I couldn’t resist but share this piece of information that came in QZ.com
Yekutiel Sherman, an Israeli entrepreneur, learned this the hard way. His startup idea StikBox – Selfie stick embedded in a phone case – was copied and produced in China once it hit the crowdfunding campaign website Kickstarter.com It took only a week for the copycats to reproduce his original idea at a very cheaper rate.
Remember what Jack Ma of Alibaba.com said recently for which he drew much ire? “Fake goods are of better quality and of better price than the real names and come from exactly the same factories as authentic goods. “
The QZ article draws a conclusion that the World is coming to terms with this reality and advises to get over it. This is the new norm!
I can tell you that it is better to self fund yourself when you start something. The investors will self approach you if you seem successful. You can scale your business from there. I normally shy off from discussing my startup ideas with anyone.