To Share or not to Share
Today’s question: I have a meeting scheduled with a potential consultant to discuss helping me flush out my ideas and turn them into products and services. If we work together, it could result in the creation of multiple forms of intellectual property. How can I protect my ideas and my interest while working? Working with a consultant or coach is only one example of where you need to share your ideas with a third party. If you need to hire a developer, an assistant, or an employee, you’ll want to keep listening.
When working with third parties, the first thing you need to understand is intellectual property is not referring to your ideas but rather the execution of said ideas. The purpose is to reward innovators and foster creativity. If the threshold were the idea itself, we wouldn’t have all of the fantastic art, books, inventions, brands we have today. Think about all the ideas you’ve had in the last 30 days, 6 months, 6 years. Now, how many of those ideas have you acted on? This is why the execution of ideas is protected, but the ideas themselves are not.
With this in mind, moving forward with extreme caution when working with third parties to help develop your idea is not only smart but great business practice.
3 Steps to take when Working with Third Parties
- The first thing you can do to protect yourself is to flush out your idea yourself.
- Limit what you share.
- When you begin working with third parties, it’s essential to read the contract.
How comfortable are you when it comes to working with third parties. Let’s keep the conversation going. Comment below and let me know what your reservations are when it comes to working with third parties. If you need a business plan or need to make sure your contract protects your interest, schedule a consultation.