Protecting Your Pitch: Non-Disclosure Agreements
So, you think you have the next million-dollar idea? Million dollar ideas need financial backing to become realities. For your idea to spread its wings and fly, you will need to pitch your idea to investors, backers, potential business partners, and other funding sources. They will have to see your idea and how you will make it a reality. This presents a million-dollar question to go along with your million-dollar idea: “How do you make sure your idea isn’t stolen during this process?”
How do you keep your idea safe and secure while pitching it to potential funding sources? Your solution might be a “Non-Disclosure Agreement.” Assuming your idea isn’t patented or trademarked, this might be the perfect solution. These agreements require parties to keep the shared information confidential for a designated amount of time. These agreements also contain non-compete agreements that make the party receiving the information unable to act upon it without you.
The agreements should specify what is being kept confidential, whether it is written or oral information, what is excluded by the agreement, the term period of the agreement, the jurisdictional law the agreement is governed by, and language that confirms to a valid non-compete agreement. Non-disclosure agreements can safeguard your ideas during the investment process. Contact The Borghardt Law Firm today for more information.
Franz N. Borghardt