When I started getting serious about my business and building my brand, I realized that I wasn't prepared to handle any legal problems that we might come across. I didn't know how to defend myself against allegations of wrongdoing in the business realm, but my company was getting large enough that it started to attract some unwanted attention from competitors. To set things straight, I decided to hire a business attorney to help us out. Our lawyer was amazing, and he went through and coached us so that we would know how to handle problems. I was really impressed with his services. This blog is all about why you should have a business attorney.
When you think about someone stealing, you generally think of an individual taking tangible goods that have value. If you are hoping to start a business in the near future, you need to expand your definition of theft to include the stealing of ideas as well.
Intellectual property can be extremely valuable when it comes to the organization and operation of a new business. Here are three things you can do to protect your business ideas from theft in the future.
1. Use non-disclosure agreements when discussing business ideas.
You will likely need to discuss some of the ideas you have for your future business with investors if you are seeking help raising the capital to open your company. Protecting your ideas from theft during investment meetings can be simple if you opt to use non-disclosure agreements (NDAs).
Unilateral NDAs are designed to prevent one party from sharing the proprietary information of another. Working with a lawyer who specializes in business law can help you design an NDA that will protect your intellectual property without inhibiting you from seeking the help of investors.
2. Apply for a provisional patent.
The process of patenting an idea can be expensive, and your fledgling company might not be able to absorb the cost of protecting your business ideas with a patent. By working with an attorney who has experience helping his or her clients protect their intellectual property, you may be eligible to apply for a provisional patent that will help you gain the short-term protection you need to keep your ideas safe from theft.
A provisional patent provides the same protection as a full patent for 12 months. This short-term patent is designed to allow you to grow your business and generate enough revenue to file a non-provisional patent application, without worrying about investors or others stealing your ideas.
3. Research potential investors.
Having an attorney help you conduct a background check on potential investors is a great way to keep your business ideas safe while you seek the capital needed to get your new company established.
Dealing only with reputable investors who have a history of helping small business owners will reduce the likelihood that you will have problems with your intellectual property being compromised as a result of sharing during investment meetings.
Protecting your intellectual property should be a priority if you are hoping to start your own business in the future. Work with a business lawyer to draft non-disclosure agreements, file a provisional patent, and research potential investors, and your ideas should remain safe.
Share30 March 2016
