You want to present a prototype of your idea to investors or industrialists, but you fear that it will be stolen? If YES, here are 10 bulletproof ways to protect your idea. .
Your business idea is the foundation of your company or business. It’s more like your business secret. Having your business idea in the wrong hands can be devastating and pose a threat to your business. In our world of technology and information boom, it is much easier than ever to steal your business ideas.
So how can you protect your business ideas against theft? ? First, you need to understand that risk can come from an internal source, which includes your company’s employees. It can also come from external sources, that is, other people outside your company. Therefore, the tips in this article will be divided into tips for protecting against internal and external sources.
Protecting your business idea from insider theft
a. Perform a background check on each member of your team
One way to protect your business ideas from being stolen from inside sources is to always do background checks on your employees. There are many companies that specialize in background checks on individuals for a nominal fee.
You can contact them to screen all potential employees before hiring them. It may cost you more, but it’s better to be on the safe side than relying on damage control. Check your prospect’s work history, criminal history, and other important details. As soon as you feel a red light, immediately release the person.
2. Make sure everyone on your team has signed a nondisclosure agreement
Even after background checks, your employees must sign a Non-Disclosure Agreement (NDA). Non-disclosure is an agreement with your employee not to disclose trade secrets to a third party. This controls all your employees and prohibits them from selling your business ideas to another company. In most cases, the nondisclosure agreement remains in effect even when an employee moves to a new company.
3. Offer incentives to keep your team happy and motivated
One way to prevent your employees from being tempted to sell your business idea is to offer them incentives. Always provide them with great incentives for every hard work they put into the business. Also, make every one of your employees feel like the business depends on them to succeed, even when that’s not the case. In a nutshell, to make your employees feel important to the company. This way, they will be protected from the temptation to sell your business ideas to a third party.
4. Take extra precautions
Always limit the amount of information you provide to an employee. Take extra precautions to protect the confidentiality of important business information, especially for new hires and low-level employees. You can never tell who will be tempted to sell your business ideas for quick extra cash. Also, make sure your business information is stored on tamper-proof storage systems. You can also purchase insurance for your business ideas as an added precaution to prevent theft.
Protect your business ideas against theft from external sources
I. Ask your business partner suppliers to sign a non-competitive agreement
A non-competitive agreement is an agreement between a company and its external suppliers not to sell the company secret to competitors. If your business uses third-party vendors or service companies, always make sure they sign a non-compete agreement. So you can sue a company if it sells your trade secret to a competitor.
ii. Patent filing
Another way to protect your business ideas from outside sources is to register your business idea as a patent. The process of obtaining a patent for your business idea can take a little time and can be quite expensive, so starting at $10,000, obtaining a conditional patent is the best alternative.
A conditional patent can be used to protect your business start-up ideas until you complete the patent process. It is advisable to obtain at least a conditional patent before starting your business, especially if it is in the novelty field.
iii. Consult a lawyer
Always hire a lawyer every step of the way, from business idea to starting a business. A legal expert has the skills to advise you on the best possible ways to protect your business ideas from theft. Additionally, it is a professional ethic for attorneys not to disclose their clients’ information to any third party, so your business secrets are always safe with your attorney.
iv. Avoid full disclosure when offering to investors
If you’re starting your business on a budget or looking to get a loan, you may need to pitch your idea to friends and investors. Always be careful about how much information you disclose when submitting your ideas.
Only disclose vital information that you think your potential investor might need at this time. Avoid revealing your trade secrets completely, as there have been many instances where trade ideas have been stolen by so-called potential investors. Any investor who insists that you fully disclose all your trade secrets before they can invest in your idea should not be trusted.
video
v. Register a trademark A: A trademark works the same way as a patent. Thus, you can register your business idea as a trademark to protect it from being stolen by third parties.
vi. follow your instincts A: We all have this natural instinct that ticks when something is wrong. Following your instincts can also prevent your business ideas from falling into the wrong hands. For example, if one of your friends or co-workers finds out how you do what you do, your instincts should tell you to reveal that information to the person fatally.
These are some of the essential ways to prevent your business ideas from falling into the wrong hands. Also, as a proactive measure, if you learn that your trade secrets have fallen into the wrong hands, immediately report it to the patent office or issue an injunction to restrain your person or business from using your information.
