How Entrepreneurs Protect Their Idea When Sharing It And Refine Their Presentation From Feedback

When you start pitching your idea, this means that you share it with a variety of people for different purposes, and when students are encouraged to develop entrepreneurial ideas, they often ask, “How can I make sure that my idea is not stolen?” The usual response is the fact that the ideas come in. Easily, while leaders with knowledge, and motivation are hard to find. In other words, it is important for those just starting their entrepreneurial journey to realize that generating ideas is much easier, and much less important than learning how to convert these ideas into products that fit the market, serve an existing customer base, or develop a new customer base through painstaking strategies; Many entrepreneurs find convincing the investor of their leadership capabilities and the strength of their team more important than convincing them of the quality of an idea or prototype. However, it is common for entrepreneurs to want to protect their intellectual property, because more established companies may benefit from more resources, broader networks, and stronger ones. To deliver an innovative product or service to the market, in the time it takes for an entrepreneur to transition from securing initial financing to obtaining first support for the first round of investment capital (after initial financing).

Protect your idea

It is important to protect your business idea with a patent, if you choose to apply for one, where patents are granted for the purpose of encouraging entrepreneurship, and if innovators have some reassurance that others will be removed from the market for a certain period of time, they may be more willing to risk pursuing innovation. in the first place.

Products in most areas need to be developed and brought to market more quickly than it would take to go through the standard patent process. With regard to manufactured goods, it is important to seek a patent upon completion of the product to protect the design, while it is better to build first in terms of intellectual property, and to seek patents later, especially in a very competitive field, where it is difficult to prove that you have a right. A unique achievement.

Entrepreneur.com has some helpful suggestions that we summarize as follows:

I realize that almost nothing comes to the market after it is created by a single inventor or innovator, some ideas are really unique, but it is almost impossible to keep them “confidential”, as ideas must be shared with many people to develop products or services; Even if you can do everything yourself, you will most likely have to present your idea to investors at some point, and protecting the initial ideas is not as important as protecting product releases and services developed through learning and iterative testing processes, as knowledge of how and trade secrets are considered intellectual property. They must be protected because they are not always protected by a patent. Strive to protect successful value propositions, not all of your technical whims, as most new business ideas are various forms of solutions that others have expected or even wrote about, but they did not possess the motivation, communication skills, or fundraising ability of an entrepreneur. Real, so balance your time wisely between trying to protect your idea and working to develop it. One way to gain some peace of mind – according to Entrepreneur.com again – is to thoroughly investigate everyone you plan to partner with. If you are sure that they have not “burned” collaborators in the past, you can proceed with dealing with them safely. Do your research without infringing on anyone’s privacy, while using all the public tools at your disposal. Search the Internet to find out about potential partners, their past endeavors, and request contact information, and perhaps a list of references, or previous collaborators from potential partners, and the level of formal procedures will depend on the nature of the industry you are entering into, and the nature of the relationship you have with the collaborators, but if they resist the search, it has been lost. This is a sign that they might not be prioritizing you, nor is it possible to protect your product.

Legal agreements

In addition to patents, there are other legal means to protect your intellectual property. You may want to ask partners to sign a non-disclosure agreement (NDA), as nondisclosure agreements usually carry a penalty if the partner discloses what they know about the proprietary information that lies at the heart of your value proposition. , As these agreements may be limited in time, meaning that their effect disappears after a while, which then makes the person free to discuss commercial business and its royal practices; Or, for the sake of stronger legal controls, it may be open, where an open nondisclosure agreement may require a person to remain silent about basic information for life, or face potential civil lawsuits worth millions of dollars.

A non-competition agreement in the contract prohibits an employee from working in competition for a specified period of time after working for you, and the goal is to prevent them from passing on your secrets or their skills to a competitor, and these practices have been criticized, especially in industries where they find low-income workers who do not have Trade secrets, they are required to sign these types of agreements. However, these agreements can help reduce spying on the company, and prevent some key employees from transferring the institution’s intellectual property with them to the new employer, or perhaps creating their own startup, and employees are only required to sign them if it is a condition of employment. These agreements may differ from state to state, as the US state of California, for example, does not impose incomplete agreements in general, and this is partly due to the dynamic nature of startups, especially in Silicon Valley. This reflects the philosophy that working professionals should not be hindered or restricted from pursuing their livelihoods.

The work-for-pay agreement between an individual employee and a company states that ownership of innovations is in the name of the company, even if the individual makes significant contributions to a product, service, or process; You should expect that you will be required to include patent collaborators, even those who work under the work-for-pay clause. The purpose of the contractual agreement is to ensure that you or your company retains exclusive rights to the patent.

Unconventional methods

Other creative options include hiding the true nature of your product or service by reducing the focus on some key features, or by burying them in the User Interface, short for UI, as you may be able to divert attention away from your value proposition, while continuing to build your product, Or your platform, or your prototype.

The UI is what the customer sees when using your product, and the Graphic User Interface (GUI) is common to all Windows devices and Apple-based devices. Whereas, smartphones use app interfaces based on the main operating system (most commonly iOS or Android).

User interfaces have become very popular with many consumer and professional products due to their association with microprocessors, sensors, memory, and other built-in features, and from a design point of view, your team must decide where and what each button will look like, search box, graphic element, display. Information, a good user interface is useful, and it feels intuitive for the user; As for digital products and services, this aspect of your product is very important, which is why manipulating it to hide functions or features is a greater risk. This is not an uncertain method by any means, however in highly competitive and rapidly developing environments, such as : The web software, the mobile app industries, where innovation and imitation is happening at a rapid pace, and where – as you enter the market – enable your competitors to see and try to emulate your service or platform Here, a small trick may give your business an advantage at a relatively low cost.

An example of concealing the true intentions of a product is the development of the mobile game Ingress, which is an augmented reality game based on the global positioning system, where users from all over the world join fictional factions and take control In imaginary gates, linked to real geographical sites, and they must reach those sites to open the gates and enable their factions to acquire lands and resources. But while Niantic was taking her global mapping expertise and making a science fiction game out of it, she was also developing Pokémon GO, after specific geographic “nodes” were assigned by users around the world, Niyantek had a global network. A point of interest noted by users, and in many cases, Nodes in Ingres later became PokéStops, as their players gather resources to capture and combat pocket monsters.

One way to protect your intellectual property is to hide the features, or inactive capabilities, strategically, so that they can be fully exploited.While few startups have the technical clout of NIATEC, nearly every company makes decisions about what to push forward, and what It needs to be curbed, and when new products or features are released.

Use feedback to improve your presentation

The presentation requires proof that you have assembled a capable professional team who can turn the idea into an innovation, as users, partners, investors, and others will provide ideas about how to change your product or organization, and investors consider the failure of the entrepreneur to deal with the feedback a warning sign, applying the lessons learned from the feedback. It is the purpose of learning business.

Pilot projects often start out on the basis of problems without easy solutions, and your initial idea includes your best guesses of what will be an innovative solution, as this will develop more quickly towards the product’s fit for the market, if your response to feedback is to accept it, and your presentation must show that you have a great product, You have done your research, and are able to take feedback, apply it to your products to improve them. In other words, you must demonstrate your ability to train.

The development of your project depends on collecting data to find out what customers like and what investors want to finance, so you should look for positive feedback and build on it, but you should also think critically about the positive messages you receive. Are consumers or users eager to support them. ? Or are they just polite? This second choice may be tricky, especially when presenting an offer to friends and family, so can you clearly specify why you receive positive reactions about certain features and not others? Make sure to get feedback on many product variables, and ensure that data points can be isolated for useful analysis, as the best feedback includes quantitative responses indicating what consumers like and dislikes, as well as qualitative information that explains why, and quantitative data relates to numerical measurements, including: That actual purchasing, behavior, and opinion research about the product; Qualitative data is complex information that answers the questions “why?” And “how?”. It is often impossible to know why people do what they do with your product unless you ask them.

In the short term, you can use feedback to determine what features you should focus on early in the project. Feedback will help you guide your company in the long term. Many entrepreneurs face the dilemma of having too many good ideas. If you pursue all of your good ideas in the same breath. Time, your organization’s resources may run out quickly, so focus first on the most common features that can be produced and offered at relatively affordable prices. These products, services, or high-yield features may not be what you use to define your brand in later years. This can maintain uptime long enough to develop more detailed products and features that require more time and investment.

Feedback may also come from employees, market leaders, and your competitors, as these are most useful for guiding long-term growth projects, and in this context, feedback means more than just advice and product evaluations, as it can be tactical market moves, where your competitors give you feedback. By taking actions in the market in response to your actions, and you must of course maintain the same open-mindedness, and the same thoughtful spirit of doubt in your dealings with this type with comments, as is the case with other types.

Once you have the opportunity to present your idea, the next step is to accurately measure the quantitative and qualitative comments about your presentation, prototype, poster, or 3D printed model. Sometimes the data from presentation contests is out of your control, so it might be best to incorporate the learning you get from your presentation feedback into this customer development process.

Translation-and-Acting-of the chapter (Telling Your Entrepreneurial Story and Pitching the Idea) from Entrepreneurship

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