Having business ideas stolen is the worst nightmare of any businessperson. The fear of someone stealing your idea always remain in mind. That gives rise to the tendency of hiding ideas from everyone. That can, in many ways, turn out to be harmful to your business.
But here’s what you need to know: Ideas don’t get stolen all that often. It’s a rare occurrence.
And the reason? business startup Ideas by themselves have no value. Only putting ideas into action can be converted into something of value.
Anyone who is serious about starting a business will not likely start it based on a stolen idea. And that person would also neither have your vision nor your passion. So, Hiding business idea – Yay or Nay? If you’re still not convinced that nobody will steal your idea, keep reading on.
Let’s Dissect Who Would Actually Steal Your Idea
Advantages Associated With Not Hiding Your Idea
Let’s Dissect Who Would Actually Steal Your Idea
Family/ Friends
Your family and friends would be the last people on earth to steal your idea. If anything, they are your sources of motivation and inspiration. You also need them to provide feedback for your ideas. Who better to give you advice. Even though it be might just a teeny-tiny bit biased.
If your friends’ circle is anything like the one in the actual ‘F.R.I.E.N.D.S’, great. They’ll stick by you through thick and thin, and celebrate your successes and support you doing your failure. And good friends most definitely do not steal your ideas. Who knows, you might have a friend who shares your enthusiasm and becomes your co-founder/business spouse.
People Online
It is good practice to do an online survey with your extended circle- i.e, your contacts through LinkedIn, Facebook, and Instagram. All of them are from such varied fields that they will lend you a new and sometimes surprising perspective. If you have a professional network, that makes it likely for someone with the expertise to validate your idea.
You might ask, won’t the person with expertise steal my idea if he/she thinks it is good? The chances are, they are already working with some company. They might even be an investor, in which case, its good news for you! Again, you might find your future co-founder or your brilliant team from the online space.
You might not believe the number of people just waiting for a chance to try something new but neither having the courage nor the resources to do so. This might be their opening.
Gorish Dua
Corporations
When I say corporations, do not imagine visions of skyscrapers and business suits who will throw money at you for your idea. They don’t, they directly steal it.
Okay, I’m kidding! Can’t I expect a sense of humor from my readers?
Corporations seldom incorporate a new idea until they can see that it has the potential to generate revenue that can match theirs. A small scale enterprise’s profits are nothing but a dent in the car that is the corporation’s profits. They are the ones who will acquire you after you are really successful and will merge your company with theirs. You needn’t worry about them.
So, by this I think I have answer the most unanswered question by this which is how to pitch an idea to a company without it being stolen?
Startups
They are too busy working on their own ideas and dreams to actually spare the time to steal yours. Ouch. I hope that didn’t dent your confidence too much.
The end goal of any startup is to no longer be a startup. And that requires dedication and hard work. Even if they do get to know your idea and have the capability to implement it, they don’t have your passion. And that means they won’t put in the effort necessary to make YOUR dream come true.
Even if they are in the same domain as the one you are trying to make a mark in, their line of thinking would lean toward collaboration rather than stealing. Nobody wants to owe their success to someone else.
Hopefully, you are convinced enough that you are no longer paranoid about someone stealing your idea.
Yash Gupta
Advantages Associated With Not Hiding Your Idea
Ideas / Suggestions
You might get ideas that modify or tweak your idea into a better product from the general public. Business aspirants are always on the lookout for learning how to convert ideas for business or into businesses so they might offer suggestions. And if you do take them into account, they might expect credit which is the least you could do.
Validation
Proof that you’re on the right track. And that is what you need to persevere with the idea. Of course, the best kind of motivation comes from within but outside motivation from unexpected places is good too. That will give you the push you need during the times you feel like giving up.
Co-Founder
As I have mentioned before, there’s no list of places to find your co-founder. They can be anywhere. Keep your eye out for them, and if they seem to be as interested and passionate about your idea as you are, consider yourself business-married! I do recommend a background check before you hire someone for such an important position though. Call up references and verify his/her work experiences before hiring them.
Team
You can also advertise. Describe the skills that you require for the job, and people will reach out to you. Of course, you need to be able to pay them a substantial salary, unless they are willing to do the work-first, reward-later scheme. You can always search for people without having to discuss your idea online, but if your idea is interesting, chances are people with the skill set will be attracted to you (in a business sense, jeez!)
Customers
This is the company that put out a quick video of how their product works while they were working on it. That garnered them a huge customer base who encouraged them to work on and release the project as soon as possible. Tech geeks went crazy over it.
A quick demonstration, something like a forty-five to ninety-second video of how your product works can do wonders in terms of attracting customers even before the launch of the product. And you can trust word-of-mouth to do its rounds.
Customer Feedback
This is valuable. You must have seen reviews of products where the customers comment along the lines of ‘I wish it could do this as well’, or ‘adding this feature can make it more efficient’ etc. Take advantage of this. If possible put up your prototype for sale and invite reviews. This will help you modify your product according to your customer’s needs.
Collaboration Offers
It is probably a little too early to discuss collaboration but hey, it is never too early to plan right? Collaborations are a way for companies with complementing strengths to take advantage of each other. A company with an excellent product but lacking a wide customer base can partner with a company having the same. Sharing your idea keeps the options open.
Investors
This is the sweetest advantage of all. Investors are interested in your idea. Though funds can come from different sources- your own pockets, crowdfunding, bank loans, etc., professional investors taking an interest is a sign that your startup has real potential.
Despite all of the above reasoning, if you are still worried, head over to the article on “How to protect your ideas from being stolen”. It is of course good to exercise precaution when it comes to your baby (startup) so I have highlighted a few ways to do the same. Happy idea protecting folks!
Lakshya Singh
FAQs
Can someone steal your business name?
Yes, If you have a unique brand name or logo, protect it. It is a simple thing for someone to snatch it out from under you and claim ownership of it.
What to do when someone steals your idea?
Things that you should do when someone steals your best business ideas:-
- Don’t react straight away
- Evaluate the situation
- Talk to the person
- Prevention is better than cure
How to keep investors from stealing your idea?
- This Week’s Question
- Talk to Your Lawyer
- The NDA
- Secure Log-in
Ashwini
