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Getting Started with Your Trading Business Advice

A recent email exchange:

Justin: I’m not sure if you’d be willing to help, but I’m struggling with the next step(s) for a trading related software/app project I want to pursue. I have the idea/functionality and ideas for pricing models in mind but I haven’t taken the step of getting someone to actually write the application/develop the site. It’s not a terribly complex idea, but it’s related to one of the key areas of success for all traders & I have yet to see a service meet this need. I have no experience in dealing with intellectual property issues so I’m concerned about protecting the idea (if it’s even possible at this early stage). I was wondering if you might be able to provide any insight/advice since I know you’ve had great success in creating proprietary systems. If you need more info to help please just let me know. If you’d be willing to take some time to Skype & talk through it I’d love to have the chance to pick your brain. Thanks for any help you can offer.

Covel: Not sure I follow. Can you be precise what you are doing and how I can help?

Justin: Sorry. I have a trading service/application I want to develop. But I don’t know how to protect the idea or if I even can at this stage as it’s only an idea. I’d love to give you an overview of what it is so you can better understand what I’m talking about but also for honest feedback on the potential value it could provide to other traders but I am very ignorant when it comes to IP. When you were getting your projects going in the past did you protect the idea by something akin to a non disclosure agreement? Or did you have some other means to protect the idea while working with other people to get it from the idea stage to reality? I apologize as I know I’m being vague but I hope this makes more sense.

Covel: There is not a short answer. Best answer? IP attorney time. If not, you probably pay more later than less now.

You may also wish to read my article on Andrew Carnegie’s adress on the keys to success in business and to my David Burkus podcast interview.

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