Corporate & Securities Law Alert May 2013 - Entrepreneurs: Go Forth And Act, But Act Wisely

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What distinguishes those with great ideas from entrepreneurs is elementary. Entrepreneurs act on their idea. Tantamount to acting, is planning and good advice. Anyone who wants to pursue a concept should first do some extensive on-line research to see what is already out in the marketplace. Unless what you want to do is so entirely different than what already exists in the marketplace, you are already “behind the 8 ball.”

If your product is linked to technology - and let’s face it, most are - then you will find yourself additionally working against the clock. Six months can result in substantial changes in technology - better, faster and cheaper technology can be quickly created by others. By the time an inventor actually begins to implement their concept, it could be old news. Rapidly evolving technology has made the creation of a concept for an app, a website or other technology not as novel, as we each may believe it to be. This is not written to deter someone from pursuing their dreams, or someone who truly has an idea that is fresh and novel, but unless you are a computer programmer, engineer or someone who actually has the capability to develop the software, device, etc. yourself, the costs of actually pursuing a concept may outweigh the revenues that maybe generated by that product or service. That is not to say you can not hire others to actually produce the software or product for you; but doing it in a cost effective manner is something you will want to address from the start.

Please see full alert below for more information.

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Topics:  Entrepreneurs, Non-Disclosure Agreement, Startups, Technology, Trade Secrets

Published In: General Business Updates, Finance & Banking Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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