by Stephanie Pottick, Esq., Pottick Law PC & Protect for Success
“Show me the money!” You know that famous line from Jerry Maguire. Admit it: You just shouted it in your head like Cuba Gooding Jr. and Tom Cruise do in the movie. When you’re getting ready to pitch your idea, whether it’s a product or a property, you’re secretly thinking, “Show me the money!” You want to make a deal.
So, what do you need to do to make that happen? Of course, you’ve probably thought to research your market and industry, as well as the companies to which you’ll deliver your pitch; create an amazing presentation; be enthusiastic; practice what you’re going to say; and exude confidence. I bet that legal is probably the last thing on your mind, but it really should be one of the first things you consider. Sometimes, the legal stuff can make or break your chances for success.
Don’t let the legal stuff scare you! Here are some quick tips for what to do before you pitch your idea:
1. Identify your intellectual property (IP): Your idea is hopefully unique, which means it should qualify for some sort of IP protection, whether it’s a trademark, a copyright, or a patent (or sometimes more than one of these). Knowing what you have is half the battle.
• Trademark: protects your brand — can include things such as names, logos, taglines, and more
• Copyright: protects a creative work — can include photos, logos, videos, illustrations, and more
• Patent: protects new, useful, non-obvious inventions and designs — can include toys, devices, and more
After all, if you don’t have a playbook and take inventory of what you have, how will you know what to protect?
“Your idea is hopefully unique, which means it should qualify for some sort of IP protection … a trademark, a copyright, or a patent … Knowing what you have is half the battle.”
2. Make sure you own your IP: As you may remember from our last article, just because you paid for something doesn’t mean you own the IP. Ensure anyone who helps you with graphic designs, photos, videos, software, content, and your website signs a contract that gives you (or your company) the IP ownership associated with the creations made for you. Don’t let them block you at “1st and Goal” — score that touchdown! Don’t let someone else have control over your IP and be able to come into the picture because you didn’t take this step and do your due diligence before signing on the dotted line.
3. Protect your IP: Once you’ve figured out what IP you have and whether you own it, it’s time to decide what you feel is appropriate to protect. And yes, it costs money to protect your IP, but it’s probably more affordable than you think and could be the reason you benefit from your hard work. Don’t let your quarterback (aka your IP) get sacked. Sometimes your IP can be the MVP of your business.
4. A quick note on Non-Disclosure Agreements (NDAs): If you pitch to a company, they will probably ask you to sign an NDA. Just remember it may say something different than what you think it does.
In my experience, company-issued NDAs usually give them protection by saying they may already be working on an idea like yours, so I always recommend reading and understanding any document before you sign it. It can make the difference between losing and keeping your IP.
Don’t get caught off guard. Research the people and companies you will be meeting with to get a feel for who they are. Sometimes that can make you feel more comfortable before you head into your meeting.
Learning what steps you can take legally is a great start to help empower you to make better business decisions and give you the confidence you need for your next pitch. So, score that touchdown, spike that ball, and remember to say, “Show me the money!” Trust me — as a former NFL agent, I know what I’m talking about. Good luck; you got this!
*Disclaimer: This article is for informational purposes only and not intended as legal advice.
A version of this article was originally published in the 2023 Classics & Specialty Issue of The Toy Book. Click here to read the full issue! Want to receive The Toy Book in print? Click here for subscription options!
