How can I make sure the business ideas shared are protected and not copied by others?
Hello, I'm planning to do startup but I'm not sure whom to share the ideas with or how to make sure my ideas are not stolen or copied by others. How do I know who to trust? Is this even something I should be concerned about? Thanks for you advice!
I would imagine it is a good idea to sign agreements including Non-disclosure, etc.
If you freely share ideas and they are good, you can bet someone will steal it and your only other protection is prayers.
Not sharing idea will not be possible because you will need people teams, etc. Keep legal safeguards with you. Make sense?
My approach here would be to gather information on key aspects of your overall project without actually giving the game away.
Another idea maybe to outsource aspects of your project to others and then cut them into a % of the profits this would ensure trust or they would not need to know the overall game plan.
Well, taking your idea to the next step of reality that is building a Minimal Viable Product should be your main focus right now. It is your brainchild, your passion, even if anyone else steels the idea, only you have the potential to make it successful. Sharing it with others shows you the pain-points that you have have not observed.
Idea worth $0 until it executes. Share it with many people as you can.
Think how you can execute it? That's the only thing.
Go to SCORE, it is run by the state and free for advice. Check in your area.
there are many ways to protect your ideas, one of them is to register the brand, idea, or even publish it first, yet this will come later, once you are more established,
at the end, idea will be just a mere idea, when it's not done yet, and we live in the world full of brilliant minds (at least that's what i believe) thus the chance of other people to have the similar ideas just like you are highly possible,
bottom line there are many ways to protect it, but the best is to nurture it, register it once it's more promising, and of course release any gentleman agreement such as NDA's or anything else that could make you believe on yourself and the other party,
lastly follow your heart, she will never betray you :)
Hi Sarfraz. In my experience, your success depends on your relationship with your clients and the successful execution of your ideas. The world is full of ideas but lacking in applied solutions. If you focus on your clent's needs and execution of your solution, you will have many "copy cats", but far fewer competitors.
I am facing the same situation as you maybe finding your self in. Your first step is to compose a good NDA non-disclosure agreement. I would even suggest that it include a monetary penalty if they breech the agreement. This however is not an absolute guarantee that someone will not try to circumvent the agreement. I have had my computer hacked after even having such an agreement in place. So don't keep all of your idea where it can be totally accessed. This then would bring you back to some basics, like doing your due diligence in researching whom you are considering having look at your idea. Contacting former clients which they have previously worked with can possibly reveal interesting results regarding the same subject matter. Doing a Google check for negative reviews is also important along with a Dunn and Bradstreet check on the company itself. Possibly checking to see if you can launch your idea via a Crowd Funding platform instead of the more conventional Venture Capital outlets may allow you to possibly accomplish your objective. i recommend you also investigate the crowd funding business also since not all are honest. Read the fine print on all agreements before you sign and make sure you do, run it by your lawyer if you have one. These are some of my suggestions in trying to decrease the possibility of intellectual theft. If your idea can be turned into an actual product or program, then patent that will go along way in protecting your intellectual idea. I personally am being patient in personally raising my own money which I need so as to build my idea first before launching it. I hope you get some other The other flip side to the coin which I have heard is to share your idea with anyone and everyone since your idea may not be that important to all and people are to busy to actually build on your idea. I have chosen to ignore that for myself. I hope you get responses from those who have face similar situations who may give you a broader or better understanding of your particular dilemma.
Your idea will change as you develop it. Holding on to your idea as if it is yours will put you in the wrong mindset. So I think your question "should I be concerned about this?" is valid. You should not. Then again, there are always exceptions. So in general, share your idea with people that have integrity.
Be concerned, and protect this information with a non-disclosure agreement with whomever you discuss your idea at any depth.