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. The fact tells us that this concern may be remote, since genuine investors have their own spade of ideas which they want it off the ground, therefore, they will not put their reputation at stake for being copycats, but it can be a possibility, so steps must be taken to help prevent idea theft.
Avoid revealing your business idea too much
By only revealing or sharing your business idea on what is just necessary, such that only the minimum details are revealed to express the idea, you are able to prevent your business idea from being snatched by a competitor; however, with exception to investors or lenders, who will likely want to know about your product before they invest or lend money into your business plans, respectively.
Protect your idea with a patent
Getting a patent for your business idea can protect it from being copied, but a patent can be expensive and it takes a while for an application be processed. Getting a patent will provide your business the protection it needs 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.
Having a company trademark will provide 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. The documentation required to register a trademark can 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.
Safeguard your business data
By protecting your computer through a password-protect system or, better still, by using a form of granulator, which will get rid of all your important business documents and tools once you have finished with them, which you can recycle later, you are providing good protection to your your important business data from prying eyes or from the hands of a copycat competitor.
Ensure your company’s brand
Having an established brand name can provide the full protection, at the same time, of your business idea, 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.