Got a great idea for a business? Wondering if someone else will come up with something similar if you talk?
All businesses are a RISK and it is this risk that one has to manage. While patents provide sufficient protection for “certain” kinds of ideas, certain others are not covered by patents. While Trademarks and Logos provide protection against a specific name of a product or a service, they generally do NOT cover ideas.While you may have some protection against outright theft of your business plan, ideas have very limited legal protection. This is a very common worry among entrepreneurs and it’s insecurity you definitely need to get past. To what lengths are you willing to go to protect your idea? Are you willing to go as far as keeping it from the market?
“It’s natural to fear that your idea might be stolen. But you can’t turn your vision into reality without the help of others. Sooner or later, you’re going to want to ask an industry expert to evaluate your product or service ~ Stephen Key Co-Founder of Invent Right Author of One Simple Idea Series”
Here are some key points to keep in mind.
1. Get to the market first. (This is the ONLY way to stay ahead. If your idea is successful, you can be pretty sure it will be copied sooner or later and unless you hold a patent, the legal costs and ramifications would be towering if a LARGE company or corporation decided to copy your idea. ) Getting to the market first gives you the early bird advantage.
2. Make sure you provide quality products / services. That’s the only way to maintain that early bird advantage. If it is a new product that you are dealing with, make sure you innovate. That way you will still lead the pack.
3. If you market your idea early, you can make that initial money which will provide you the leverage to fight a legal battle if necessary.
4. People are the key. You will have to find the RIGHT person. While it is impossible to predict that your idea would NOT be stolen, that’s the risk you have to take.
5. Provide information in parts. Break up your entire business idea into segments. Keep the core to yourself and just divulge enough to get an “investor” interested. Then it will depend entirely on your convincing capabilities.
Note! Be proud of your invention but share it ONLY with those who can HELP you in your dream of making your vision a reality.