costs. If you need to borrow money to start up, you will have to find a bank or an investor willing to lend it to you. They will ask to see the business plan, so make sure it is convincing. The plan will also need to include the costs of protecting your idea, so you will need to get an estimate from a patent agent. It sounds as though you are planning to patent the idea in Britain, so get in touch with the Chartered Institute of Patent Agents (020 7405 9450). Its staff will be able to give you the name of a patent agent in your area. The agent will tell you how the process works.