Shireen Smith - Part 3 - Steps you Need to Take to Protect Your Idea for an App
Join Our Newsletter
Introduction
What is the important first step to protecting your idea for an app? What do you need to do before turning to investors for funding? What are some of the factors that will determine your success? Today’s episode highlights all these and more.
Show Notes
Topics discussed:
- How copyright works to protect an app
- The limitations of copyright protection
- The importance of first protecting your idea before turning to investors for funding
- How to deal with investors and raise investment
- Factors that affect your chances of success
Key Takeaways:
- The default rules of copyright mean that the creator of the app will be the owner of the copyright in it rather than the person who pays for the development work.
- A good development agreement should clearly specify what is to be developed, the phases of the development, the payment plan, and how to resolve any disputes that may arise.
- Copyright protects the expression of an idea and not the idea itself. This means that if someone sees your app and decides they can do better than you, they can also develop the same idea.
Action Steps:
- Before you select the right app developer, make sure that they will be happy to give you a copyright of the end product. Reflect this agreement in writing and also have a good development agreement in place.
- Don’t agree to terms that only give you copyright when the project is concluded and you’ve paid for it.
- Be mindful about the limitations of copyright protection.
- Whatever you do, don’t make the fundamental mistake of asking an investor to sign a nondisclosure agreement or confidentiality agreement to hear about your app idea. You need to have taken all the necessary steps to protect your idea before you turn to investors.
- Focus on developing key qualities such as abilities to lead a team, which is essential for success in business. Reinvent yourself or find the right team to work with.
Shireen said:
“When you have an idea for a new app, bear in mind that innovation alone is no guarantee of success. You need to do thorough research, set your marketing strategy, and really consider how best to develop the app to meet a market need so you can really get going fast with it.”
“Obtaining financing isn’t necessarily about the technical feasibility or the originality of the idea itself. Sometimes it can be more about you as a person and whether you’re aware of the qualities and skill sets needed to convince the right people to support you.”
Thank you for listening!
Access the 7 Costly Mistakes to Avoid When Branding or Rebranding eBook when you subscribe to TUNED NEWS.
