What's an NDA?
Simply put, a Non-Disclosure Agreement (NDA), also known as a confidential disclosure agreement (CDA), is a contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, while also restricting third-party access. It is a contract through which the parties agree not to disclose information covered by the agreement. The NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or trade secrets. As such, the NDA protects non-public business information.
NDAs are commonly signed when two companies, individuals, or other entities (such as partnerships, societies, etc.) that are considering doing business and need to understand the processes used in each other's business for the purpose of evaluating the potential business relationship. NDAs can be "mutual,” meaning both parties are restricted in their use of the materials provided, or they can restrict the use of material by a single party.
Our Perspective on NDAs
At the beginning of the process, we prefer not to sign NDAs with inventors who are presenting us with their idea. We advise inventors to share with us general concepts that describe the idea or product without sharing anything confidential. Should we want to engage further, an NDA could be the next step.Learn More Here
What's a Patent?
In layman’s terms, a patent is confirmation by a government agency that someone’s idea is the first time a product or concept of its kind has been produced, therefore making the person applying for the patent the “inventor.” The invention must be unique, nonobvious, and novel.
A patent gives an inventor the right to prevent others from making or selling their invention without express permission. If someone makes or uses that invention without being allowed to, the inventor can sue that person in court to make them stop. The inventor can sell the patent to another person or company at any time.
A patent lasts for up to 20 years. After that, anyone can copy the invention. Each country has its own patents, with different application processes, rules, and costs. An inventor can seek a patent in any country the inventor chooses. An inventor can also get patents in many different countries for the same invention. The rules for patents are similar for most countries.
Our Perspective on Patents
We’re always interested in new, novel, and unique concepts, even if only some of them can ever be patented. And we’re excited that inventors want to partner with Luno Life, regardless of their current patent status. We’re excited that inventors think of Luno Life with their concepts, regardless of patent status. If you’re seeking additional information about protecting your idea, check out the following links that can help you make the best decision for yourself:Learn More Here File a Patent
Myths vs Truths
I am the first person to come up with this unique product idea
It’s possible, but we recommend Googling your idea with multiple searches and keywords so you can see what's already out there.
Luno Life is going to steal my idea
That’s not what we do here. In fact, we actually have systems and processes in place to prevent that from happening.
I need to have a working prototype for Luno Life to consider my idea.
Although we prefer prototypes, they’re certainly not required.
I need an NDA to share my idea.
We only want you to share information that is available to the public. If we like your concept, that’s when we can discuss moving forward with an NDA.