6 Ways to guard your Startup Idea Legally
One of your biggest nightmares that keeps you all awake all night long is what if your startup ideas are stolen.The harsh reality questions keep bugging you. Questions like how do I protect my ideas? How do I apply for a patent? What documents do I require? Etc.
Well, the bottom line is that you own your idea and you have the right to protect it. Even though most of the people will not steal your idea as they are well aware of the consequences, yet there might be few who will snatch your mastermind idea and put it to use for themselves. Following are some helpful tips one can implement on to guard their startup ideas legally.
- Do not reveal too much:
One of the finest ways to protect your idea is to speak only what is required or if necessary. Don’t rush your idea or details to everyone, clients or friends. When you can reveal few and pitch your clients easily. Remember to speak when it is required.
- Usage of Non-Disclosure Agreements:
Now, all of you might be wondering what is non- disclosure agreements? Non-disclosure agreements will basically help you guard your idea before revealing it to your co-workers, friends etc. Most people will hesitate to sign an NBA while some won’t. To make it easier for you, present a confidential agreement on your very own business plan. This will be convenient for you and your fellow worker. And this will also skip the signature annoyance.
- Trademark your name for sure:
If you are on a hunt for an additional protection layer, then trademark is your key. A valuable marketing tool, in some circumstances. By generating a trademark you have also added protection. The certification required to register a trademark can assist as written proof that your business idea was in the works at a specified time.
Put as much as writing as you can and save that in documentation (record) form. The benefit of this is that in near future if you’re idea goes to court, you will have regarding it which will be a plus point in your favor. Moreover, keep a log of each and every conversation you have of your concept, so they are disclosed if needed. This log will prove to be handy.
- Apply for a Provisional Patent:
The patent appears to be far more expensive than your regular startup is in condition to pay. Perhaps, a provisional patent can help you guard your idea for round about a year or so. But, the patent expires right after twelve months with no choice of postponement.
- Study the Recipient:
While you are sharing your idea with the recipient or you are about to crack a deal, your part is to do a thorough study on them prior to your meeting with them. In today’s era information is so easily available. The tip for you in this one is that hunt a recipient who previously has worked in good terms with his/her business partners and is reputable in his/her field of work. If above all is clear you’re good to go.
Give yourself peace of mind after reading this. Because these are the tips to keep your idea safe. There are few people who steal ideas and putting them into action. But be keen and cautious of your idea. If you want to share you can but with those who can help you in your dream of making your vision a reality.