Monday, 24 July 2017

MONDAY RANDOMS - HE STOLE MY IDEA!

I like my Monday Random corner, it is my rant and your rant corner.
So yesterday, Behind the scene of a photoshoot for the fashion brand ROSEJANE Collection, I and a couple of other friends behind the scene got talking; Entrepreneurship, the Journey and challenges.

One of our friends BTS complained bitterly about "how he saw an advert online, from a credible source to apply for funds, which requires that Startups who needs funding for their businesses sends in their business Ideas to the email address of the investor, then after proper screening, top 10 ideas will get shortlisted and invited to a boot camp where they will meet other startups and also get mentored .
He sent his business idea, and was finally shortlisted via mail, after which he never heard from the Organisers, until Months later, only for him to discover that a winner who has the same business idea and model as his has emerged. More so is that the organiser already adopted the business as his, and flagging it under the name of the supposed winner!
Pitching to investors can be risky, according to some people BTS, their reasons being that these investors steal your ideas or want 50% of your business.

Entrepreneurs solve problems by proffering actionable Solutions and making money while at it, while Investors Sow little and reap bountifully, says one of my friends behind the scene of the shoot. I have the money, you have the idea, you can't have it all say another one BTS, Investors steal ideas of Entrepreneurs, Entrepreneurs are gullible in the hands of investors, Do Entrepreneurs need Investors? Leveraging is better than giving your ideas to Investors without any copy writing, signed documents, Patenting, or in an opened challenge where people can see and hear, these and more are the arguments and comments of the pained entrepreneurs BTS.

The Question is; How can entrepreneurs protect their intellectual property? Yes! no idea is unique to one person, but what makes yours unique to you? Should we call the case above an issue of plagiarism or just agree that no idea is unique to one individual?

As an Entrepreneur, what challenges have you had with investors?
As an investor, why will you fund a business? Will you give loans, grants or take a percentage of the business?

1 comment:

  1. Williams Anaka25 July 2017 at 02:10

    Nice post Uju.. well, the truth be said. The level of ideas springing up this days are just too much and the majority of the entrepreneurs which come up with this ideas dont have seed funds. Come to think about it, most of the "Successful" business owners we have today all got one Grants or the other by having to either apply for a Grant seed funds or give up a small percentage of their company (equity) to investor.

    Like you rightly said, no business idea is unique to one person but its who acts on it first that matters.


    As an investor, i will fund business i see have the potential to survive 5years minimum and most importantly is what the market WANTS now. All business are profitable but not all business are VALUABLE.

    To act matter when investing in a business, i will rather take SHARES because its a way to setup a money rigs and think long term PASSIVE INCOME.

    ReplyDelete

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