Forums: Discussions for entrepreneurs and small business.

While I am looking for investors to raise capital I am leery about giving to many details about my business plan. 

I mean there are key elements that I want to keep secret as I don`t want someone to not give me the funding but rather start the business them selves.

Is there a way I can tell my idea, share my business plan and protect myself?

I mean like even sharing the information with people on here. Is there a way I can be protected?

 

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Unfortunately you`re pretty much out of luck. While you may have some protection against outright theft of your business plan, ideas have very limited legal protection. This is a very common worry among entrepreneurs and it`s an insecurity you definitely need to get past. To what lengths are you willing to go to protect your idea? Are you willing to go as far as keeping it from the market?

So very very true CookieMonster!  You could keep your business idea SAFE and take it to your grave or put yourself out there with people you feel you can trust, take some precautions if possible ( would a patent, trademark or copyright help with your product/service or business) and see what happens.  Most people don`t steal an unproven product or service.  They wait until there is a track record of success before copycatting  It is very scary, and your feelings are valid.  I felt the same way, but I just couldn`t sit back and do nothing out of the fear that my idea was so fabulous that someone else would want to steal it!  Very best of luck and keep us posted.

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Leslie
Founder and President
Charmed Life Products LLC
Grill Charms™… The MUST HAVE grilling accessory that is revolutionizing the American Cook-out AND The perfect gift for any occasion!
Grill Charms
                                                                                                    

As I have been working with many professionals/organizations for 2 years do you think I would be protected enough in that aspect that people know this is MY IDEA and I can share it with the world and know if someone takes it I have legal ramifications?

I am looking into trademarks, copyrights etc..I actually think I am going to finish the process of trademarks tomorrow so I can get my logo trademarked.

See, that is the part I am scared of..I don’t want to take this to the grave with me..However...I will if needed..LOL...

 

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Come check me out at www.bytenram.com. Your one stop shop for all your technology needs!

www.flipitbig.com - Your resource to efficient Real Estate Investing

All businesses are a RISK and it is this risk that one has to manage. While patents provide sufficient protection for "certain" kinds of ideas, certain others are not covered by patents. While Trademarks and Logos provide protection against a specific name of a product or a service, they generally do NOT cover ideas.

Some of the points to keep in mind are.
1. Get to the market first. (This is the ONLY way to stay ahead. If your idea is successful, you can be pretty sure it will be copied sooner or later and unless you hold a patent, the legal costs and ramifications would be towering if a LARGE company or corporation decided to copy your idea. ) Getting to the market first gives you the early bird advantage.
2. Make sure you provide quality products / services. Thats the only way to maintain that early bird advantage. If it is a new product that you are dealing with, make sure you innovate. That way you will still lead the pack.
3. If you market your idea early, you can make that initial money which will provide you the leverage to fight a legal battle if necessary.
4. People are the key. You will have to find the right person. While it is impossible to predict that your idea would NOT be stolen, thats the risk you have to take. Heck even banks want to know your business plans if you want a bank loan. Someone here would be in a better position then me to explain the bank loan structure but in my opinion it is difficult to get a loan from the banks but once you get them, the risk of getting your business idea "stolen" is a lot less.
5. What you could do is provide information in parts. Break up your entire business idea into segments. Keep the core to yourself and just divulge enough to get an "investor" interested.

Then it will depend entirely on your convincing capabilities. Hope this  rant helps :)

ask about filing a patent application

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com

There are definitely ways to protect your business ideas in discussions.  The most commonly used is a Non-disclosure agreement.  You can`t protect it forever, but you can protect it from those people you are meeting with.  If this wasn`t available, collaboration would never happen.

Get a good NDA that deals specifically with your issues and discuss with people you think are interested in working with your idea.



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Jeffrey C. Neu, Esq.
Intellectual Property, Internet, and Technology Law
www.jeffreyneu.com
Posts and all discussion is for discussion purposes only and does not represent legal advice.