Big News: FounderDating is joining OneVest to build the largest community for entrepreneurs. Details here
Latest Notifications
You have no recent recommendations.
Name
Title
 
MiniBio
FOLLOW
Title
 Followers
FOLLOW TOPIC

Question goes here

1,300 Followers

  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur

How/when to disclose business ideas?

Per a previous thread (members.founderdating.com/discuss/2577/Learning-to-code-vs-finding-a-true-tech-cofounder?na) perhaps the first startup priority is outside validation of the business model.

To illustrate, among the ideas I am evaluating is a photo sharing app that will replace facebook . . . no, just joking ;) But it is a new take on an existing large web based industry -- which an attorney suggests might be patentable.

I contacted an FD listed advisor with sterling ethics/reputation & after he responded I asked if he could suggest legal representation knowledgeable about the industry. I've not heard back since (so might have blown the contact) but similarly don't think any of spilling the beans, asking for an NDA or wasting his time alluding to the opportunity would have been the "right" strategy.

Comments?

12 Replies

Samie Syed
6
1
Samie Syed Entrepreneur
Digital Project Manager / Product Manager at emocial digital
I wouldn't worry about somebody stealing your idea. Chances are that most people can't be bothered to execute it.
Michael Indrajana
1
0
Patent Attorney, Law Offices of Michael Indrajana ESQ.
Hi Mike,

If your idea is indeed patentable as the attorney suggests, I think you should conduct a professional patent search on your idea as soon as you can, and if everything looks clear, file a provisional patent application. Once you file the provisional, you are free to discuss and evaluate the business model of the idea.

As an entrepreneur myself, my best advice would be to build a prototype or a model as soon as you can, and test it to fail. You learn a lot more from a failure because you're getting real data why things don't work. Of course fail fast, and fail cheaply. Also, it is easier to discuss with a patent attorney when you have something tangible rather than an abstract concept.


Maylia Tsen
0
0
Maylia Tsen Advisor
Business & Management Consultant, Facilitator for Peer Advisory Groups
If you need a patent attorney, I can provide that information. I know a patent attorney that specializes in technology and have worked with major companies. You can email me at [removed to protect privacy] or call me at (949) 637-2624.
Samie Syed
2
0
Samie Syed Entrepreneur
Digital Project Manager / Product Manager at emocial digital
To add to Eric's point, if you are concerned about someone stealing your idea just tell it on a need to know bases.

Even if the complete idea won't be stolen, elements of it can by competitors.
Mike Shields
0
0
Mike Shields Entrepreneur
Founder at Startup
Fair enough, ironic thing is I inform techies pitching me that I have zero interest in stealing their ideas (based on both ethics and the hassle) but from my side had concerns about seeming unprofessional if I divulged proprietary details imprudently (i.e. contrary to the instructions of the aforementioned patent attorney).
Babalola Bakrin
2
0
Babalola Bakrin Entrepreneur
Business Development Executive at IMPRESSIT EXPERTISE LIMITED
I've discovered over the years that "Ideaprenuers" or "intending entrepreneurs" find it hard to keep their mouth shut about their ideas (unfortunately, I'm included) because they are excited about.
But it would do us a lot of good to share our ideas on a need to know bases or get it to prototype phase before babbling about it.
Jeff Kuchak
0
0
Jeff Kuchak Entrepreneur
Owner/Artis at Storm Spoons
I ran into this when I was cold contacting various companies. I was able to on the strength of the idea (and one email) get to pitch to tech development at Angies List. At that point I felt it was put up or shut up. I pitched the entire idea. They loved the pitch but were not ready to get into the educational field. It was a scary moment for me since I was afraid that they would take the idea and I would be left out in the cold.
Robert Raisch
5
0
Robert Raisch Entrepreneur • Advisor
Principal at Raisch Consulting
The problem with most idea-preneurs is that all they have to offer is their idea and thus believe it must be protected at all costs. But ideas are literally a "dime a dozen". Only execution has value.
Adam Sussman
1
0
Adam Sussman Entrepreneur
Managing Director at SourceDemand | Startup Advisor | Web Product & Marketing

You should have a few "go-to" people in your life whom you genuinely respect, and that there is a sincere connection. For me, these are old business partners, colleagues and friends who've taken the time to dig in on the evolution of my businesses.

These unofficial advisors can be solid sounding boards to help you vet out the viability of your new concepts.

Before running around town promoting the "idea", you should have a firm plan to execute and have a keen understanding behind the level of complexity it will take for someone to compete with you.

  • If the barrier to entry is low, then keep quite and build it until you're well ahead

  • If the barrier to entry is high, (you've built a proprietary solution to something that that could have only been developed through years education and R&D), then you should feel more comfortable speaking with those in the public who can help you advance the business.

Neil Gordon
2
0
Neil Gordon Advisor
Board Member, Corporate Finance Advisor and Strategy Consultant
Discussions surrounding disclosure are risk management discussions. You give up a secret, you may adversely change your future. Get information or capital, you get the opposite effect. You just want to keep the balance in your favor.

Know the rules before you disclose an invention. That said, even if your idea is protected, a discussion with a third party might lead them to think of an even better way to solve the problem! Stay in your basement though, and you won't get market validation.

As I said, weigh the risks and act accordingly.
Join FounderDating to participate in the discussion
Nothing gets posted to LinkedIn and your information will not be shared.

Just a few more details please.

DO: Start a discussion, share a resource, or ask a question related to entrepreneurship.
DON'T: Post about prohibited topics such as recruiting, cofounder wanted, check out my product
or feedback on the FD site (you can send this to us directly info@founderdating.com).
See the Community Code of Conduct for more details.

Title

Give your question or discussion topic a great title, make it catchy and succinct.

Details

Make sure what you're about to say is specific and relevant - you'll get better responses.

Topics

Tag your discussion so you get more relevant responses.

Question goes here

1,300 Followers

  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
Know someone who should answer this question? Enter their email below
Stay current and follow these discussion topics?