INNOVATION AND RECESSION

While we debate/worry whether we are sliding into a recession, it may also be an opportune time to think of our possible alternative opportunities to make income or build assets.

The Internet has given us a powerful tool.  With time, you can become an expert in the market for a particular product or process.  Simply put you can achieve near expert knowledge on the costs, distribution, marketing, packaging, market demand and technology life cycle of an idea, i.e., product or process.  Do your homework. 

After doing your research, you believe you have a promising idea, then you need to protect it.  The best protection is through is through patenting, copyright and trademarking.  Copyrighting and trademarks are relatively inexpensive.  Patents are an investment.  However patents can pay big dividends.  However they need to be carefully focused (which is part of the homework exercise discussed above). 

Don’t forget the other advice found on this site, such as promptly writing down what your idea in a bound notebook, with the entry dated and signed.  Note the time limits for seeking patent protection and for registering a copyright.

The point of this is that dismal economic news can also be the announcement that its time to innovate.

March 8, 2008