You Just Had a Brand New Product Idea — Now What?

person with new product idea

A new product idea will continuously run through your mind – it’s like a sudden natural event — a volcanic explosion. But when rewarded with an unprecedented idea, most people pull out their smartphones and call or text to share it with someone they know and trust. Sadly, our passion for notifying and enlightening our trustees overwhelms the fact that our world is ruled by the internet of things (IoT) – it’s like an open book. Great work and ideas can be easily stolen unless you protect them. You just had a brand new product idea – what are some ways you can protect it?

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4 Potential Crowdfunding Pitfalls

crowdfunding websites

Crowdfunding pitfalls exist, but crowdfunding is a good way for startups to raise money for their product/service. Widget makers and apparel designers/manufacturers (including our client, Apricoat®), in particular, have made extensive use of crowdfunding to get projects off the ground. In 2012, then-President Obama signed the Jumpstart Our Business Startups Act (“JOBS Act”) which allows crowdfunding for equity (with some limitations).

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How to Protect Business Ideas?

In the age of instant communication, it’s not easy to protect business ideas. Depending on what kind of information is accessible to others, there are several options available to protect business ideas from being stolen or copied by third parties. If you want to ensure that your business partners or employees do not misappropriate or share important business ideas or information with others, your best bet may be to create an employment agreement/independent contractor agreement and/or a non-disclosure or non-compete agreement that includes certain confidentiality obligations and restrictive covenants in them.

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Things Your Startup Must Know About IP

When you found a startup, you have a lot on your mind at the beginning — hiring the right employees, attracting customers, choosing an office space — and you may not think about how your intellectual property (IP) affects your ability to do business. IP, however, is your startup’s most valuable asset, and as a startup founder, you need to be mindful of how it is used and who can claim ownership of it.

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