Our client has come up with a product that is truly unique for its industry. They are new to the product development & marketing game and have a significant fear that someone in the industry with deeper pockets is going to copy their product.
Understanding that patents are one way of protection, they are particularly expensive.
I go through this with a lot of clients. Especially ones that haven’t done product development before. There is an inordinate amount of fear that their product is going to get ripped off and their business is going to be stripped away.
I tend to follow the belief that if you do your best not to become a commodity product, you’re chances of success are quite high, even when the inevitable copycat comes along. They might be able to copy your product, but they won’t be able to keep up with your innovation.
I am looking for any other thoughts on strategies to prevent product copycatting.