It has happened before and will continue to happen. The livelihood of Chuck and Relina was threatened by copycats. – By Keith Engel
For as many entrepreneurs with novel ideas for a business, there are an equal amount of lazy opportunists waiting to rip off their idea. In fact, it is not uncommon for manufacturers to go into direct competition with their customers.
This is exactly what happened to the founders of Hideit Mounts. This is according to a recent article written by Yasmin Gagné. It appeared on inc.com. A trusted manufacturer copycatted their products.
Hideit Mounts is a company that born from the mother of invention: “Necessity.” TV cords and Wii cables were making such a mess that Chuck created a device neatly contain and conceal the Wii behind the TV.
They took this design of theirs to a manufacturer and then an even bigger one as they saw the potential for their brain-child threatened if they did not produce quickly.
What counted in their favour was that this was a product with hardly any competition. Diversification of the original model came. Of course, outsourcing is essential for success. And that is what they did.
They noticed something disturbing on the internet. A similar product for sale. This lower quality product was soon replaced with a superior model, for cheaper than their own. Alarm bells started ringing. They were facing defeat.
The founders of Hideit Mounts are excellent examples of risks mitigators. They still had their day jobs while building their business. However, they were facing the potential of their entrepreneurial dreams being crushed.
What tipped them off that something fishy was going on, was the fact that their home computers were blocking the website of the competitor. They could access the site on their mobile devices, however. That meant their competitor knew where they lived. They knew who they were. But didn’t want them to know their identity.
This led to an investigation that revealed that those closest to them were stealing their idea.
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