How To Protect Your Business Ideas From Being Stolen

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How To Protect Your Business Ideas From Being Stolen
23 Nov 2021
5 min read

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If you're in the business of inventing new product or service ideas, you're probably in a dilemma. How do you sell your idea to potential investors and clients without disclosing too much information and risking having it stolen? We'll look at how to protect your business idea through careful planning in this post. #ThinkWithNiche

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What do we do first when we want to share work that is strong enough to merit a patent, copyright, or trademark? We normally get our phones out and start texting or making phone calls. We may go on social networking sites and enthusiastically share our concept with our actual and virtual pals or you would be pitching investors to pour money onto your idea. Unfortunately, unless you take precautions, your ideas and efforts might be stolen.

Only Reveal What You Really Need To. If you're proposing an idea to a potential customer, simply offer them the information they need to understand your product or service. If it's not necessary to complete the deal, don't go all out. If you're pitching to investors or lenders, they may ask for more information, since they'll want to learn more about your proposal before investing money in it.

Make A Thorough Paper Trail And Keep Track Of It. Keep thorough notes on discussions and conversations when you're exposing information to other parties, and write down your ideas or concepts as much as feasible. The more information you retain in these documents, the more beneficial it will be if your ownership is challenged in court.

Non-Disclosure Agreement. If you need to reveal your company secrets to others, a non-disclosure agreement (NDA) with possible investors, contractors, clients, or other colleagues may be beneficial. Keep in mind that some investors may refuse to sign non-disclosure agreements. If that's the case, you'll have to weigh the risk of losing your secrets against the potential for profit.

Work-For-Hire Agreement. If you engage someone to help you improve your product, make sure you acquire a written contract that states that any improvements you make are yours. As a result, whatever fresh ideas they come up with will be your property. You may need to include that person as a co-inventor on any patent, but they will have no rights of ownership in the invention.

Seeking a Provisional Patent Application. If your invention qualifies for a patent, it may be worth your time to file a provisional patent application and gain "patent pending" status. This will generally deter infringers because they will see that you are serious about protecting your legal rights.

Non-compete agreement. Make your workers sign a non-compete agreement stating that they will not create a business that competes with or threatens yours within a certain region or border.

Register Your Company as a Trademark. Another option to protect a company concept is to use a trademark. Because a company's name is linked to its concepts, it adds an extra layer of protection. Establishing a trademark also provides additional protection in the event of a legal dispute.

Make use of a virtual private network (VPN). You may use it to make safe connections to other internet networks in addition to chatting via encrypted messaging applications. They can protect your browsing history on public Wi-Fi networks and let you visit websites that authoritarian regimes have blocked.

Stamp Your Best Ideas With Time. Timestamping is a great way to prove that your idea came from one person only: you. Timestamp that "lightbulb" as soon as possible. A simple technique to timestamp is to send yourself an email or text stating the core of your thought. If your concept necessitates a longer description, create a time-stamped document.

But What About discussing Idea Generally With Public?
In general, you are encouraged to express yourself freely. Even while sharing an idea with others can be dangerous, the benefits of open dialogues usually outweigh the risks. Most businesses fail because they create something that no one wants. Talking to people early on, especially those who would be the intended users/customers of your concept, could be a great way to reduce that risk, which is far greater than the risk of someone stealing your idea.

CONCLUSION:- The chances of someone stealing your company concept are little to none. It's possible, but the danger shouldn't keep you awake at night. Don't allow apprehensions about idea theft to discourage you from presenting your ideas or contacting possible investors. Finally, if you're concerned about sharing confidential information about your innovation or concept during a pitch, obtain professional or legal guidance ahead of time.