How Do I Stop My App Idea from Being Stolen by Investors?
If you have a great idea for a web or mobile app, one of the first steps in getting that app developed will be reaching out to potential investors.
The process of you showcasing your app idea to potential investors though, can be quite a grey area as far as intellectual property rights go, if you’re under-prepared.
What is Involved in the Process of Showcasing My App Idea to Investors?
Firstly, you will need to reach out to the potential investor(s) and hope to get a response.
Once communications have commenced, you can arrange a meeting with the potential investor(s) to properly discuss and showcase your web or mobile app idea.
Then, you will have the meeting. Showcase your app idea to the very best of your potential and hope that the potential investor(s) is on board.
If all goes well, you will now have an app idea and investors to back it, however, there is also the possibility that they may not wish to work with you, which isn’t the best outcome, but things can become much worse if they still really like your idea and you’ve not protected it.
What UK Law Says About App Ideas & Intellectual Property Rights
As far as UK law goes, you can protect your app idea from being stolen by registering it as either a trademark, patent, copyright or registered design.
This can make things rather difficult for some people though, as many aren’t willing to invest the money needed to register a product before that product has investors to back it.
This is where non-disclosure agreements come into play.
What is a Non-Disclosure Agreement for Apps & Investors?
Simply put, a non-disclosure agreement is a contract that is agreed upon by both parties, i.e. you, the person with the app idea, and the potential app investor(s).
The non-disclosure agreement will outline what both parties can and cannot do with the information gained during your meeting.
Using an NDA (non-disclosure agreement), you can ensure that the potential investor(s) only uses your information for the purpose of consideration of investment with you.
This is by far the simplest route to take when protecting your app idea against potential thieves.
Other Considerations for Protecting Your App Idea
There are a few tips and tricks that can help greatly when showcasing a new app idea. Below are a few tips regarding protecting your app idea:
- Know the Investor(s) – You’ve got to trust this person or organisation a lot, which is near impossible to do if you have no idea who they are.
Not only will your presentation be much more tailored and of higher quality if you know who you’re talking to, but you also get to gauge how much you can trust them.
- Simplify Your Presentation – Depending on how in-depth the potential investor(s) gets, you can benefit from keeping your presentation as simple as possible.
I.e. you can tell them what a feature of your app does, but if they don’t ask how, don’t tell. The less technical details they know, the less they can steal.
- Keep it Quiet! – No NDA is worth the paper it’s written on if you’ve gone out on the weekend telling all your friends’ friends about your cool new app idea. Often the simplest advice goes the furthest way.
Showcase your app to your friends and associates when it’s live, it’s much cooler that way anyway.
Contact Appoly for Mobile App Development & Consultancy Services UK
If you’ve got an app idea that you’d like to discuss, or for any of our other key services, get in touch and speak to one of our expert UK based development team members.
We’re always happy to discuss new projects, whether big or small.