Did another company steal your idea? Here’s what you should do.
Coming up with a killer business idea is always an exciting moment. Suddenly, you discover something that nobody has come up with yet.
Unfortunately, in business, it’s hard to keep ideas to yourself. Inevitably, once you go public and start advertising, everyone will know what you are doing.
So what can you do when another firm steals your idea?
1. Don’t React Immediately
When another company takes your idea, you can feel betrayed. It was your concept, and now somebody else is profiting from it. It doesn’t seem right.
However, the worst thing you can do is go into a panic believing that your business is dead in the water. Instead, remember that it isn’t the idea that customers care about, it’s how you deliver it. Avoid reacting instinctively and never rant on any social media platforms. Stay cool and take time as you gather your thoughts and plan your next steps.
2. Expand On the Idea
Another strategy you can use when someone steals your idea is to expand on the original idea. Sure – a copycat firm is trying to emulate you. However, if you can build on your concept, then you can often restore your competitive advantage.
For instance, let’s say that you’ve come up with a concept and you’re selling it face to face. You might expand on the idea by selling the same service online, opening up your market and giving you a first-mover advantage.
You could also think about how you might brand your product or service as the original or best. This way, you can often convince customers that alternatives simply don’t exist. There might be copycat products out there, but if your marketing convinces them that they are no good, they are no risk to you.
3. Sue
You can also explore whether suing the other company is an option. For instance, if they stole your intellectual property, then they have no right to use your ideas for profit.
If you do decide to sue, you’ll need to read about corporate litigation on sites such as https://www.fleeson.com/practice-areas/corporate-and-commercial-litigation. Many laws protect businesses, but they require the right legal team in place first.
4. Become More Creative
Just because somebody stole your idea, doesn’t mean that that’s the end of the story.
Winston Churchill once said success is not final and failure is not fatal. He knew that life was an ongoing process and that even if you lose the odd battle, there are always more opportunities to win the war.
You should adopt the same approach in business. Just because another firm is now doing exactly the same thing as you, it doesn’t mean you’re out of options. In fact, it is precisely because you already had one superb idea that you’re likely to have another.
Get your creative team together and keep pushing forward. In business, being in the lead is far more critical than being the most original.
5. Wrapping Up
In business, it is very likely that somebody will steal your idea at some point. After all, that’s why we have competition. We learn from each other.
Try to view idea theft as part of the process and design your business strategy around this constant. When you do, you’ll find that you are much more responsive.