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Are You Worried About Your Ideas?

April 12, 2022

Posted in Uncategorized

By J. Baron Lesperance, The Patent Baron

Many companies and individuals are worried about someone stealing their ideas. I hear that a lot, particularly in today’s current environment. A big concern I hear is that ideas – whether they be patents, trademarks, copyrighted material, or trade secrets – are especially vulnerable to theft or misuse. Following the concern, I hear a lot of frustration. Many believe little can be done, or if there is a solution it is far too costly to pursue.

Why Protect Your Idea Anyway?

I disagree. Whether you are a start-up, an individual, or a business of varied size, there are solutions and they need not break the bank. The first question I have is why do you want to protect your idea? Often people struggle with a precise answer, but the overall feeling is – it’s mine or it’s my property!

What Will It Cost You?

That first question leads to others. A good follow-up question is often this: what would happen to your business if this idea was stolen, or misused? Would it cost you a lot of money and/or reputation? Typically the answer is yes to both. Loss of sales (profit) is always a concern, but so also is the damage to your business’ reputation. By that, I mean counterfeit examples of your idea. For example, a counterfeit widget will likely be a cheap knockoff of your quality product. However, that knockoff will find its way to consumers who will incorrectly attribute that poor quality to your authentic product.

It’s Not Just Lost Profits – It’s Damaged Reputation

We all know who fills out those reviews online these days (aside from the fake ones, that is) – it is people who either love your product or hate your product. Let’s face it if you are disappointed by a product you are probably more likely to tell others about it as a way to vent or as a warning. This is but one example of the damage that can result from having your ideas “unlocked”.

If you’re concerned, then reach out: I Put a Lock on Your Ideas(TM).

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