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Are you concerned about someone stealing your idea? How real is the threat?

Many innovators and creative people have concerns that their new ideas will be stolen by others. But how real is this threat?

There are a few examples of people that have allegedly “stolen” the ideas of others including Thomas Edison, Alexander Graham Bell and even Mark Zuckerberg.  However, all innovations, by definition, build on the work of others.

In fact, people often see the same problem and come up with the same, or similar ways of solving it. But it’s important to know that you don’t legally “own” an idea unless you have intellectual property protection on it.  Furthermore, despite some paranoia about large corporates “stealing” ideas, it is extremely difficult to get them to even consider a new idea, as they often have their own in-house innovation teams and are often reluctant to talk to “inventors”.  As for potential investors “stealing” ideas, it would seem to be rare.

Ideas are cheap, everyone has them, but execution takes time, money and skills, and THAT is the most important part.  It is the act of developing the idea into a marketable product or service that gives it value.  Without the hard work to commercialise it, the idea alone isn’t worth much.

So, don’t be too paranoid, take reasonable precautions through IP and NDAs (as appropriate) but if you want to commercialise your idea – seek help and get input because otherwise you will have 100% of an idea that goes nowhere.

Need help with your new product or service? Contact INNOVIC for a consultation or Tel: (03) 8060 3504.  Personal, zoom and telephone consultations available.

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