Lawyer and law lecturer has advised the youth to protect business idea they have so as to execute and benefit from it.
Taking listeners through the legal aspect of business on JOYBUSINESS’ flagship program Masterclass, Clara Beeri Kasser Tee said failure to protect business ideas would culminate into someone else stealing and profiting from it.
She said there are three approaches namely: the common sense approach, contractual approach and registering in accordance with the laws of Ghana.
With Common Sense, one has to be discreet and careful about spreading the idea and not going the full haul so others will know the ins and outs of the idea to steal it.
She said it is important to do due diligence on the background of the people one wants to share their business idea with.
With the Contractual Approach, there is a non-disclosure agreement with those who will discuss the idea to ensure that they are bonded not to discuss it with someone else.
“This will show what aspect of the idea is confidential and who they can disclose to and who they can’t disclose to. Such an agreement will also state what would happen if the agreement is breached,” she said.
It will also indicate how disputes if it arises will be settled and having paper trails with emails is good as it documents everything that happened in case something goes amiss.
She advised businesses to protect their trade secrets by signing a non-compete agreement to prevent workers who have worked closely with the originator the f idea to know their trade secrets from sharing it with competitors.
According to her, it is good that a lawyer is brought in to protect originator’s interest regarding the aforementioned.
With business registration, she said one could patent their ideas, copyright, trademark as well as registering industrial design depending on the industry.
Listen to the audio below.