Every business starts with a great idea. Finding the right inspiration is no mean feat – so once you’ve come up with that ground-breaking entrepreneurial concept, you need to hold on to it. In time, you will want to see it through and watch it turn into a real-life venture that ideally generates a profit for you.
The last thing you would want is someone stealing or copying your idea before it’s had a chance to flourish. Unfortunately, original ideas are often in short supply, so it’s not uncommon to come across business copycats.
These copycats risk cutting into your revenue potential, subtracting from your market share and taking customers that would otherwise come to you. On top of this, it’s incredibly frustrating to try to bring something new to the market, only to find someone is trying to beat you to the punch.
To prevent this from happening, you need to protect your business idea. This will limit the risk of it being stolen and give you more rights. In this guide, we have explained how you can protect your entrepreneurial idea in more detail.
Why should you protect your idea?
It’s natural to get protective about a great thought you’ve had. By obtaining legal rights, you can establish your ownership and deter others who may be tempted to steal it.
If someone were to steal your idea, it could have many unfavourable consequences, including undermining revenue and profit, introducing more barriers to market due to increased competition, detracting customers or derailing your strategies and pricing models. All of this can make it harder for your business to succeed.
By seeking adequate measures, you establish yourself as the founder of whatever idea you have had. This prevents others from making the same claim and will manage your reputation by showing you have not stolen the idea from someone else.
It’s worth noting that an ‘idea’ can refer to a type of business, specific value proposition, or a product or service. This means that whatever you have come up with, you can safeguard against others who may wish to pursue their own version or even outright plagiarise you.
If you do wish to protect your idea, it’s essential to make sure you aren’t copying someone else first (even if unintentionally). You can’t own a concept that isn’t yours initially, and pursuing it puts you at risk of being seen as a copycat yourself and breaching the rights that another business may have. So, do your research and check that the idea is as original as you think it is before taking any legal steps.
How to protect your idea
Although an idea isn’t a tangible asset, it can still be protected by Intellectual Property Law. This means you can stop others from copying it freely and create consequences if they do so.
Intellectual Property Law comes in four types, depending on the nature of the idea or the level of protection you are seeking. We’ve explained each type below.
- Copyright – applies to original work that has been recorded in some way, such as you writing it down. As the author of the work, you will own the copyright. It’s an automatic right, so you do not need to register (though you can if you wish to), but you must be able to prove you are the original owner.
- Trademark – will apply to the name and/or logo associated with your business. This needs to be registered if you want to stop others from using similar branding.
- Design rights – apply to a design that has been recorded somehow (e.g. on paper or minimum viable product). You will need to register for design rights if you wish to protect the whole design.
- Patents – apply to industrial processes and products. They give the patent owner the right to use the item or process for a set time without others using it unless given permission.
When getting protection, it’s essential to consider what you actually want to protect as this will enable you to register for suitable measures. You might even use a combined approach to cover yourself fully.
What to consider
Before you seek protection from Intellectual Property Law, there are a few things you need to consider. By doing so, you can improve your chances of securing the rights you want and enhance your level of protection.
Firstly, as we’ve already mentioned, you must be sure that your work or idea is original. If it’s not, you may be unable to get protection (especially if another party already has) or find yourself in hot water later if it emerges the idea has come from elsewhere.
Next, aim to keep evidence of your idea, including records (such as notes, plans, drawings and so on). This will help you prove yourself as the creator and support you if you need to fight against a copycat later.
Make sure you register your IP with the Intellectual Property Office in a timely manner. The faster you do this, the quicker your idea will be protected. If you leave it, there’s the risk that someone will come up with a similar concept (intentionally or not) and may even file for protection before you do. This will put you at a disadvantage by making you the copying business, even if you came up with it first. You may also need additional rights if you are selling abroad, so be sure to check this and take the necessary precautions.
You may also choose to put confidentiality clauses in contracts with your employees, partners, or suppliers to prevent them from sharing your IP. This is a sensible idea if people need access to your IP (such as a process or product) for your business to operate while stopping it from becoming public knowledge. Generally speaking, it’s worth keeping the discussion of your IP to a minimum, even if you don’t have confidentiality agreements.
Finally, remember to run checks for infringement so you can uncover any copies. This means taking stock of your market and searching for anyone selling similar services or products. In many cases, customers or staff may come across infringements and alert you to them. It’s also wise to be prepared for legal action, such as having a lawyer on behalf of your business, so that you can tackle any infringements swiftly.
Conclusion
By seeking the appropriate protection for your business idea, you can give yourself space in the market without fear of others trying to copy you. While they say imitation is the sincerest form of flattery, and there will always be an aspect of competition in any idea you pursue, having legal safeguards will reduce the risk of your IP being used unethically and position you as the original creator.
Through this protection, you can focus on establishing your idea and reaping the rewards without contending with copycats undercutting your success and detracting from your business performance.
If you have a business idea you want to take further, get in touch with us. We can discuss your best next steps and help you obtain funding to make it a reality.