As a business grows, pitching becomes increasingly important. As the business seeks investors, new clients, or even new employees, a business owner must repeatedly reveal details about the company to others. Idea theft is an ongoing concern for entrepreneurs. A competitor could snatch the idea. An investor could take it and fund it. While this behavior happens less than you would think, it is worth taking some basic steps to protect yourself.

“One of the best ways to secure your idea is to only reveal what is absolutely necessary.” 

• Use Non-Disclosure Agreements: A non-disclosure agreement can help protect your idea before revealing it to workers or other associates. However, it’s important to note that many investors will balk at signing an NDA before you speak with them. Since the balance of power is in their favor, this may be something you’ll have to give up if you want investors. The same holds true for potential clients.
• Apply for a Provisional Patent. A patent can incur far more expense than a startup is able to pay. During the process of shopping your idea around, a provisional patent can protect your idea for the first year. After twelve months, the provisional patent expires, however, with no option of being extended.
• Trademark Your Name. A trademark can provide an additional layer of protection, since a company’s name is often tied closely with its idea. In addition, by establishing a trademark, you also have added protection in the event a legal issue should arise. The documentation required to register a trademark can serve as written proof that your business idea was in the works at a specified time. These dates will be crucial in establishing the exact date your idea was in the works in the event someone else tries to dispute this fact.
• Research the Recipients. Do your part in researching the recipient of information prior to your appointment. Information is so easily available now, a business owner can determine someone’s reputation before deciding to do business with that person.
• Follow Your Instincts. Coupled with the research you can conduct are your own natural instincts. If someone has taken a particular interest in hearing every possible facet of your creation, ask yourself what that person’s motive could be.
• Document Your interactions. Put as much in writing as possible and save that documentation. By creating a paper trail, you’ll have proof of your concept if it does go to court. Keep a log of every discussion you have where details of your business are disclosed. This log could come in handy if you find one of those conversations go somewhere.