Forums: Discussions for entrepreneurs and small business.

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It`s now or never!

KingK,
I`m not too sure about putting the confidentiality or non-disclosure agreements(clause) in your business plan, your plan should be about your product(s) or service(s) only. Oh and how it`s gonna make a VC a boatload of money.
If your idea revolves around an invention or a new way of doing something...Always get them to sign the appropriate agreements before discussing the details of your business. These agreements(forms) can be found on the internet for free.
Do not discuss it on the phone without the agreements signed, this is your business and future nest egg.
"Don`t show`em your cards then bet on it"
Good luck,
Lightbulb



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Dear Santa,
I want a milling machine, a micrometer, and a sledge hammer for the finishing touches...

My position is to always check out the VC before you meet with them - talk to companies that they`ve funded.  Asking a VC to sign a NDA is typically not a productive task and they will tell you to be on your way.

Look at it from their point of view.  They see literally hundreds of plans a year and the odds of another company pitching something in your space is high - therefore, they don`t want to take a chance that you`ll lawyer up and go after them.  End result, you`re not worth the risk.

If they are a reputable firm, they will honor your secrecy.  They flourish and perish based on their reputation - so they need to protect it at all times.

So bottom line advice: talk to portfolio companies (and some that didn`t get funded) and get some mentoring/coaching help from someone that`s been through this to help set up your initial pitch - you don`t have to give away the complete farm in the first meeting.  In fact you don`t want to - you want them to ask for more information, that`s how you`ll know you have them hooked!

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It`s now or never!

I`ve never done business with growthink, but have spoken to their CEO several times and would be happy to make an introduction if you want - shoot me an PM and I`ll hook you up.  They seem like a stand-up organization.

The only real solution i am aware of is to file a patent application if there is patentable subject matter.  The advice to "only tell them a little bit" [which I have seen on this website] is not really workable in my opinion.

 

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com