how to proceed
Discussion
hi, i have a business idea for a new kind of umm...motorsport... something that i am convinced every petrolhead will have to try at least once.
over the last few months i have been working out a business plan...costing etc,
my dilemma is i need to raise finance to buy machinery, vehicles ,staff training and develop/patent a few things.obviously i need to pitch my idea ..how do i do this without someone stealing my idea and ending up losing out
any advice much appreciated
Aaron
over the last few months i have been working out a business plan...costing etc,
my dilemma is i need to raise finance to buy machinery, vehicles ,staff training and develop/patent a few things.obviously i need to pitch my idea ..how do i do this without someone stealing my idea and ending up losing out
any advice much appreciated
Aaron
Normal practise to get the other party to sign a NDA (non disclosure agreement)
http://en.wikipedia.org/wiki/Non-disclosure_agreem...
Lots of std examples on the interweb
http://en.wikipedia.org/wiki/Non-disclosure_agreem...
Lots of std examples on the interweb
Most NDAs are worthless and in all honesty, if you're really speaking to someone who can help you, they shouldn't be able to sign the NDA.
The chances that your idea is truly unique and specific enough to be covered by an NDA is probably quite slim. If the idea isn't yet very specific then your NDA will have to be quite vague and generalised, at which point it will almost certainly encroach on other NDAs that the people you go to will have already signed - so they'll either sign your NDA knowing it'll be broken, or they won't be able to sign your NDA at all.
And if you do manage to make your NDA specific enough, then it'll be worthless the moment you evolve the idea, unless you keep getting everyone to sign new NDAs.
Besides which, and this is the most important point, just having an idea is maybe 10% of creating a successful business venture. The other 90% is made up of having the resources to take the idea through to marketable product, building a top team around you who believe in the idea, then the execution of going from idea to concept to product.
Personally I would tell your idea to as many people as possible. Welcome the feedback and use it to produce a much better product than if you protect and hide your idea away.
The chances that your idea is truly unique and specific enough to be covered by an NDA is probably quite slim. If the idea isn't yet very specific then your NDA will have to be quite vague and generalised, at which point it will almost certainly encroach on other NDAs that the people you go to will have already signed - so they'll either sign your NDA knowing it'll be broken, or they won't be able to sign your NDA at all.
And if you do manage to make your NDA specific enough, then it'll be worthless the moment you evolve the idea, unless you keep getting everyone to sign new NDAs.
Besides which, and this is the most important point, just having an idea is maybe 10% of creating a successful business venture. The other 90% is made up of having the resources to take the idea through to marketable product, building a top team around you who believe in the idea, then the execution of going from idea to concept to product.
Personally I would tell your idea to as many people as possible. Welcome the feedback and use it to produce a much better product than if you protect and hide your idea away.
thanks for the response...my idea is unique... just adapting existing technology mainly
i have a couple of commitments to honour before i focus on this . so mid june i hope to a have a
few people on board and start the publicity machine!
i will be ssking the ph forum members for feedback at regular intervals..
again thanks
Aaron
i have a couple of commitments to honour before i focus on this . so mid june i hope to a have a
few people on board and start the publicity machine!
i will be ssking the ph forum members for feedback at regular intervals..
again thanks
Aaron
jammy_basturd said:
Most NDAs are worthless and in all honesty, if you're really speaking to someone who can help you, they shouldn't be able to sign the NDA.
The chances that your idea is truly unique and specific enough to be covered by an NDA is probably quite slim. If the idea isn't yet very specific then your NDA will have to be quite vague and generalised, at which point it will almost certainly encroach on other NDAs that the people you go to will have already signed - so they'll either sign your NDA knowing it'll be broken, or they won't be able to sign your NDA at all.
And if you do manage to make your NDA specific enough, then it'll be worthless the moment you evolve the idea, unless you keep getting everyone to sign new NDAs.
Besides which, and this is the most important point, just having an idea is maybe 10% of creating a successful business venture. The other 90% is made up of having the resources to take the idea through to marketable product, building a top team around you who believe in the idea, then the execution of going from idea to concept to product.
Personally I would tell your idea to as many people as possible. Welcome the feedback and use it to produce a much better product than if you protect and hide your idea away.
Agree and, without knowing your funding requirements, the other reason for not keeping it secret is to get the word out to potential investors, particularly experienced angel investors who can put money in and advise/help.The chances that your idea is truly unique and specific enough to be covered by an NDA is probably quite slim. If the idea isn't yet very specific then your NDA will have to be quite vague and generalised, at which point it will almost certainly encroach on other NDAs that the people you go to will have already signed - so they'll either sign your NDA knowing it'll be broken, or they won't be able to sign your NDA at all.
And if you do manage to make your NDA specific enough, then it'll be worthless the moment you evolve the idea, unless you keep getting everyone to sign new NDAs.
Besides which, and this is the most important point, just having an idea is maybe 10% of creating a successful business venture. The other 90% is made up of having the resources to take the idea through to marketable product, building a top team around you who believe in the idea, then the execution of going from idea to concept to product.
Personally I would tell your idea to as many people as possible. Welcome the feedback and use it to produce a much better product than if you protect and hide your idea away.
Sounds exciting! Maybe this could be a PH crowd funded project if we're all going to want a go anyway. And if it's that good, we'll want to go again, and this time take our non-PH friends & family.
I would however seriously use the power of PH to stress test your concept. Little is truly unique, often just a small degree shift from something else already out there. If so, some on here may have (free!) valuable insight and feedback that you can use to your advantage. Very good luck!
I would however seriously use the power of PH to stress test your concept. Little is truly unique, often just a small degree shift from something else already out there. If so, some on here may have (free!) valuable insight and feedback that you can use to your advantage. Very good luck!
cheers for the comments...
had a productive morning...meeting a couple of friends in Paris next month ...
one has a business co-ordinating projects, and my other mate runs a media company,video,sound,press etc
bonus being he is the son of an ex World Rally driver,,
i had looked at these crowd funding websites etc...not sold on that idea.
but a pistonheads fund is an interesting proposition...
had a productive morning...meeting a couple of friends in Paris next month ...
one has a business co-ordinating projects, and my other mate runs a media company,video,sound,press etc
bonus being he is the son of an ex World Rally driver,,
i had looked at these crowd funding websites etc...not sold on that idea.
but a pistonheads fund is an interesting proposition...
aggraa said:
but a pistonheads fund is an interesting proposition...
An internet Dragon's Den...I hope it is better managed than the old Shareheads scheme, where some PH financial wizzes who handle millions of pounds every day managed to lose everyone's shirts. In hindsight, a rehearsal for the banking collapse of 2008.
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