guest started this topic @ 12:17 on 24/03/2003
Hi,
I wonder how does everyone deal with sharing and disclosing all the info about their business plans to other companes, ie: PR, business management companies etc. Do you have to sign a confidentiality agreement or similar law binding document? I particularly very wary about sharing or disclosing my plans to other individuals and companies. I would be grateful to hear some advice or experience in the matter.
Thank you all.
RE: Confidentiality/Disclosing business ideas
guest | 24/03/2003 08:37 PM
My experience of confidentiality agreements are that they are probably a waste of paper for the average person.
By that I mean even if one was signed and you believed broken by a company, could you prove it and if you could, could you afford to do anything about it??
If you think you are dealing with a reputable company, you shouldn`t need one. If you believe they might not be reputable, walk away.
RE: Confidentiality/Disclosing business ideas
emplaw | 24/03/2003 10:29 PM
Another way is to provide broad outlines of the idea only and not give away the core of the business idea. This is much more difficult for you to do if your require financing, but another way may be to protect the business idea if it is new and unusual through the patents office. The main thing is to only give information, subject to confidentiality agreements or not to those you trust.
Lime One Ltd
www.limeone.com
0870 240 4325
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Lee Schwartz Lime One Ltd www.limeone.com 01244 852550
RE: Confidentiality/Disclosing business ideas
AsMustard | 26/03/2003 09:16 AM
This is good advice from Emplaw. I see a great many business plans, put together to obtain investment, and there is a great deal of space taken up with the technicalities of it works. Investors often don’t care how it works, just what it does, who will buy it, for how much and how often. These are the vital elements in any business plan.
Having said that, if it is a new or innovative concept, the investor may wish to undertake technology due diligence to ensure the innovation is new, not available anywhere else (if that is a USP) and robust. However, these can be done by third parties with just the results fed back to the investor. This is part of a service we provide and is actually undertaken by a government agency.
Finally, if it is patentable then it should be. Some investors will not look at a proposal until the technology has been registered to guard against infringement actions. But do not rely on the patent to protect your interests. I would be committing no offence in infringing your patent, all it gives you is the right to sue me – if you can afford it.
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AsMustard
