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Don’t Let Competitors Stunt Your Growth

Learn How to Protect Your Business

14Dec

As an aspiring entrepreneur, growing your business can be a turbulent process. Besides trying to operate the business, you must also protect all aspects of your growth as you excel in your business endeavor. The thought of someone else stealing your creations and making a profit is threatening, and even more so if there is no legal way to stop them or recoup your losses. There are certain measures you can take to protect your growth as a startup when you are launching and branding a tangible product. By acquiring a patent for your tangible creation, establishing a trademark for your brand, and securing non-disclosure and non-compete agreements to protect against duplicators, you can protect your product and all the related aspects that contribute to its growth. Without these protections, your growth may be stunned and your investment may turn into a loss.

First and foremost, you must protect the product itself. The value of your product rests in its originality. The more unique and useful a product is, the more valuable it becomes. There are many capital venture investors who use data modeling to prowl on opportunities to discover the next best idea that will generate millions in profits due to its' popularity. If you have found that next big thing in real estate investor software or cyber security, but there is no legal document preventing another entrepreneur from duplicating your product, you are sure to get taken advantage of quickly. Your competition will quickly duplicate and imitate your product if they know there is a substantial profit to be made in the process. 

Furthermore, protecting the product also means that you are recognized as the originator and creator of the product, and all accolades associated with that product belong to you.

Once your product achieves a certain level of popularity, other businesses will want to associate and incorporate their ideas and products with yours. This can mean a huge boost in success for your product. Without a patent, your idea is open for someone else to claim as their own. This could halt your business growth quickly, as you will need to fight to reclaim your ownership rights. The process of proving that you were the originator can be costly and time-consuming, not to mention extremely difficult.

Securing a patent protects the product, the idea, the concept and the technology, all while protecting your interests. It prevents any other person from utilizing the distinguishing features of your product and grants legal rights to demand a remedy from anyone who disobeys the restrictions. In essence, acquiring a patent is both vital and essential in order to protect your growth, both in the immediate and distant future.

During the process of establishing your product, you will begin to develop a brand. Your brand represents the business as a whole. While the brand may be associated with a single product or a series of them, the brand is the essence of business recognition and existence since customers tend to be brand loyalists. The brand itself must be protected. Distinguishing your brand depends on individuality and uniqueness.

One of the tactics used by competitors involves duplications of an established brand, with replication of the colors, designs and log of that brand, and piggybacking off other brands' success. Why should a business be able to profit off all of your hard work and originality? By establishing a trademark for your brand, your competitors will have a hard to imitating your brand, and will become legally liable for damages if they attempt to.

The process of growing the business requires networking and sharing ideas. While raising funding and support, it may become necessary to disclose intimate details about your product, its creation, and function. Whenever you disclose sensitive information, you will always run the risk of someone stealing your idea, or work, sharing it with others in hopes of working with others to become your competition. While it seems unfair, it is the nature of the business. Aside from only discussing particulars with those you trust, protect your product during its creation and expansion with non-disclosure and non-compete agreements. Non-disclosure agreements protect you from having your colleagues informing others about their discoveries about your product without your permission. This places the liability of protecting your revealed secrets on all of those who sign the agreement. By securing non-compete agreements, you further protect your products from facing competition from duplicates and imitators since it specifically restricts others from having the ability and legal right to create a similar product. The non-compete agreements ensures that the individual signing the document will not become your competition. Regardless of their knowledge, expertise, skill or contribution, they could never create a product that is in competition for your product. By requiring these documents to be fully executed prior to the release of any pertinent information is the best way to protect your growth and ensure your legacy is a success.

All in all, protecting your growth is definitely possible. Once you have a patent, trademark and executed non-compete agreements, consider your product along with its integrity and growth protected. not only can you feel confident that your product is protected, but with peace of mind, you can allocate all of your time, energy, and resources towards reaching milestones without limiting yourself or your product.

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