I don’t mean don’t get caught on Snapchat. I mean don’t let what happened to the successful social media startup happen to you.
Facebook (owner of Instagram) offered $3,000,000,000 (a lot of zeros, right?) for ownership of Snapchat. Snapchat said “No. We want to maintain creative control.” Facebook said, “Cool. You do that.” Then Facebook subsidiary, Instagram, Ivanka Trumped Snapchat. No unbelieveable Law & Order-like disclaimer saying “The following feature is original and does not replicate any other application or brand.” Instagram just said “We’ve got stories now.”
As a business owner, you want to retain creative control over your idea. I understand. But, if you care that much about maintaining that control, protect your idea on the front end. Patent it. And sometimes, even that won’t work. Sure, Snapchat could have patented the idea and could take Facebook to court but how many rounds in a courtroom do you think Snapchat could last against a giant like Facebook? I’ll give it 2. So, sometimes as an entrepreneur, you have to count your losses and just sell. Shoot, $3 Billion gained doesn’t sound like a bad loss to me.
Make professional development a priority.