Insurance Services of Washington Blog
It happens more than you think. And not only in the movies. You have this great idea, and you know you can make a fortune off it. It is such a unique and promising idea, and a business based on it is so feasible. You start working on the idea, and just as soon as you are about to launch, you find someone beat you to it. What's worse, the competition got the idea from you. How can you protect your startup idea?
One of the most valuable things one can steal from you is intellectual property. As the saying goes, give a man fish and feed him for a day, but teach him to fish and feed him for life. People can steal other resources from you, but if they steal the essence of your business, they are running away with everything.
Most of the time, it's an inside job
For most cases, the threat comes from inside. If you think about it, who better aside from you would know about your startup details other than people directly related to it too. There are 2 ways in which this can be controlled. First is work with people who are trusted. However, this is subjective and can be risky for you. Which is why on a second level, do not disclose everything. Still keep an important and key detail off the table. Whether it is a secret ingredient to the recipe, or a unique procedure to differentiate your service. They may steal the general concept, but leave out how you will execute.
Which is why it is important to screen your partners/co-workers/employees
It is important to run background checks on your potential colleagues. Look for warning signs from their history. Contact former colleagues, employers, or business partners to get an idea about them. Are there disgruntled people from their past? Have any issues and misdemeanors been reported against them?
Go through legal and document everything
Consult with a lawyer. Find ways on how you can legally protect yourself and your creation. Which should be copyrighted, trademarked, or even patented. Ensure you are able to legally claim your creation before anyone else does. Do not be afraid to consult with a lawyer even very early into your startup. You just want to make sure you do everything the right way.
Protecting your business starts from the very beginning. All start-up have the potential to succeed, but may not even launch. Ensure you have all the right protections in place. At Insurance Services of Washington Inc., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (425) 868-1123. Get your free quote today by Clicking Here.