A business concept is the foundational idea behind a business. It is a framework which provides how an individual or a company can create value in the market. It is therefore intended to provide a meaningful direction for the process of developing a business plan and launching an organization. Basically, a business concept entails a full, well thought-out construct of all of the key items required to build a profitable business, including overall offering, specific products or services (at least to start out), how the product would be delivered to the target audience and why the concept is unique enough to succeed. These ideas or innovations give businesses commercial edge over their competitors in the market.
It is pertinent to state that ideas are generally not capable of protection. The Nigerian Copyright Act (“NCA”)1 requires that certain criteria must be fulfilled in order for works, in this instance, business concepts to be eligible for protection under the law. The fundamental requirement is that the business concept must be expressed in a written form and not just something that exists in the mind.
This article focuses on the different ways business concepts can be protected in Nigeria.