Researching a new business idea - protecting the idea

[Undirection]

I have a great new idea (IMO) for a business but want/need to talk to people in the industry to sound it out. How do I stop them potentially stealing my idea or, realistically, can't I?

[jonamv8]

Very difficult unless you have deep pockets

NDAs may be useful and alert the people you are speaking to that they are under an agreement not to disclose.

Enforcing it is an entirely other matter tho

[akirk]

good luck

why not post the idea here and we can advise you on how to protect it!!!

in reality, many big corporations don't even patent their inventions if they don't want someone to know how it works - think of the ingredients for coke etc. - kept secret - the only protection is to not tell anyone...

can you possibly find a way of getting the information you need without having to be detailed in your discussion?

how much information do you really need - can you break it down into chunks from which others wouldn't recognise the whole?

[OllyMo]

A lot of companies/VCs/people wont sign an NDA, in case they are working on something similar. Not worth the bother, just crack on with it. Someone else has always had the idea before you anyway - It's all in the execution

[gvij]

Thats only partly true. Dysons cylcone vacuum was a game changer- not because it was any better necessarily but because it was perceived to be better and more importantly was amusing in that it had a funny shaped cyclone with ports coming out of it. Ie it entertained people enough to part over the odds for it .It entertained both men and women, men for its mechanical and women for its aesthetics and general practicality.
The patent protected him eventually in his opinion, though would Dyson be sucessful without it. Possibly due to the styling and name and marketing.
Imo saying that the Henry bagged hoover is better than the Dyson at half the price and I have used both for years.
In any case the execution is the key of something that people want. This means low overheads engineered in, low capital, low risk, doing it properly (sometimes opposing with low cost), amusing people, making people happy staff, suppliers, customers etc. All the while sticking to a plan when no one wants you to.
Trademarks and marketing are probably more valuable than patents in the final analysis. Just look at the likes of Uber or Facebook which are classic examples.

Edited by gvij on Wednesday 5th August 10:47