You have a brilliant idea that you think if executed can make a profitable business enterprise. Unfortunately, you have no capital to turn your dream into reality. Who do you turn to?
A potential investor, partner or even enter a business plan competition. Can you trust them with your idea? Seasoned entrepreneurs will tell you that holding onto your idea is not the solution. Sharing your idea with the right people or in the right environment gives you exposure and a platform to meet and interact with other entrepreneurs, business leaders and potential customers. It is also an opportunity that helps you streamline your ideas with real market needs on the ground. Here a few tips to protect your business plan.
1. Don’t Tell All
When talking to potential investors, one of the best ways to reduce the risk of your idea being duplicated and implemented by another company is to limit the amount of information you disclose, especially during the early stages of discussions. For instance, instead of sending an entire business plan to an investor you can send a detailed executive summary. Later, as discussions progress, you can reveal more information.
2. Include a Confidentiality Notice
You should include a disclaimer in your business plan to avoid wrongful distribution or use. The financier you are presenting the business plan to should sign the disclaimer.
For instance, you can write the following:
The content of this business plan is confidential. The information herein has been prepared for review by XYZ Bank and should not be shared without written permission.
XYZ Bank
____________ (signature)
Date
3. Seek Legal Advice
Have a great idea that you think can be of use to a big company and at the same time generate money for yourself? Before you pitch talk to a lawyer. A big company probably has the finances needed to execute the plan, hence it is important to get legal advice and find out how safe your idea is once you disclose it to another party.
4. Understand Intellectual Property Rights
Intellectual property rights simply means that if you come up with an idea, you have the exclusive right to implement the idea for a period of time. For instance, if you have a technology business and come up with a new innovation it is important to patent or copyright your innovation, so as to have exclusive rights to exploit the commercial benefits of the innovation.
Isaac Muriithi
March 18, 2011
I have a technology idea that is already doing well locally, but I havent acquired a patent for it. Please advise me on how to get a patent. ISAAC MURIITHI from Kenya.
Africa Report Team
March 24, 2011
Hi Isaac,
Here are some links to sites that give information on how to acquire a patent in Kenya:
https://sites.google.com/a/ict.go.ke/tandaa/themes/protect-your-ip
http://www.kipi.go.ke/
http://www.wipo.int/portal/index.html.en
Hope it helps!
Africa Report Team
Africa Report Team
March 25, 2011
Hi John,
In business there is always worldwide competition and it is not easy. Watch some of our videos to see how entrepreneurs who have managed to make it dealt with the challenges and problems facing them. Also search our website for advice on making your business stand out against the competition. Your government cannot prevent others from doing business.
Best of luck.
Africa Report Team
Harold Hoeseni
March 31, 2011
Dear Africa Report Team,
Thank you very much for your nice reports and news every time.
I have a few innovation and invention ideas. One of them is about a way to start a new drink like Coca Cola with a good name to use and to launch it for the next soccer world championship. I have send a email to the Coca Cola Company, but they’re not really interested. What can I do to let people or another Company get interested in this idea.
I also have a good idea for stadiums without a roof to construct a very easy one that can be railed aside if needed. It doesn’t matter how big the roof needs to be. Can you find a Company for me that is interested in this idea of me?
Kind Regards,
Harold Hoeseni
Harold Hoeseni
March 31, 2011
Dear Africa Report Team,
I read your news on Report Magazine every time with interest.
I have a few innovation and invention ideas.
One of them is a fresh drink like Coca Cola with a good name that can be produced and launched especially for the next soccer world cup. I have send a message to the Coca Cola Company, but they have show no interest on this subject. What can I do to get some people or enterprises interested. I don’t have the money to do it alone.
I also have a good idea for the construction of a roof for stadiums. It is very light and it doesn’t matter how big it needs to be. It is also easy to slide it away if needed. It can be mounted as high as possible so it doesn’t keep the fresh air away. It will not get warm inside the stadium. No need anymore to stop the game if it rains or if the sun shines too hot.
I hope you can help me find Companies which are interested in this idea.
Kind Regards,
Harold Hoeseni from Surinam
Mr.Joseph Asafo Adjei
April 1, 2011
Your team has been very helpful to me in terms of business and advice. My problem is I have a lot of business ideas, but I don’t meet potential investors who are ready to do great business. There are a lot of business opportunities in Ghana, all I need is investors. Please help me to find investors all over the world. They can call me on +233243821351 or send me an email on asafoadjei_joseph@yahoo.com Thank you
Mr.Joseph Asafo Adjei
April 1, 2011
Please help me find more investors around the world.
Mr.Joseph Asafo Adjei
April 1, 2011
Ghana needs more investors, especially in the crude oil market.
Mr.Joseph Asafo Adjei
April 1, 2011
Call me now on 00233243821351
Madeleine Mbale
April 12, 2011
I am a teacher by profession currently working for an International school in Lusaka, Zambia. I also run a school with two of my colleagues in a high density area we are trying to put up as a center for children with intellectual disabilities. The need is so much and most children are kept in their homes because of fewer special schools in Lusaka. We have been trying to get connected to people who can help us realise the dream of these children. Please connect us to organisations that can help us.
Africa Report Team
April 18, 2011
Hi Madeleine,
You can look for resources in our Directory and by placing a Marketplace advert on our website. You need to contact any resources directly, with a business plan and find out what their requirements are.
Here are instructions on How to make a Marketplace listing.
Africa Report Team