How can I secure my product ideas from being copied ?

(This article is my answer to a post on Quora)

data-protection-law-and-doctors

Ideas mean nothing. There are three components of any business i.e. what are you going to do (concept), how are you going to do this (implementation plan) and how will you make money on this (revenue streams and business model).

In these three, the implementation plan or the ‘how’ part is the most critical aspect. Unless you have a good implementation plan, AND a team that can execute that plan well, ideas are worthless.
You may have the most appropriate strategy, but if you cannot roll that out in the market, then its not going to be very useful.
Your idea is just the ‘what’ part of the puzzle. Yes, a good idea can be a great asset. But I am going to argue that a good idea is not a necessary condition, and certainly not a sufficient for a business to be successful. In fact, there are enough examples of successful businesses who have taken an ordinary idea and implemented it well. (Here is a great article from Mahesh Murthy that outlines the important of great execution – RedBus.in: How is Redbus.in innovative?.).
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Author: Prajakt Raut

Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’ Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs. _____________ Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded. Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in] Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies. Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.

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