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Nairaland Forum / Nairaland / General / Business / How Can I Protect My Business Idea From Being Stolen By Potential Partners? (673 Views)
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How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 8:01pm On Oct 19, 2021 |
I recently thought out an idea that I’m certain might be revolutionary. But it is involves building a website which I have no knowledge of. Now, I have these group of friends who are web developers whom I informed about the idea(not details) and he said I should come and tell him in details what it is about. He said if the idea is worth it, then it will be a teamwork with me contribute the idea while they contribute their expertise. My fear now is, how do I tell him about this idea and be certain he won’t steal it? And I end up with nothing? If I say let me buy a domain name for the website first, what’s the guarantee he won’t buy a different domain name and build exactly what I related to him? So folks, can you help me suggest how I can approach these guys with my idea without them stealing it and shelving me aside? |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Flexherbal(m): 8:11pm On Oct 19, 2021 |
A good question |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Asgard73: 8:29pm On Oct 19, 2021 |
Have an official agreement.. with him .. jokingly hint him on the agreement and see his reaction.. then insist.. if he signs .. you can do partner with him or pay him to do whatever you needed him for If you see your idea anywhere .. I mean anywhere sue his ass. Weda you see am for Pakistan. Or Nigeria or even Canada.. sue his ass he will be liable .. If he no gree sign .. free him |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by SarkinYarki: 8:31pm On Oct 19, 2021 |
Unfortunately in Africa there is nothing to protect u .. |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by ekesol: 8:32pm On Oct 19, 2021 |
Penguin2: |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by ekesol: 8:34pm On Oct 19, 2021 |
Penguin2: You can get it registered with the trade mark number . If he eventually steals it. Then he is on his own |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by MarketDispatch: 8:46pm On Oct 19, 2021 |
Penguin2: Idea means nothing....execution is key. Build an MVP.... that is what you should show to your friends. 1 Like |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by KayCee92(m): 9:57pm On Oct 19, 2021 |
Lol, idea..... Worry about more important stuff than idea. Worry about how to do it and do it well when you start because someone will do it big and better if u don't and if the business is worth it. 3 Likes |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 10:38pm On Oct 19, 2021 |
ekesol: How do I trademark it? |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 10:42pm On Oct 19, 2021 |
Asgard73: Thank you! If I had fund to pay him for the services of building the kind of site I am looking at, I would have chosen that way. Another thing is maintenance and protection of the site subsequently. Maybe I will suggest the agreement thing and hope for the best. 1 Like |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 10:43pm On Oct 19, 2021 |
MarketDispatch: Sorry, what do you mean by MVP in this context? Lalasticlala Mynd44 |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Sevenstars: 11:38pm On Oct 19, 2021 |
First, are they going to be your potential business partners? Or theirs is a hire-hand such that they get paid only to develop the website Secondly, the building/dev of the website is not as important as you knowing exactly how it will work, how ur customer will use it, interact with it, and help you monetize... Have you been able to draw out these plans? As regard your question you can prepare and have them sign an NDA (non disclosure agreement) which is legal binding but the truth the justice sys is messed up and trust is nowhere. My advice give them a very simplified version... Make it look like you hv not thought it thru... In a way that you would get their input (contribution to ur idea) . |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Tony142: 7:51am On Oct 20, 2021 |
Penguin2: Do not tell him, get a laptop and learn programming for 1year, then go ahead and do whatever u want to do yourself 1 Like |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by SavageResponse(m): 9:12am On Oct 20, 2021 |
Tony142: By the time he's done learning either someone else would have thought of that same idea or it's economic viability would have been overtaken by changes in technology |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Tony142: 9:30am On Oct 20, 2021 |
SavageResponse: I will reply you yet, until you show me a business without competitors #nonsense |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by tosbobby(m): 9:35am On Oct 20, 2021 |
Tony is right Buy a laptop and build your programming skills as it is the only way to be in charge. Another thing, buy a domain and pay for better hosting plan and cyber security fee then quickly learning the basic ways to manage cPanel from YouTube. Also you can hire freelance guys abroad (maybe for $50) to help you write the website script. Later in the future, plan to register your business profile with CAC. Finally, do continuous research on how to improve your services. Safe guiding business is beyond signing legal documents rather work more on service quality and BETTER PRICE why because price is the major language Nigerians understand. Tony142: 1 Like 1 Share |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 11:19am On Oct 20, 2021 |
Tony142: Thank you. I feel that might be my best option. It will save me from this headache of my idea being stolen and also give me hundred percent ownership which will prevent future troubles that are likely to arise from partnership. 1 Like 1 Share |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 11:22am On Oct 20, 2021 |
tosbobby: Seems that is my safest option. Thank u |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 12:19pm On Oct 20, 2021 |
Sevenstars: Thank you! |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by SavageResponse(m): 9:37am On Oct 23, 2021 |
Penguin2: One thing I can tell you is that ideas in the IT space need to be acted on quickly so you can take advantage of it and get full financial benefit for making the first move. My advise to you would be to first learn the basics of website creation and maintenance within 1 month then go into partnership with someone who is skilled in it for the purpose of this project. Just make sure that you have a written partnership agreement that documents what each partner must contribute to the business and make sure that your partner contributes some funds that he/she cannot afford to loose in the event that the project fails. It's one thing to create a revolutionary business but marketing it and putting it out there in public is another ball game altogether and this must be handled by only you so that you can have control of the business and all it's external contacts. If your partner decides to break away he will be stranded because even if he builds a replica website he will not know how to grow the business which is the main koko. Good luck! 1 Like |
Re: How Can I Protect My Business Idea From Being Stolen By Potential Partners? by Penguin2: 10:07am On Oct 23, 2021 |
SavageResponse: Thank you! It’s one of the things I’ve thought about... the fact that time is of the essence. I need to act fast. I might just have to hazard it after all. |
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