Lawsuit that by the way, cost Mark Zuckerberg several million dollars.
And it has always been said that one thing is to have the business idea and it is quite another to execute that idea. And although it sounds like a cliché, in real life every entrepreneur must take that leap to give shape to his idea and turn it into a business plan to finally build a real company that works and generates profits.
However, any amount of time can pass in that process while we gather the appropriate resources and conditions to begin work. And that’s when the questions arise: How can I protect my business idea? How can I tell my friends about it without risking it being stolen?
This is usually a common fear that invades many entrepreneurs and that of course is a totally valid fear. So here I share some practical suggestions for protect your business idea from those “pirates“ideological that prowl all pairs and that by having more resources (or more time) could at a certain moment run away to execute it.
So avoid the unpleasant surprises and follow these,
4 Tips to protect your business idea
1. Create a confidentiality agreement.
The first natural tendency is to avoid talking to anyone about our business ideaHowever, this could be like a two-edged sword because finally there is a lot of value in talking about it with experienced business people, innovative people and potential investors who could provide very accurate points of view on the viability of the company.
So the best thing when we hold a meeting to analyze the idea, it will be convenient to accompany you with a document called “confidentiality agreement“and that it is nothing other than a contract where people agree to respect the details of the project and that at any time they could protect you against any eventuality that arises.
This is usually a legal document that any trusted lawyer can help you draft.
2. Obtain an invention patent.
If you business idea It has to do with the invention of a product, the alternative is to patent it.
Patents represent an exclusive right to commercialize a product or industrial process for a renewable term every certain period of time, during which period you would have the power to prevent someone else from exploiting the product commercially if you do not have a license.
You can get a patent as long as your invention is truly unique, original and adds some value to the manufacturing technique. The more unique your product is, the more likely it is to get a patent.
To obtain it, you must approach the institutions in charge of the protection of Intellectual Property in your city where they will advise you on the procedures, procedures, territorial validity and other current legal limitations so that you can make the registration in the best way.
3. The best way to protect an idea is to implement it.
“Investors don’t invest in ideas, they invest in people who can execute those ideas.”
We must accept it, even with all the mechanisms exposed there is no 100% safe way to protect a business idea.
The best and the only way to protect an idea is executing it. The reason why someone would be able to steal your idea is not just a matter of ethics. It is a business matter. And that was precisely the justification for Mark Zuckerberg in the case of Facebook.
What is left over are ideas and people who have them. What is needed are true entrepreneurs who can execute them and it is what investors are looking for. do business.
4. Don’t worry about big corporations.
As for large companies, you would surely be surprised how unlikely they are to steal ideas. These corporations prefer that you as an entrepreneur take the risk of testing whether the idea works, that you find the team of people to execute it and that you find your first clients.
They want to see how feasible it is to make money with joy business idea.
And once you’ve gotten over it all then the most likely thing they could do is a proposal to buy your business. For them it is more convenient and economical to acquire the innovations of small entrepreneurs than to invest in their own developments.
Take into consideration that we can all generate business ideas, but this does not imply that all ideas will be viable or that all people will execute them as such. So if you have a good idea that you think could be commercially successful, the best thing to do is to give your project all the impetus to execute it in the short term.
If you need specific advice to protect it, it is advisable to go with a business incubator where their consultants are open to respecting your written confidentiality agreement and therefore undertake not to disclose or use your information in any way.
Especially if you consider that your project has great potential, you should proceed as soon as possible to implement it.
If you are good, don’t worry. Hardly someone will steal your business idea. On the contrary, many will try to help you be successful. If you’re no good then instead of wondering How to protect my business idea? you must ask yourself how can I be of more value in the market? And how can I bring my ideas to their best possible execution?