.If your business is built on a truly original idea, one of the first steps you need to take is to get a legal protection of that idea. You need to consider the protection of your intellectual property early in the formation of the business.
It is heartbreaking to find that the idea you’ve worked so hard to conceptualize and develop is stolen by other people and companies. You end up losing your product, and most importantly, your profits as well! Plus, failure to protect your proprietary information could lead to complex and expensive legal.
Here’s a tip on how to protect your product or idea:
“As you begin showing your prototype around, you might naturally fear that someone may “borrow” your idea. There are a few steps you can take to protect yourself without being overly paranoid. If your invention is patented or has a patent pending, you are pretty well protected. If not, you may wish to consider asking certain parties to sign nondisclosure agreements before revealing your idea or prototype…. Another way to protect yourself is to be sure to check out these professionals’ reputations and track records before doing business with them…. It’s good to be cautious, so feel free to speak to an attorney for further advice about protecting your intellectual property.”
– Tamara Monosoff, The Mom Inventors Handbook: How to Turn Your Great Idea into the Next Big Thing
