An idea could be the start of something great and excellent and the demise of an idea can bring a wreckage to someone's ship. I stumbled on this post on punchng.com today and I thought to share it with my wonderful readers. I think its something gotten from Forbes so y'all want to read it.
Am working on a relationship post to be made last tomorrow so please do well to watch out for it.
Grab a chair, grab popcorn, coke and get ready to learn.
Protecting
your ideas from theft:
As
a business grows, pitching becomes increasingly important. As the business
seeks investors, new clients, or even new employees, a business owner must
repeatedly reveal details about the company to others.
Idea
theft is an ongoing concern for many of these business owners, who see
themselves as having an advantage by being at the forefront of the market. A
competitor could snatch the idea and put it to use themselves, leaving the
business with little recourse.
Interestingly,
however, the top response to this concern is that most people have no interest
in taking someone else’s idea and turning it into a multimillion-dollar
business. This is especially true of investors, whose reputations could be
severely damaged by such behaviour. Those who want to start their own
businesses generally have ideas in spades and are seeking funding to get those
ideas off the ground, just as you are.
Still,
while the vast majority of people aren’t out to steal your idea, it is a
possibility. There are a few steps businesses can take to help prevent theft as
they begin to share their ideas with others.
Avoid revealing too much
One
of the best ways to secure your idea is to only reveal what is necessary. If
you’re pitching an idea to a potential client, give only the details necessary
to convey the idea. It’s not necessary to share every detail of how your
product works, for instance, when you can get the same information across by
revealing the need your product or service fulfils. One exception to this may
be when you’re pitching to investors or lenders, who will likely want to know
everything about your product before taking a financial risk on it.
Use Non-Disclosure
Agreements
A
non-disclosure agreement can help protect your idea before revealing it to
workers or other associates. However, it’s important to note that many
investors will balk at signing an NDA before you speak with them. Since the
balance of power is in their favour, this may be something you’ll have to give
up if you want investors. The same holds true for potential clients. Instead of
requiring a signature, consider simply printing a confidentiality statement on
your business plan.
Apply for a provisional
patent
A
patent can incur far more expense than a start-up is able to pay. During the
process of shopping your idea around, a provisional patent can protect your
idea for the first year. After 12 months, the provisional patent expires,
however, with no option of being extended.
Trademark your name
A
trademark can provide an additional layer of protection, since a company’s name
is often tied closely with its idea. In addition, by establishing a trademark,
you also have added protection in the event a legal issue should arise. The
documentation required to register a trademark can serve as written proof that
your business idea was in the works at a specified time. These dates will be
crucial in establishing the exact date your idea was in the works in the event
someone else tries to dispute this fact.
Research the recipients
Whether
you’re revealing an idea to a potential investor, a possible client, or a
contractor, do your part in researching that person or company prior to your
appointment. Information is so easily available now; a business owner can
determine someone’s reputation before deciding to do business with that person.
Look for any disputes with previous business partners and make sure the person
has established a positive reputation in his or her chosen field.
