how to prevent your business idea from
being stolen if you’re an entrepreneur
and you’re trying to sell the big
companies a big fear that comes out is
what if they steal my idea and try to do
it themselves how do you overcome that
and this is a question that came in
recently from one of my youtube viewers
love you guys
Yaya who wrote in to say I have an idea
as a mechanical part and I want to
present it to a big company what does it
guarantee that the idea will not be
stolen okay there’s a few things that
you can do but your options are also
really limited so you got to be careful
here are the things that can help okay
if you’re presenting to a company and
you don’t want your ideas stolen the
first is to have expertise that they
can’t duplicate okay if you have a team
or there’s something with you that
cannot be duplicated easily then that’s
a competitive advantage right so for
example I’m Evan Carmichael nobody can
be Evan Carmichael you know you can get
up and you can get in front of a camera
you can try to help entrepreneurs to
videos you can wear the same shirt that
I’m wearing but you’ll never be Evan
Carmichael so if you’re selling
something that’s related to you and your
team then that can’t be ripped off
because that’s you and your team the
second thing is a patent and this is
what’s gonna be important for Yaya who
wrote in who has a part that he wants to
sell to a company get a patent get it
protected and typically with patents you
can get a provisional patent which gives
you a limited amount of time to grow and
get the full-blown patent but that is
what a company will buy this is from a
guy who went out and I had my first
software company and I sold it to a
multi-billion dollar company and what
helps is having a patent because if you
have a patent they can’t just rip off
that exact same thing that you did okay
the last thing is go get some momentum
and get some momentum don’t just sell a
part sell something more than the park
and this is what helped me sell my
company this is so important okay I had
a software company and I was selling my
business to a company that wanted a
software arm okay and their
decision-making process
either I’m gonna buy this company or I’m
gonna try to do it myself
and what they would do themselves
wouldn’t be exactly what we did because
they don’t know our code but it could be
pretty close but it’s gonna take them a
year to do it and they’re not gonna have
any customers out of the gate so the
reason to buy from me the reason to buy
my company was that they got the
technology right away and they got a
customer base right away and anytime you
pitch in a big company that’s gonna be
the decision making process they go to
if they love the idea they’re gonna
think they’re gonna think can I rip this
off can we do it ourselves if there’s no
patent to protect it or if the risk can
we find another way around it
how long and how much money is it gonna
take me to do it myself instead of
paying you that’s what they’re all gonna
think and so the way around that is to
have some kind of momentum with it
because you want them to think it’s
gonna take them years to do it and cost
them a lot of money and it’s way cheaper
to get the market by hiring you or by
buying your company so if you want to
prevent your idea from getting stolen
first have something unique to you
second get some kind of patent on it so
they can’t just rip it off and three
build some momentum to make the decision
harder for them to say I’m gonna do this
myself because it’s gonna take them more
time and more money than by just
acquiring your company right away out of
the gate I know it’s a hard process and
I know it’s it’s scary and I knew when I
was selling my company that by exposing
what we did they would potentially be
thinking about ripping off our software
and they were all the companies are
gonna think that so it is scary but if
you have enough momentum behind you and
makes the decision easier to say let’s
acquire them instead of let’s compete
with them so good luck and believe
for those of you watching like the video
please give it a thumbs up below let me
know what you think to leave a comment
you have a question put it below you can
subscribe above and click on my face you
can subscribe to the channel thank you
so much guys and I’ll see you soon
being stolen if you’re an entrepreneur
and you’re trying to sell the big
companies a big fear that comes out is
what if they steal my idea and try to do
it themselves how do you overcome that
and this is a question that came in
recently from one of my youtube viewers
love you guys
Yaya who wrote in to say I have an idea
as a mechanical part and I want to
present it to a big company what does it
guarantee that the idea will not be
stolen okay there’s a few things that
you can do but your options are also
really limited so you got to be careful
here are the things that can help okay
if you’re presenting to a company and
you don’t want your ideas stolen the
first is to have expertise that they
can’t duplicate okay if you have a team
or there’s something with you that
cannot be duplicated easily then that’s
a competitive advantage right so for
example I’m Evan Carmichael nobody can
be Evan Carmichael you know you can get
up and you can get in front of a camera
you can try to help entrepreneurs to
videos you can wear the same shirt that
I’m wearing but you’ll never be Evan
Carmichael so if you’re selling
something that’s related to you and your
team then that can’t be ripped off
because that’s you and your team the
second thing is a patent and this is
what’s gonna be important for Yaya who
wrote in who has a part that he wants to
sell to a company get a patent get it
protected and typically with patents you
can get a provisional patent which gives
you a limited amount of time to grow and
get the full-blown patent but that is
what a company will buy this is from a
guy who went out and I had my first
software company and I sold it to a
multi-billion dollar company and what
helps is having a patent because if you
have a patent they can’t just rip off
that exact same thing that you did okay
the last thing is go get some momentum
and get some momentum don’t just sell a
part sell something more than the park
and this is what helped me sell my
company this is so important okay I had
a software company and I was selling my
business to a company that wanted a
software arm okay and their
decision-making process
either I’m gonna buy this company or I’m
gonna try to do it myself
and what they would do themselves
wouldn’t be exactly what we did because
they don’t know our code but it could be
pretty close but it’s gonna take them a
year to do it and they’re not gonna have
any customers out of the gate so the
reason to buy from me the reason to buy
my company was that they got the
technology right away and they got a
customer base right away and anytime you
pitch in a big company that’s gonna be
the decision making process they go to
if they love the idea they’re gonna
think they’re gonna think can I rip this
off can we do it ourselves if there’s no
patent to protect it or if the risk can
we find another way around it
how long and how much money is it gonna
take me to do it myself instead of
paying you that’s what they’re all gonna
think and so the way around that is to
have some kind of momentum with it
because you want them to think it’s
gonna take them years to do it and cost
them a lot of money and it’s way cheaper
to get the market by hiring you or by
buying your company so if you want to
prevent your idea from getting stolen
first have something unique to you
second get some kind of patent on it so
they can’t just rip it off and three
build some momentum to make the decision
harder for them to say I’m gonna do this
myself because it’s gonna take them more
time and more money than by just
acquiring your company right away out of
the gate I know it’s a hard process and
I know it’s it’s scary and I knew when I
was selling my company that by exposing
what we did they would potentially be
thinking about ripping off our software
and they were all the companies are
gonna think that so it is scary but if
you have enough momentum behind you and
makes the decision easier to say let’s
acquire them instead of let’s compete
with them so good luck and believe
for those of you watching like the video
please give it a thumbs up below let me
know what you think to leave a comment
you have a question put it below you can
subscribe above and click on my face you
can subscribe to the channel thank you
so much guys and I’ll see you soon
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