NDA questions

Rodrigo · June 19, 2018, 11:53pm

Cyberdemon:

If you are completely new to this and want something actually enforceable, I would just sit down with a local attorney who can draft the NDA up for you and make sure the terms are appropriate.

There are different types of NDA’s including one way and mutual NDA’s which may be appropriate for different situations, especially if the other party isn’t at risk of giving you privileged information (ex you want to do a road show and don’t want people to talk about what they see).

A patent attorney will also be able to help give you information on starting the patent process - which I will warn you is often going to be a substantial cash drain unless you are familiar with what makes your design novel, what could be done to circumvent the patent, and if the amount of time and money you would have to invest legally is actually worth it. Likewise you would need to understand if your IP would need to be covered under a utility patent, design patent, or both.

In reality I find most people who ask these questions are worried about the safety of their ideas, when most successful entrepreneurs focus on getting their product to market as fast as possible. If it’s truly a new and valuable product, you will have sales and enough competitive first mover advantage to not need to worry about others catching up. If it is a not so novel trinket which could be easily copied by China, then your patents won’t really mean much. Your only hope would be to generate enough sales that by the time you got knocked off, people knew why your fidget spinner was the best, or you had made enough money to recoup your initial investment and move on to the next idea.

Real feedback right here!

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