Patents and Entrepreneurs: How to Protect Your Ideas in the Digital Age?

In the dynamic world of business, where ideas fly at the speed of light, the protection of intellectual property is becoming a critical factor for survival and success. But how do startups, full of innovative projects, deal with this challenge? How to protect their valuable developments from theft and ensure a competitive advantage? Roselina Petkova from Bloomberg TV Bulgaria raised these questions in the "Business Start" show, inviting Sergey Petrov, founder of "Bee Smart Technologies" AD, and Vladislava Pacheva, an intellectual property expert, to shed light on this complex topic.

The Stakes Are High: Why Protection is Key?

According to Sergey Petrov, the protection of technologies is essential for startups because it gives them an advantage over the competition, attracts investors, and increases the value of the business. In other words, the legal monopoly over ideas is key to sustainable development. Ultimately, this protection gives them a chance to be on top.

The Pitfalls of Ignorance: Common Mistakes of Entrepreneurs

Vladislava Pacheva emphasizes that one of the biggest challenges is the lack of knowledge. Many entrepreneurs, especially those in small and medium-sized businesses, do not realize that the information about their innovations must remain secret before starting the patenting procedure. "They often share their discoveries without knowing that the innovation must be new. Everything that happens before the filing date must be confidential," she explains. This often leads to missed patenting opportunities.

Another problem is that startups sometimes skip the preliminary research before launching the product on the market. They assume they can handle it themselves, neglecting consultation with specialists. This can lead to infringement of third-party rights.

How to Protect Your Ideas: Practical Advice

When a startup is looking for funding and needs to present its idea to investors, trade secrets and non-disclosure agreements are vital. Petrov also emphasizes the need for careful patent research and the protection of intellectual property in the context of developing artificial intelligence. Expert assessment is essential, as the public sharing of information, for example through chatbots, can compromise intellectual property.

Pacheva emphasizes the importance of preliminary research, especially when it comes to registering a trademark. It is necessary to check whether there are already existing trademarks that could come into conflict. Trademark registration takes about five to six months if there are no objections, while patenting an invention can take about three years.

Costs and Funding Opportunities

The costs of protecting intellectual property vary, but Petrov points out that there are co-financing programs that can reduce costs for startups, usually by between 20% and 30%. He warns that the costs for a single patent can reach tens of thousands of euros, especially if there is resistance. The good news is that there are ways to reduce these financial burdens.

In the context of rapidly developing technologies, the protection of intellectual property is not only a legal issue, but also a strategic one. Are entrepreneurs ready to adapt to the new realities and preserve their ideas in the era of artificial intelligence? What new challenges will arise? Questions that will certainly continue to excite both entrepreneurs and experts in the field of intellectual property.