Ugochukwu ,my friend from University days ,had always been tech savvy.He was always somebody I was sure will make loads of money from technological advancement.However,last week ,I met him and while we were discussing he kept on lamenting on how his ideas were being stolen by potential investors and they were making huge revenue from his investments.
I asked him how he was presenting his ideas to potential investors and his answers did not show that he did anything intentional to protect his concepts from being stolen.
Techpreneurs and creative people must know firstly,that the Law hardly protect ideas but protects expression of original ideas in a fixed medium,innovation,inventions ,Marks used in the course of business etc.
See below some few Tips on How to Protect Your PACKAGED Business ideas Before Pitching to Potential Investors;
1.Do not present the HOW(process) from the beginning.Present an ELEVATOR Pitch (30sec max).
2 Do a proper investigation of the company or investor you are pitching to(due diligence)
3.Send documents to prospects via emails -create and document trails of ALL emails,correspondences exchanged during discussions and negotiations.
4.Keep the concepts secret before exposure to investors
5.Legally protect the packaging of your ideas via Copyright .Patents,Trademarks ,Industrial Designs etc BEFORE exposure to Third Parties.
6.Sign Non-Disclosure,Non- Compete,Non-Circumvention,Confidentiality and contract agreements with prospects(where possible) before exposure to Third Parties.
7.Always present your ideas from your Laptop .Do not use the Investors Laptop as the idea can be retained there via technology.
Be intentional !!!!!
Featured Image credit to Medium