On Saturday the 13th day of October 2018, After #TheForge3.0 event organized by Martin Beck Nworah at Devamplify Hub Awka, I had the opportunity of meeting and interacting with Tens of young people who want to learn the art of Personal and Business Branding, Career insights, and the digital space.
Towards the end of the Event, The convener, Mr. Martin introduced me as well as made some funny comments about my vertical challenge(ness). We talked about entrepreneurship and how young people can get involved.
I shared some tips after the event with some folks and while the anointing was flowing, someone asked: Sir when starting a business how do I keep my startup idea from getting stolen when sharing it with people to get help?
she continued: I have told a lot of persons about my idea and discover after sometime that those people or someone else have started exactly my idea. Biko what do I Do? Someone told me about NDA and I think its a nice idea. I have read so much about it and have also gotten so many templates for myself. I think its a good way to discuss ideas.
Anyways let me not bug you too much, “I’ve got a new idea that’s going to set the world on fire,” she also said to me.
“Tell me about the idea,” I said to her.
“I can’t until we’re under NDA,” she responds.
I’ve literally heard this thought process from many entrepreneurs and wannabes.
I laughed so hard and asked her, Do you really think I’m going to drop everything I’m doing and steal your idea?
Let’s not limit yourself to just me.
Do you really think anyone is going to drop everything they are doing and steal your idea?
Even if I, or anyone else, wanted to steal your idea, how exactly are we going to do that? After all, you’re the expert, not me. You gave birth to the idea not me.
I don’t have your intimate knowledge of how to build your business/idea. You’ve just given me a one sentence description of your business.
If anyone can go from a description of your idea/business to stealing your idea/business, you’ve got big problems.
Essentially, you have an idea that is not protectable. That’s not a great idea to be in.
Let’s assume you have a protectable business(I choose to use business because no one takes you seriously when you have not built even an MVP). Investors are not going to be your problem. They don’t have the skills, motivation, or the time to steal your business.
You should worry a lot more about someone on your team stealing your idea.
Over 50% of founder relationships end up in failure. And sometimes when the founders break up, both sets of founders pursue the same idea.
It happened to me. The idea and the vision for the product was mine, but that didn’t stop my two cofounders from stealing my idea and starting a competing company down to the slide deck I was using (bastards!).
Fortunately I survived, rebuilt a new team, and I was able to raise the funding for my company. My two ex-cofounders eventually failed.
Have your legal agreements in place with your team.
It’s worth the money to have everyone that joins your team sign agreements such as Proprietary Invention Assignment Agreement (PIAA). These types of agreements will not stop someone from stealing your idea, but they will at least give you legal recourse to go after them.
My name is Pascal Okeke, I may not know much about your idea, but I can give it a working and executable algorithm, thought and #returshment. Lols, Part of the things I do is to help emerging entrepreneurs and top brands reach their desired customer through strategies, product development, marketing, and Branding.
Do you have a Bankable Idea, let’s discuss it via the inbox.