While two or more people may have the same business idea, idea theft is a possibility; so here are certain key things you can do to prevent your business ideas from being stolen.
- Avoid revealing too much about your business
Do not share every detail of how your product/service works. People can only know as much as you reveal to them about your business idea. If you are pitching to potential investors, it is helpful to reveal only as much as would help them in their decision making.
- Non disclosure/ confidentiality agreements
There are instances where you must necessarily give further details about your business idea. Non disclosure agreements will protect your idea and ensure that people/ organisations you share your ideas with do not “steal” your business idea.
- Document your plan from the get-go
Always remember that two or more people can have the same idea. But how you implement the idea is what will set you apart from the others. Therefore, as you come up with your business idea, it is highly recommended to document all your plans and strategies for successful implementation.
- Patents and Copyrights
If your product is an innovative one it is well worth it if you get it patented or get a copyright for it. Bear in mind though that the process sometimes takes time.
- Consult a legal expert
It is also helpful to seek legal advice and backing. When people know that you have legal backing, they would think twice before stealing your business idea.