Very first qn that crosses the mind of first time startup entrepreneurs. How do I protect my idea ?
Foremost important thing : Ideas are worthless unless executed properly with viable business plan.
Here are some ways:
1. File for provisional patent if you plan to sell in US..its not very expensive, but creates some barrier of entry..If you are not in US, follow same in your country if it has IP laws
2. Register your company and file for trademarks ..again not very expensive, but its not very cheap…
3. Partner with a very reputable law firm.For example my lawfirm is WSGR (www.wsgr.com) and they are very good and rank among top 10 in US. Many lawfirms are startup friendly or find one who is. Many defer fees or don’t charge anything for 1st yr. Negotiate with them. Partnering with good law firm has its benefits and it also signal investors that you are advised by some good firms.
4. Build MVP faster . Ideas don’t matter much. Execution and viable business models matter. So work on that.
5. Once you register your company legally and have finalized idea/business model , start branding campaigns to generate some traction..these are not so easy and takes time.
6. Start thinking of EU/FDA compliance process…They require tons of documentation and are very process oriented..get familiar with it…Familiarity and knowledge is important and can keep your copy cats away for some time…
7. As I mentioned earlier, Start selling …Many think they should sell only when they have beta or final product…Selling should begin very early to really understand what works and what doesn’t with minimum resources…fail fast and fail often should be the key to accelerate your success 🙂
Would love to hear more ideas and thoughts from readers.