Can Crowdfunding Endanger your Great Ideas?

Can Crowdfunding Endanger your Great IdeasSocial networking and the entrepreneurial spirit has taken over the business world today. One of the newest and most popular ways to get great ideas funded is through crowdfunding. The JOBS act and the popularity of sites such as Kickstarter not only make funding easy, but crowdfunding sites also make it easy to have your great idea copied. Sites like this are not just frequented by entrepreneurs and people looking to fund projects, but there are also competitors and people who are looking to rip off a great idea and claim it for themselves.

The first and most obvious step to protecting your idea is to consult legal counsel to make sure that you are doing everything right and not funding someone else’s payday. There are a few other steps that you need to take as well.

Make sure that your patent applications are secure. U.S. patent law states that an inventor must file either a provisional or nonprovisional patent application within one year of making the invention public or available for commercial sale or use. It would be best to file all of the patent applications before putting your ideas out for funding.

Look for opportunities to copyright ideas for projects such as plays and video games. This includes treatment summaries and things like that that will be shared on crowdfunding sites.

If you have a great idea that you are wanting to share with the world, make sure that you consult with a competent Chicago business law attorney to ensure that your interests and ideas do not fall prey to copycats out there. Your legal counsel can ensure that while you are taking advantage of crowdfunding opportunities, you are not oversharing your ideas. Be prudent with your ideas and make sure that your business is going to be headed along the road to success.