You have to be able to get your idea out into the world to be able to develop them into something you can monetize. Nonetheless, many entrepreneurs are afraid that if they talk about their idea, someone will steal it; so they keep it under wraps and don’t capitalize on it.
Here are three legal tools you can use to protect your ideas in development – with the oversight of an experienced business lawyer:
Non-disclosure agreement. If you need to collaborate with another during development, like a manufacturer or distributor or vendor, you should require that they sign a non-disclosure agreement to protect confidentiality.
Non-compete agreement. If you need to hire help to bring your idea to market (and odds are that you do), make sure that all employees and independent contractors sign a non-compete agreement before they start working for you to prevent them from leaving your company and taking your idea with them.
Work-for-hire agreement. Anyone you hire for creative work, to help you refine or improve on your product or service, like web developers, designers or copywriters need to sign a work-for-hire agreement that clearly states that intellectual property rights belong to you.
The truth of the matter is that you must get your ideas out into the world for them to become reality. If you sit on your idea too long, someone else will also get that idea and beat you to the market. So take the precautions to give you the comfort you need to take action. We are here to help.
If you’re a small or mid-size business owner with a new idea and would love us to help you with these agreements and make sure that all of your intellectual property is poised for growth, call us at (612) 206-3701 or fill out our contact form today to schedule a business consultation session.
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