Why business ideas need protection

On this blog, we often emphasize the importance of intellectual property protection for businesses. Ideas are valuable, but when left unprotected, it's possible that an infringer will capitalize on a stolen concept. It's not just artists and entertainers that are affected by intellectual property theft, but businesses can be as well. 

For startup companies looking to gain funding for a venture, crowdfunding may be a viable option. These types of campaigns typically entail raising money from backers through an online campaign. However, before going down this road, it's important to be aware of the risks of this kind of campaign when the proper steps have not been taken to safeguard ideas.

When posting an idea online as part of an effort to raise money, the idea becomes exposed to a wide audience, opening up the possibility that someone could steal it or copy it before you even get the chance to develop it. However, this risk can be mitigated by obtaining the necessary legal protections before making the campaign public. 

A recent article in Forbes discusses this issue, noting that once the ideas are out in public, it may be too late to protect them. Companies that want to protect their assets may develop an intellectual property portfolio along with a strategy. As the article explains, investors may be hesitant to get behind a company that does not have a strategy, because it could be seen as a risk. 

Whether it's through a crowdfunding campaign or another means of securing funding, it is essential to know how to keep valuable intellectual property assets safe. Small businesses in the Phoenix, AZ area can contact a small business attorney to learn more about how to legally safeguard their ideas. 

Categorised in: Intellectual Property Law

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