What Should You Do When Another Business Steals Your Idea?

It is sticky territory when a business makes accusations. Many business owners can view it as their worst nightmare. If somebody sets up a competition with you, using your template, and using your idea and even your name, this is going to confuse people. What does it take to navigate these choppy waters effectively?

Be Sure They Copied You

It is so important to get your facts right. Sometimes it is clear cut that a company has used your patent. But sometimes, it is clearly a case of misunderstanding. It is nothing new. Even in the bean bag industry, the Moon Pod dispute raised a few eyebrows when the company Moon Pod began a Kickstarter which was for a project that appeared to rip off the Yogibo bean bag chair company. It happens all of the time. This means that, if you don’t have evidence proving the fact that you’ve been copied, how can you be certain? So be sure that before you start calling lawyers, make sure that you are confident in what has actually happened.

Reaching Out to the Other Company

When it comes to something like then copying your name, you may want to get in contact with them. It could very well be a genuine mistake, and by reaching out in a formal, yet non-threatening manner, you can point them towards the legalities with regards to names. Give them the ideal time frame to reply, and if you decide to go down a legal route, getting professional advice is far better than conducting research on the legalities yourself. Because hiring a legal expert will cost you, you’ve got to be sure that the evidence supports your claims.

The Importance of Reaching Out to Your Customers

If a competitor uses a similar name or product to you, you can’t always stop people from copying your idea. But you have to be cognizant of one of the real dangers of operating with a similar company out there, that you could lose your customers. Your customers could accidentally go to your competitor, but their reputation could reflect badly on you. If a business emerges that you are very similar to, be sure to reach out to your customers straight away so you can shoot down any affiliation with them. 

Bide Your Time!

When you are growing your business, and you’ve been working at it for so long, only to find that another company is trying to steal your thunder, wait it out. In a very simple way, someone that steals your business doesn’t have an original idea. In order to have a successful business, you’ve got to be strategic, and roll with the punches. And if you’re unable to come up with your own idea for a company, and have to rely on stealing someone else’s, realistically, how long is it going to last? All you can do is wait for their shoddily built business to fall apart.

It is infuriating, but try to keep it all in perspective. There is no point in you becoming bitter to the point that you ignore your own company. Competition is healthy, but remember that you need to focus on your reputation and improving yourself, not them.