Entrepreneurs, Keep That Awesome ‘Idea’ Safe.

Ideas they say change the world and almost everyone gets an idea from time to time. It’s one of the true hallmarks of a true leader and entrepreneur. It’s therefore very disturbing that many people deprive themselves of the joy of seeing tiny thought seeds grow into a business, product or achievement but would rather grab some other peoples ideas and deploy them.

This reality scares entrepreneurs into holding on to their ideas or the core of it. Which results in lack-lusture and verbose presentations,  little or no trust for staff and a reluctance to reach out to potential investors or companies who could actually turn their business stories around and more.  Although it’s a good thing to be careful, the anxiety pangs which gnaw at us (entrepreneurs) regarding this situation barely even surface most times.

Instead of entertaining fear, learn how to use this to your benefit. It’s common practice now to see companies who encourage innovation and submission of awesome ideas from external developers, inventors and providers because it helps them lower research, development and staffing costs (all activities that ordinarily woud require more funds on a corporation-level). Most right-thinking companies would not even consider stealing ideas because of the associated demerits like litigation, negative PR and decline in future quality staffing.

It’s the real world and I won’t pretend that there are no companies out there who though they wouldn’t outrightly steal your idea might try to improve on it, change a name or two before giving you the boot. With this in view you could file for intellectual property rights that prevent this

It’s time to protect yourself and ideas with some of these suggestions which have worked both on personal and corporate levels

Product/Idea Creation Process Knowledge- Your idea and product most definitely has a method to it’s production which you could learn by going online or going to production plants. This would tell you how and where to source the individual components that form your product.  This would enable you know the details you can freely provide when presenting to future investors, companies or discussions to have with partners who have been properly and legally engaged.

Conduct a Conclusive Product Research- Dig into the library archives, go online, subscribe to journals or simply outsource this activity to a research firm. Learn how other similar products before yours worked. With this new-found knowledge-bank, you should discover the uniqueness of your product or idea and know the level of information to either include or give away during pitches or presentations without negatively affecting your chances.

Learn and Learn- Book for industry tradeshows, fairs or workshops to stay updated on what is trending. Afterall, this should help you notice when some familiar-sounding product drips off the lips of some company who you’ve presented your products to in the recent past.

Choose Wisely- Do a background check on company antecedents before you jump into a business relationship with them. Ask the business friend that has been trusted to tell all entrepreneurs the whole truth “Google”. It will boot up information on litigations, previous partnerships and more. This will inform your next steps.

Be Reasonable and Realistic- We often see creators who over-value their products or ideas when in talks with potential investors. The fact that they are even talking with you means that they see value and would be willing to exchange money for what you have. An over-ambitious demand on the other hand would achieve the reverse because a company that has been given an idea which they are passionate about but can’t have most naturally would try to see if they could add that value themselves or get some other people who could do it for less (with some changes of course). Though this isn’t necessarily the honest option, it might still be good to remember that companies are afterall run by real live “humans.

 Stay Ahead of the Curve- In applying for provisional patents, try to take your own idea from within by imagining how an external company trying to plagiarise your work would approach it.

Go out there and open up the possibilities of letting your idea or product add value to us all without the attached fear of having it stolen. Fear and entrepreneurship are linked in a weird kind of way. So let that fear fuel your decisions to get the right information and then apply it correctly.

Have a great and productive day

Written by Temple Obike .

Twitter: @swampsage

Facebook: De Swamp Formula

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