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Don’t Keep Your Business Idea Secret
photo credit: olarte.ollie
Every week I get emails from readers with questions about their businesses. When I probe them for further information, many are hesitant to describe their business idea more fully unless I agree to sign a Non Disclosure Agreement. I almost always refuse and explain that when starting a new business you should tell everyone about your idea.
There’s basically no downside to describing your business idea. Almost no one is going to drop everything and copy your idea.
If you talk to people, you’ll get suggestions for improvements and will discover flaws that you hadn’t seen before. You’ll be able to gauge people’s interest and discover competing products that you never new existed.
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Dmitry on August 23rd, 2009 9:27 am
You’ve posted: “to sign a Non Disclosure Agreement”
How do you sign it, if a person is remote?
Any independent service/scan of a agreement with signature or smth else?
Situation is crucial sometimes when you work with freelancers.
Andy Monin on August 23rd, 2009 9:28 am
Couldn’t agree more!!!!
JT on August 23rd, 2009 10:09 am
I have friends in film school or working in that field who have the same problem. They’ll get excited and talk about their “projects” but never say what they are or dance around it. In the event the project doesn’t come to life, and we talk about it in hindsight we often come up with great solutions or tangential projects. Generally all around good stuff. But the idea that someone is going to “steal” your idea in an industry where everyone is working on a screenplay is silly hah.
Dane Carlson on August 24th, 2009 1:59 pm
A reader responded to me:
I’m very sorry to hear about your experience. I know it’s probably of little consolation to you, but fortunately, what you describe is very very rare. Most entrepreneurs will never have anyone steal their idea.
Jaclyn Wells on August 24th, 2009 2:45 pm
I’m not sure which way i would go on this, if i would share my idea or not. I mean on one hand yes it may be thought of as rare for another person to completely steal your idea before you have the chance to market it yourself, but then again i’ve also heard about people who did do just that, shared their ideas with someone and it was stolen or marketed by a more financially secure person before they had a chance to market it themselves. I guess it would be a 50/50 chance that everyone would have to decide to take or not.
Didier on August 24th, 2009 4:49 pm
Is this a joke?
Suppose I have an business idea that is new, so I can be the first one.
Post to our good friend and “literally no one will copy”.
Yes of course everybody is like Jezus or the holy angels. Right…
Thanks for your example and congratulations.
pamela on August 24th, 2009 8:11 pm
well, i asked someone, who professed to be a strong christian who had a commercial kitchen to make up some samples for me to get a particular product into the schools here in Australia. I heard nothing for 1 month. I then asked her what happened. She said she didn’t have time. Within 6 months she was using my idea to get the product into schools.
You cannot trust anyone with a good idea. And they call themselves christian and stole my idea. People do twig and people do take your ideas.
Angie Carlson on August 25th, 2009 7:20 am
I wouldn’t necessarily recommend telling someone who has the immediate means to replicate your idea, but in general, I agree, you need to get your idea out there. Let your friends, family, and more importantly, random people, play devil’s advocate. It could save you from the financial repercussions of a bad idea.
AJ on August 26th, 2009 6:57 am
I agree with both positions. One thought is once you have shaped your idea enough to articulate it, write it down and to the extent possible list the names of the companies and individuals you plan to meet with (especially large company’s or as someone mentioned above individuals with the means to duplicate) and have it notarized. If you have the means, get an attorney to review the document for legal recourse if someone where to steal your idea.
Dave on August 27th, 2009 5:52 am
I shared a new business idea with a potential employee to see if he would be interested in coming to work for me. He loved the idea so much he started a business doing the same thing. Being unemployed and having capital from a settlement, he had the time and money to beat me to the market place. ALWAYS get a non-compete or non-disclosure before discussing an idea, and do not just make up your own. Consult an attorney who specializes in business law to determine form and enforcement.
Jane Reyes on August 27th, 2009 7:34 pm
Some people tend to be loquacious about their ideas and tell everything off to someone. I guess, we can tell others about our ideas only if they ask like a piece of advice or something but do not keep your business idea secret.
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