Hey there, fellow entrepreneur! Let’s talk about safe networking!
Building your business empire is an exciting journey, but amidst the hustle and bustle, it’s crucial to protect your most valuable business drivers while networking.
If you’ve followed me for a while, you know I am all for networking. However, I am often mentioning that it is important to be aware of the risk of harming your business if you “say too much”!
I am here to guide you through the networking landscape and ensure your valuable assets remain secure.
In this blog post, we’ll explore practical strategies to safeguard your IP (short for intellectual property rights) while forging meaningful connections in the business world. Hiding is not what makes the world a better place – unless you are a mean villain of course. But I don’t think you are… Right?!
1) Know Your Competitive Edge and Protect It
Listen up!
Your intellectual property assets are the foundation of your business’s success.
That includes your ideas, your products – but so much more.
Everything that you know and use to attract customers or collaboration partners – and that others don’t represent a great value and competitive edge.
Take the time to identify and understand what sets you apart from the competition. Is it a unique product design, a proprietary technology, or a distinct brand identity? You can only do the necessary to protect your head-start and IP gems effectively if you recognize and value them in time.
Practical Tip 💡:
Conduct a thorough value audit to identify and evaluate your know-how, ideas, strategies, and possibly even IP assets.
Register trademarks (e.g. at the Danish authority “Patent og Varemærkestyrelsen“), file patents (where you need the protection now and in the future, two examples U.S. and EU; USPTO and EPO), or apply for design protection (example: applying for a Danish Design protection), depending on the nature of your IP.
Make a plan on who are the important few who need access to information that is critical for you to keep out of the public, and your competitor’s business. Keep a record of what you protect, how, share with whom, and what to do to keep things safe!
If you find this a bit daunting – don’t worry: Book a mentoring session and get things started. The sessions are confidential and are all about understanding your business. Find them here: BOOK SPARRING WITH GYDE
2) Be Mindful of Sharing Sensitive Information
When it comes to networking, exercise caution when discussing sensitive information.
Understand that not everything can be protected once publicly disclosed.
Think twice before sharing confidential details, innovative ideas, or trade secrets. While trust is essential in building relationships, it’s crucial to assess the level of trustworthiness before divulging sensitive information.
Practical Tip💡:
Before sharing any sensitive information, consider signing non-disclosure agreements (NDAs) with parties you are engaging with in potential collaborations. This legal document ensures confidentiality and provides legal recourse in case of unauthorized disclosure.
Always consider if you are sharing information with someone for whom the information is nice to know – or if it is needed for them to support your goal. If it is not the latter – don’t share it!
3) Build Trust, but Maintain Prudence
Networking is all about building relationships, but it’s crucial to strike a balance between trust and prudence.
While a trust-based relationship is important, it may not be sufficient to protect against idea theft, oversharing, or copying when collaborating with potential competitors or manufacturers.
Practical Example 💡:
Let’s say you are a fashion designer looking to collaborate with a manufacturer.
While trust is essential, it’s important to conduct due diligence on their reputation, past collaborations, and IP protection practices. Consider implementing additional safeguards, such as detailed contracts outlining ownership of IP, non-compete clauses, or limitations on the use of shared information.
4) Prepare for Networking Conversations
Networking events can sometimes catch us off, guard.
To ensure you stay on top of your game, take time to prepare for potential conversations that may arise.
Anticipate who is there, what topics are discussed, and which questions are asked, and craft thoughtful responses. If you need to come up with them on the fly, you might be saying too much of the wrong thing and too little of what matters. (And no! Don’t read your answer from your prep paper… It’s just a reminder for you to look through before the networking fun begins.) By planning ahead, you can confidently engage in networking while safeguarding your IP.
Practical Tip💡:
Create an elevator pitch that focuses on your business’s unique selling points without revealing sensitive details.
Practice delivering this pitch so that you can confidently showcase your expertise and attract potential collaborators or investors without compromising your trade secrets ideas, IP, and competitive edge.
5) Share Wisely to Preserve Your Competitive Edge
Networking is an opportunity to share experiences and insights.
However, be mindful of what you disclose to others. Share general knowledge and best practices, but avoid revealing proprietary information that could compromise your competitive edge. Strike a balance between openness and protection to maintain control over your IP.
Practical Example ⚙ :
Imagine you are a software developer attending a tech conference.
Engage in conversations about industry trends, common challenges, and general programming methodologies. However, refrain from disclosing specific algorithms, methods, your go-to-way-of-troubleshooting (in detail), or proprietary code snippets that give your software a unique advantage in the market.
Conclusion
As a savvy networking entrepreneur, protecting your intellectual property is crucial for sustained success.
→ By understanding your IP assets,
→ being mindful of sensitive information,
→ preparing for networking conversations, and
→ sharing wisely,
you can navigate the business world with confidence.
Remember, networking is about building relationships while preserving the value of business, your value-headstart, revenue-driving strategy and your IP.
Implement these strategies to ensure your competitive edge and intellectual property remains secure as you forge connections and propel your business forward.
