Hi i have a startup app idea that im working on and wish to discuss with an expert to get feedback on feasibility, how to scale it, revenue model viability, etc.. how can i discuss this with confidence where i know my idea is safe. is there an NDA thats there between the expert and me?
1. I can draft an NDA for you or you can find numerous examples online (although they are not tailored to your specific needs, they should be ok if you want to save the money).
2. Most mentors/experts/investors don't sign NDAs - we/they work with too many startups and have usually heard your idea numerous times before and therefore don't want to be limited. Second, it takes too much time (consider that they/we speak to tens of startups every day...if we had to spend 30 minutes reviewing NDAs we wouldn't get any work done).
3. In 99.9999% of the cases no one will steal your idea. Everyone has ideas, what makes entrepreneurs unique is that they actually implement them.
4. Sharing your idea with as many people as possible will ultimately help you (they will give you feedback, they will tell you if it exists, they will tell you what to improve, and they will criticize you and try pursued you not to do it - and if you listen, then it means you shouldn't be starting a startup anyway).
sorry for sounding 'tough' but all the above is the honest truth - and if you want to succeed ask for honesty, not praise.
I've successfully helped over 300 entrepreneurs, startups and businesses, and I would be happy to help you. After scheduling a call, please send me some background information so that I can prepare in advance - thus giving you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/assafben-david
Hi there, great question.
When dealing with professional investors, especially VCs and active Angels, it's usually pointless to ask for an NDA. They'll reject your request out of hand and your request will mark you out as a newbie.
The basic reason for this is that active investors and professional investors don't want to steal your idea. They've got reputations to protect. Stealing ideas will get them blacklisted in the startup community. There's nothing more valuable to an investor than their reputation and besides, they want to invest in good ideas and teams, not steal from them.
It can be helpful to use NDAs with technical experts (assuming they'll sign it) and with vendor/service companies for your startup. There are NDAs available to entrepreneurs. They're definitely of varying quality. If you want to develop and use an NDA, I recommend hiring an attorney to help you when you're ready.
Here's a video I put together on this topic in case it's helpful: https://www.youtube.com/watch?v=yzgpJMXPGZc
If it is an idea (as opposed to a patentable solution), don't bother with an NDA. NDAs are notoriously difficult to enforce and only sends the signal that you are (potentially) a naive founder. There are certain situations where an NDA might be useful:
- When you have to discuss a patent-pending solution (typically where you have to walk through the entire process of building the solution or algorithm).
- When the expert may have visible conflict of interest (e.g., investor in a competing product).
- You need to have an NDA as part of another contract (e.g., maybe a client you are working with prevents you from sharing information with anyone else). This is obviously very rare.
Generally, if this is an app idea you're working on right now, it is better to be as open about it as possible and get clear and honest feedback from them. I have worked with over 300 individual founders and 60 early-stage companies in the last two years—and not one of them had any information worth NDA-ing. The benefits of brainstorming with an expert far outweighs the risks of the information going into the wrong hands.
Further, even if 0.5% of the people in the world have had similar ideas, that's 39m people who already have the same idea.
Fully agree with what was said before - despite what you might think, your idea is most likely not unique, and most likely not the final version of your business model. Moreover: the more you talk about it with people, the more you will be able to finetune your idea and get one step closer to success.
Make sure you have a clearly defined target group (no, "women 20-30 years old, breathing" is not qualifying), who will find your offer irresistible, and that you know how to reach that target with marketing as this will be behind 90% of the reason your company will succeed.
I can help with that :) Happy to jump on a call if you wish.