7 Ways to Protect Your Business Ideas without a Patent

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Have you ever conceived a business idea and later discovered that someone else has exactly what you had in mind and has executed the idea before you? If so, then its necessary you protect your business ideas to avoid being stolen again.

Many entrepreneurs fear that their business ideas will be stolen and with it their dreams of starting a company crushed.

Your problem is that as an investor you will want and need to speak about your business idea with possible workers and shareholders, investors to launch your new company.

Additionally, you are going to want to make the most of the company mentors and business experts to show them your product ideas and get valuable advice and feedback.

However, you’re fearful that somebody will steal your thought that is precious. No worries newcomer entrepreneur, keep reading to find seven methods to protect your business ideas and construct your business – without delay and the cost of legal services to obtain a patent.

Obtaining a patent to protect your business ideas is excellent. But often unobtainable for many entrepreneurs as a result of high expenses, legal regulations in addition to the long waiting period for issuance of a design or utility patent. Some entrepreneurs with lean and bootstrapped startup budgets that are cannot use the formal and expensive procedures, such as trademark registration, copyrights and patents.

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Instead, smart entrepreneurs, like you, can use these innovative suggestions, most that are absolutely free to both safeguard your intellectual property and get help to start your new business.

Protect your business ideas

1. Get to Know the Person first

Before you meet with prospective traders or investor take the time to study them online as individuals. Enter the names of the owner and see about their business dealings and them. Learn if they’re trusted and have practised business fairly. You’ll be able to find a sense of the sort of person that you’re addressing, and if you would like to work together or not, by studying their profiles, forum opinions and news articles.

2. Get Competitors on Your Team

To protect your business ideas, you need to get competitors on your team.

Believe it or not, your opponents might be your very best partners in procuring your company plans should you make them a part of your success group.

Hire them as producers or vendors so they have a vested interest in keeping your secrets so they can also profit from your inventions. Know that existing competitors will be the folks most likely to steal your idea. They can make it to market quickly with their contacts and market knowledge.

3. Know that an Idea is Not a Company

While a great idea is that the beginning of a fantastic company, it isn’t yet an authentic and profitable firm. Not all businesses that are excellent now were created with ideas that were new or brilliant.

[clickToTweet tweet=”Your business idea is the grain of sand that over time, with lots of work on the oyster’s part becomes a pearl” quote=”Your business idea is simply, the grain of sand that over time, with lots of work on the oyster’s part becomes a pearl. Nobody is going to steal grains of sand.”]

Starbucks didn’t invent the idea of the coffee shop. They improved an already established business model and innovated.

Your business idea is simply, the grain of sand that over time, with lots of work on the oyster’s part becomes a pearl. Nobody is going to steal grains of sand.

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4. Not everyone wishes to be An Entrepreneur

New entrepreneurs erroneously feel that since they’re excited about starting a company with their idea that everyone feels the same. Which is not true. In fact the majority of the folks, they will need to disclose their business ideas to just aren’t interested in becoming business owners.

Employees, venture capitalists, and bankers aren’t inclined to change professions and become business owners. It is not in their nature, nor are they really interested.

5. Investors Are the Safest Bet

All venture capitalists, whether angel investors or VC firms are the safest locations to talk about your business ideas because their industry reputation is at stake. So that they do not even contemplate this type of treachery. If they stole business ideas they would be out of business in a heartbeat.

But, remember that if you speak about your idea, someone who met with these investors may have had a similar thought prior.

6. Do not tell them everything

If you talk about your product idea do not show every detail and production procedure. Keep some vital facts to yourself.

At the beginning phases of interviewing and investment pitches, job candidates aren’t necessary or advisable. Then you’re able to discuss information and use documents as you move forward with employees and investors.

7. Utilize Non-Disclosure Agreements carefully

An NDA shouldn’t be left out if you are serious to protect your business ideas.

The typical legal document utilized in such instances to keep secrecy is known as an NDA or Non-Disclosure Agreement.

It’s your small business idea, a contract between you the owner of the property, and also the individual whom you’re telling not to discuss with others. They agree to not disclose or inform anyone your thought by signing this agreement.

Be warned that most venture capitalists will baulk if requested and won’t sign an NDA. A good company partnership can be soured by you being paranoid. The best way is to add a copy of the arrangement in our business plan which you distribute at pitch demonstrations.

 

About the Author

Marsha Kelly sold her first business for more than a million dollars. She has shared hard-won experiences as a successful serial entrepreneur on her Best4Businesses blog http://best4businesses.com. Marsha also regularly posts business tips, ideas, and suggestions as well as product reviews for business readers. As a serial entrepreneur who has done “time” in corporate America, Marsha has learned what products and services really work well in business today. You can learn from her experiences from shopping the internet for tools, supplies, and information to build your businesses and improve lives financially.

Anyaogu Ikechukwu

I am the Editor of Passion Entrepreneurs.

This Post Has 2 Comments

  1. T I Antor

    Hey, Anyaougo and Marsha,

    Excellent stuff here!
    You have pointed here the basic and main steps about business ideas security.
    I had faced this problem when I was about to set-up my first blog. I discussed with one of my closest brothers and he stole my idea. But, he couldn’t steal my skill and experience. I beat him on every step and now I am more successful than him.
    Thank you very much for these ideas. I know blog and business are the different track but we need to be careful about our ideas sharing.
    Have a great day.

  2. ChristinaCMcHugh

    Great Blog Post! The Ideas you shared is very informative yet useful. Thanks for sharing the knowledge with us.

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