Protecting my idea

[SusieKS]

Hello. I'm in the very early startup phase of my business. I'd like to grow the idea to a business that generates income which means I need to go out and speak to people about it. What's the best way to protect my idea and information. Would love to hear about your experiences? Negative and positive... TIA

 

[Ozzy]

Obviously I don't know what you idea is, but as a passing comment start-up founders often fear more than they should about people stealing their idea. Very few ideas are truly unique, and often people are too busy in their own business to be stealing ideas.
This isn't the case in technology I'll hasten to add, or new product inventions, but if you don't get out there talking to people then no one will know about your business to buy from you, tell their friends about you, so such forth.

My question is, do you really need to keep your business a secret? Sometimes you might, but only do so if you really should.

 

[The Byre]

Hello. I'm in the very early startup phase of my business. I'd like to grow the idea to a business that generates income which means I need to go out and speak to people about it. What's the best way to protect my idea and information. Would love to hear about your experiences? Negative and positive... TIA

Ideas are ten for a penny. As the old song goes "It ain't what you do, it's the way that you do it!"

Just as there is no such thing as an original story, there is no such thing as an original business idea. Whatever it is, it's been done before - unless of course, it's just a bad idea (in which case, someone did it and it failed!)

 

[gpietersz]

I have heard a lot of ideas over the years from a lot of different people in different industries. From finance to accomadation to downloads of various kinds to retail and wholesale to education....

I can recall one that was both original enough and sufficiently easy to copy to be work keeping a secret.

 

[SusieKS]

Thank you for all your responses. That's really helpful and puts my mind at ease. This leads to me to another question about NDA's. At what point and why would you use an NDA? Is it mainly when sharing proprietary information about your business?

 

[MOIC]

You’re overthinking protecting your idea as well as information regarding an NDA.

My advice is to start your business and cross the bridge when and if you need to.

If any of your potential customers require an NDA, then ask them what information they need to be protected.

If you request an NDA from your customers, the likelihood is that they will walk away.

Get your idea and business started.

Good luck.

 

[AW-UK]

Thank you for all your responses. That's really helpful and puts my mind at ease. This leads to me to another question about NDA's. At what point and why would you use an NDA? Is it mainly when sharing proprietary information about your business?

Most people will not really care to copy your idea as by the time they are able to market you'd be up and running already and the truth is most people cannot be bothered. The best way to protect it is to promote it as then people know that YOU are the originator. NDA's are used for the wrong things these days, you might consider an NDA if you are giving a product to a manufacturer to produce, but not to receive basic information about it, though most of the manufacturers i've dealt with i've based upon trust rather than NDA and it's worked out fine for me, I always feel like asking someone to sign an NDA is a bit like me saying "I don't trust you not to steal from me", most of the IP is in firmware for my stuff so it does depend on your product.

 

[MrHarryPotter]

Applying for a patent is a way of protecting a business idea. Though, you can’t patent an idea. But, you can patent a method of doing business if it meets specific criteria.