Suggestions for keeping your business concept classified

Author: Fidelis Law PLLC May 22, 2018

You have just finished pitching a brilliant business idea to your colleagues. This particular vision has the potential to attract many consumers if you leverage your resources the right way. Now, you are faced with the task of protecting your concept and keeping sensitive information classified so no one can wrongfully replicate your idea. At Fidelis Law, PLLC, we have helped entrepreneurs in Tennessee navigate the legalities as they work to safekeep their intellectual assets.

Perhaps you have just stepped into the world of business and are not completely sure what options you have in regards to protecting your intellectual assets. Maybe you do not have adequate funding just yet. You may even be looking for additional advice about things like patents and trademarks, so you can feel confident that you will choose an option that will best suit your needs. Whether you are waiting temporarily or planning to do something in the near future, there are things you can do along the way to reduce the chances of your idea being stolen.

According to Entrepreneur, you can first develop strong relationships with your competitors. Even though you are both selling similar products in a highly competitive marketplace, you can be cordial and friendly in your communications. With good relationships, you can build trust and minimize the chances of a competitor pulling something dirty when you are least suspecting. Second, when you are considering a new partner, investor or even mentor, do your research to find out more about their background. Seek people who demonstrate ethical behavior and are honest and have integrity. Third, ask professionals for their advice about which options would provide you with the most amount of protection from would-be thieves. Options such as nondisclosure agreements can help in protecting your ideas and concepts.

By incorporating these actions into your day-to-day operations, you can begin to protect your business concept even if you are not quite ready for a patent or trademark. For more information about protecting your ideas, visit our web page.