Can You Sue Someone For Stealing Your Business Idea?

Can you sue someone for stealing your business idea? This is one of the major question asked by someone that tried their best to come up with a unique business idea. But only to be stolen by someone that you shared your idea with.

However, the truth remains that, taking legal action against a person or organization that stole your business ideas, depends on many factors.

Many ideas are just normal which may not even require a lawsuit.

On the other hand, there are unique ideas that need to be intellectually protected to protect your idea from theft.

For instance, you may present an idea to an investor or an organization, and they may claim that they are not interested in such innovative ideas. Then after a while, the investor or the organization started implementing that idea. And creating a service or product out of it. This means that your idea has been stolen.

The biggest fear of any entrepreneur; is the fear of showing their idea with the wrong organization or investor that will rise and become their potential threat. That is why so many people die of their ideas since they don’t have enough capital to get it started.

Nevertheless, let’s look at some of the things that will determine whether you can sue someone for stealing your business idea.

Can You Sue Someone For Stealing Your Business Idea?

For you to have the ability to sue someone for stealing your business idea, it, therefore, needs to pass through the following processes:

1. Patenting Your Idea

A patent gives you as the inventor the grant over a property right. Most importantly, you have to make sure that your idea meets up the required criteria to apply for a patent.

2. Using Confidentiality Statements And Non-Disclosure Agreements

Although the organization or the investor may feel reluctant to sign this, it is really important. So before you present your ideas, a non-disclosure agreement needs to be signed.

3. Document Your Ideas

Similarly, this can as well be referred to as a paper trail. You should document every detail of your ideas, even the history and also the day you presented your ideas to investors.

This will serve as evidence to defend your intellectual property whenever an issue may occur.

4. Trademark Protection

Trademark is one way to protect your idea before you present it to potential clients or investors. This gives your idea protection as a company’s name is tied to it.

Therefore, this action indicates solely, that you are the rightful owner, and can be used to fight against any infringements.

In addition to these four mentioned steps, it is very important to talk less about your ideas to secure them. And when presenting your idea, you shouldn’t give out all the full details on how your idea works.

That is why it is very important to create a confidentiality agreement that should be signed by both parties.

In Conclusion

These four processes should answer whether you can sue someone for stealing your business idea or not. However, we will advise you to contact a lawyer to get more information.

We hope you find this information helpful. And please note that we are not legal advisers. This particular article was written out of some research and suggestions

And it is therefore important for you to seek more information from other sources, to come up with the best answers.

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