How to Protect Your Business Ideas
Idea theft is a growing concern among business owners, especially for those who are taking the lead in the market for reasons that their business concepts are innovative, since they end up being competed in the market by a competitor, who seems to have seized the business concept and use it more for his/her business advantage. Genuine investors have their own spade of ideas which they want it off the ground and they will not put their reputation at stake for being copycats, so even if this idea theft concern may look remote, it still can be a possibility, so steps must be taken to help prevent idea theft.
Limitation of shared business ideas
In order to secure your business idea is to only reveal or share what is just necessary, such that only the minimum details must be revealed to express the idea, but an exception is when you’re pitching to investors or lenders, who will likely want to know about your product before they invest or lend money on your business plans, respectively.
Get a patent
Protect your idea by applying for a patent, in this way your business idea will have a far chance of being copied; however, a patent can be expensive and it takes a while for an application be processed. By applying for a patent, this will provide protection to your business to stay original and while waiting for the process to be completed, the pending patent can stop copycats from taking a risk of stealing your business idea.
By getting a trademark for your company’s name, you are providing an additional layer of security, since a company’s name is tied closely with the business idea and, at the same time, protection from any legal issue. Your trademark documents will serve as a written proof that your business idea was operating at a specified time and date, in which the date is a crucial factor in establishing when your business idea started at work.
Protect your business data
Take drastic steps to safeguard your important business data from prying eyes or from the hands of a copycat competitor by protecting your computer through a password-protect system or, better still, use a form of granulator which will get rid of all your important business documents and tools once you have finished with them and have them recycled later.
Establish your company’s brand
The best protection from copycats is to build up your company’s brand name from the pack of business competitors, because your business idea comes with your company’s brand and your customers, as well, will associate your brand with your idea as one that has been recognized by all.