Eventually they’ll copy you!

When you have an idea that you think it may revolutionize the industry…

…sooner or later you’ll be copied. As frustrating as it can be, my advice is to not worry too much about the competition. In fact, the more competition, the better. It stimulates the market, it confirms that the product or service is really needed and pushes you to always be on top and stay above…..

We all know that innovation is not always the easiest thing and that most business, in a way or another, have been copied, modified from its original concept, improved and even bluntly done exactly the way the original was launched. I give you a hint, how many companies like Uber there are out there? And closer to our industry, how many luxury hotel brands like St. Regis, Ritz Carlton, Four Seasons, Rosewood, Dorchester, Mandarin Oriental, are all aiming for the same segment?

In brief the point I am trying to make is simple, when you have an idea that you think it may revolutionize the industry, sooner or later someone will copy it, maybe with a different name and possibly with a slightly different story, but with the same business model.

As frustrating as it can be, my advice is to not worry too much about the competition. In fact, the more competition, the better. It stimulates the market, it confirms that the product or service is really needed and pushes you to always be on top and stay above.

Perhaps the first feeling, when someone is trying to steal your idea at the very beginning, is of anger and wondering. Instead my suggestion to deal with this is to ensure that you talk about your idea loud and clear and you spread the news in as many channels as possible, so at least you can say you were the first one to do it.

Another way not to get too frustrated is to ensure you protect your idea. Register your brand and your concept, but also ensure that, when you share any information with others, provide your service as an option, either as consultant or as an employee. There is nothing more frustrating to have an idea that you think it’s great but you don’t have the money to make it happen.

So, if someone else has the resources, let it happen and offer your service as you probably have it more clear then them and it could come up to a great collaboration, besides you seeing the fruits of your labor right in front of you instead of dreaming it.

The advantage of being creative is that many investors are not and they need new ideas. So, if you have a great idea, work hard to justify why it’s going to work, talk about in as many channels as you can to make awareness and look actively for investors.

The moment you find people who are genuinely interested in your project, don’t be afraid to reveal the idea and go as far as necessary to make them love it just like you do.

The expertise in the research done, the commitment to make it work, the know how it’s only you who can deliver it. If, instead of being afraid, you provide your service as part of the launch, you will not only see the light of your own project but you will also be able to make it happen with minimal risks and you will be able to celebrate the success.

My last advice will be to only ensure that the concept, the purpose and the business model is taken in its entirety. If you have come up with a great idea and it’s not embraced as it should have been, then it’s not recommendable to put your reputation at stakes.

At the end, while you will not be the entrepreneur, at least you will not be a copycat. And since you are the creative one, you can start again onto a new idea.

We all know that innovation is not always the easiest thing and that most business, in a way or another, have been copied, modified from its original concept, improved and even bluntly done exactly the way the original was launched. I give you a hint, how many companies like Uber there are out there? And closer to our industry, how many luxury hotel brands like St. Regis, Ritz Carlton, Four Seasons, Rosewood, Dorchester, Mandarin Oriental, are all aiming for the same segment?

In brief the point I am trying to make is simple, when you have an idea that you think it may revolutionize the industry, sooner or later someone will copy it, maybe with a different name and possibly with a slightly different story, but with the same business model.

As frustrating as it can be, my advice is to not worry too much about the competition. In fact, the more competition, the better. It stimulates the market, it confirms that the product or service is really needed and pushes you to always be on top and stay above.

Perhaps the first feeling, when someone is trying to steal your idea at the very beginning, is of anger and wondering. Instead my suggestion to deal with this is to ensure that you talk about your idea loud and clear and you spread the news in as many channels as possible, so at least you can say you were the first one to do it.

Another way not to get too frustrated is to ensure you protect your idea. Register your brand and your concept, but also ensure that, when you share any information with others, provide your service as an option, either as consultant or as an employee. There is nothing more frustrating to have an idea that you think it’s great but you don’t have the money to make it happen.

So, if someone else has the resources, let it happen and offer your service as you probably have it more clear then them and it could come up to a great collaboration, besides you seeing the fruits of your labor right in front of you instead of dreaming it.

The advantage of being creative is that many investors are not and they need new ideas. So, if you have a great idea, work hard to justify why it’s going to work, talk about in as many channels as you can to make awareness and look actively for investors.

The moment you find people who are genuinely interested in your project, don’t be afraid to reveal the idea and go as far as necessary to make them love it just like you do.

The expertise in the research done, the commitment to make it work, the know how it’s only you who can deliver it. If, instead of being afraid, you provide your service as part of the launch, you will not only see the light of your own project but you will also be able to make it happen with minimal risks and you will be able to celebrate the success.

My last advice will be to only ensure that the concept, the purpose and the business model is taken in its entirety. If you have come up with a great idea and it’s not embraced as it should have been, then it’s not recommendable to put your reputation at stakes.

At the end, while you will not be the entrepreneur, at least you will not be a copycat. And since you are the creative one, you can start again onto a new idea.