RSS

Q: I’ve got a great idea for a business but I’m reluctant to approach sources of funding because I don’t want anyone to steal it. Am I being over-paranoid?

Nov 23 2006

Answered by: Adam Wayland     Ask a question

Yes, almost certainly. Few ideas are really original. If it is something you can protect with a patent then you should speak to a patent attorney and ask any funders to sign a non-disclosure agreement (NDA). If the idea is like most and not unique, and does not have any protectable intellectual property then asking many funders to sign an NDA will probably appear naïve and put them off. They may well refuse to sign one anyway.

Remember most people are busy in their lives doing what they are already doing. There is always a small risk that someone may like your idea and run with it but the upside of talking to people about the idea is you get feedback and can improve the proposition. This will in turn increase the chances of getting financial backing. As soon as you launch people will know about your business, so you’re only delaying the inevitable.

 
Comments [1]
Comment by Michael Flynn
Saturday 10th March 2007

There is a distinct difference between being naturally cautious and paranoid. If your business idea involves patentable subject matter, then any non-confidential disclosure will destroy the "novelty" of the idea. What you need to establish first is whether your idea is excluded from patent protection, for example, is a method of doing business (a business scheme) or involves simply the presentation of information.

While these two categories are excluded in the UK and Europe, they are allowable in the US, possibly your biggest market. Any qualified patent attorney (go to www.cipa.org.uk) should be able to give you the required information in a free initial telephone consultation, without obligation and, most importantly, in confidence.


Report this comment

Prize Draw

 

Free prize draw!

Smallbusiness.co.uk has teamed up with Avery® Quick&Clean™ Business Cards to offer five lucky readers the chance to win a copy of BBC Dragons' Den James Caan's new book The Real Deal and a pack of Avery® premium heavyweight business cards. To enter the prize draw, simply answer our question here

Polls

 

Outlook for Xmas trading?






Site map

« Expand to view

Start a business

Small Business Finance

Business Banking

Technology in Business

Franchise Directory

Legal Advice

Office & Homeworking

Sales & Marketing

Employing Staff

Women in Business

About SmallBusiness.co.uk