When you first come up with an idea it is an exciting time, you begin to imagine what your business will be like, and obviously start imagining the success that comes with creating an amazing idea. However, you’d be advised to research the market thoroughly to make sure that you are not stealing someone else’s already amazing idea.
Cast your mind back a few years to the infamous Zuckerberg vs Winklevoss lawsuit. Facebook founder Mark Zuckerberg was taken to court by the Winklevoss twins as they argued that Zuckerberg had based the model for Facebook on their site ConnectU at Harvard University. This case seemed to go on for eternity, and although being settled in 2011, there is still a debate about whether Zuckerberg did in fact steal the idea.
Obviously this is an extreme example, but it still highlights the importance of making sure an idea is your own and also giving credit where it is due. If you don’t, it may cost you a lot in the long run.
On the other side of the argument, you also want to make sure that nobody tries to steal your idea, otherwise you may be in for a shock when you come to patent it. Many of the biggest and most powerful media companies protect both their brands and content strenuously although it is always possible to do some research wherever you are – How to Watch Netflix Abroad.
For entrepreneurs, coming up with the initial idea is an exciting time and it can be easy to forget about these important issues. Hopefully though, you’ll be glad that you did research the market and will not have to face these issues.