Protecting Your Business Idea

In pirate movies, the crewmates responsible for burying the captain’s treasure usually have a short career — “dead men tell no tales.” Of course, protecting a business idea in that fashion is neither practical nor legal. So how can you get protection, especially if you need to present the idea to colleagues, lawyers, and investors? If you put the idea to paper such as in a business plan, make sure the plan includes a statement that photocopying/duplicating is prohibited. You can also ask readers to sign a confidentiality or nondisclosure agreement (NDA).