HowTo Protect Your Venture Idea

You are starting up a venture that would be a source of innovation in the industry. But, you are afraid that it will get stolen before it even comes into existence properly! Yes, this is a sad reality. Copycats are present everywhere. They may copy your idea or work and present it as their own. And you will fail to act against them, because you have not taken the necessary steps that would have kept you protected.

Here aresome simpleguidelines that you may follow to protect your idea as well as your venture.

  1. Patent Your Idea

You can always go for a legal protection. Get a patent. Spending money on filing a patent would be a wise investment in terms of protecting your work. There are quite a few patent agents in Canada that can help you, but you need to be sure which ones are authentic and providing the most secure services. Filing a patent and getting it approved is a lengthy procedure, but it is worth spending your time and money for. Even before your patent gets approved; the status of ‘patent pending’ will is enough to secure your venture.

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  1. Partnership

Search out for the big names currently present in your industry. Explore and identify such companies and try to form partnership with them. In this way, those companies would want to benefit from your idea rather than copying it. You and that company could work together to achieve common goals. Then, other small companies would not want to get involved in copying an idea from a company to which a big name is attached. This will also serve as a great step in creating awareness for your new product or venture in your targeted market.

  1. Share Your Story

You being an entrepreneur should not play the game from behind the stage. Dare to come in front and share your story with your industry and costumers. Create a bond with them through it. This will help you gain their trust. So, if at any stage, your work gets copied, you will have your loyal customers and clients to back you up and defend you.

  1. Hire Experienced Legal Advisors

When starting up a business, hire experienced personnel for your legal advisory committee. They will guide you in all the legal matters. They will have sound knowledge of dealing with copycats that will assist you in the best way.

  1. Be Quick To Appear in The Market

A big race runs across the market. Whoever first appears in the market with a good product or service, he has maximum chances of becoming most successful. Then it doesn’t matter how better your idea is. If you fail to translate it into reality and bring it forth in the market as soon as possible, you will fail to grab a prominent share in the market.