QUESTION
How long is statute of limitations on suing for a business idea?
Asked on May 20th, 2013 on Business Litigation - Virginia
More details to this question:
In the 1980's I came up with a business concept and did extensive research and development trying to get it started. I could never get financial backing. I have schematics and drawings that show how my idea would work. Fast forward to 2013 and I see a company using my ideas to make millions of dollars, just on an updated scale. Is there any possibility of suing? I have no idea if one of the financial backers that I presented my idea to in the 80's has had anything to do with the current business, but the similarities are startling. Should I pursue a case? Could it be considered copyright infringement?
1 ANSWER
Leaving aside what causes of action you may have (from what you've written it doesn't seem like copyright infringement to me, but that doesn't mean that you may not have a claim based on the misappropriation of your business idea), the statute of limitations should run from when the wrong was committed, i.e. when your idea was stolen (or possibly when you knew or should have known about your idea having been stolen), not from when you created your idea. Your claim, depending on what the facts turn out to be, may not be very strong, but if the company using your ideas just recently started doing so, you should not have a limitations problem.
Answered on May 20th, 2013 at 10:50 AM