How do I protect my ideas from competitors and even from the people financing me?

Prospective entrepreneurs often expend too much energy and concern about protecting their ideas. There are very few truly new ideas in the world, and most business concepts are in fact mere tweaks of existing ideas – newer ways to do old things, essentially.

Simple market research and competitive analysis will indicate whether you have a truly new or breakthrough ideas, which is unlikely for anything but extreme science, such as is involved in the life sciences, or high technology.

Usually the best protection for a business idea is success, which creates its own barrier to entry, or competition. However, if after conducting some research you really believe that you have something new under the sun, you could patent it. You can patent a process as well as a product. But to gain that patent you must prove that your process or product is truly unique.

Elsewhere on the BDC site you’ll find information about the patenting process, or you can visit the Canada Business site for an overview. Alternately you can talk to your local BDC office about consultants who specialize in this area.

Your idea is unlikely to need protection from "theft" by financiers, who are in the business of financing businesses, not in operating those businesses. They see and judge business concepts every day, sometimes hundreds a month, so it is unlikely they will be so impressed by your idea that they will resort to stealing it.