How safe is your idea when you discuss with VCs

KingKKingK subscriber Posts: 5
edited March 2008 in Protecting Your Ideas
My title shouldbe more like `pre-requisites for talking with VCs`. I cannot edit topic heading. Sorry if it offends any VCs reading this. didn`t realize it could be interpreted differently..anyways
 
I wanted to get this in front of you all. If you are talking with a VC on your idea what are the pre-requisites you take? I know this is sensitive and the VC has thousand other ideas in front of him, but still to an inventor this is all he has.
 
>Do you have a confidentiality or non-disclosure clause written in the business plan?
>If you discuss the idea on phone how do you make sure that you let them know about this clause?
>Did any of you try any networking sites to get VCs? I`m not sure of facebook but have seen on Linkendin.
 
Thanks for your time and answers
KingK3/25/2008 9:48 PM

Comments

  • LightBulbLightBulb subscriber Posts: 1
    KingK,
    I`m not too sure about putting the confidentiality or non-disclosure agreements(clause) in your business plan, your plan should be about your product(s) or service(s) only. Oh and how it`s gonna make a VC a boatload of money.
    If your idea revolves around an invention or a new way of doing something...Always get them to sign the appropriate agreements before discussing the details of your business. These agreements(forms) can be found on the internet for free.
    Do not discuss it on the phone without the agreements signed, this is your business and future nest egg.
    "Don`t show`em your cards then bet on it"
    Good luck,
    Lightbulb
  • KingKKingK subscriber Posts: 5
    Thanks guys, thats helpful. I`m curious to know more on the phone conversations. Yes it is a new idea/invention and I need to discuss it on the phone.
    Any thoughts/experiences about this firm. http://www.growthink.com/
  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    The only real solution i am aware of is to file a patent application if there is patentable subject matter.  The advice to "only tell them a little bit" [which I have seen on this website] is not really workable in my opinion.
     
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