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The Recipe to Reduce Risk

This is a very short post on a well written-about topic, what to do when you are looking to do something with your ideas.

You need to have a firm grasp of three things:

1. You must understand the legal benefit Non-Disclosure Agreements give you. These contracts give you and the person you’re working with confidence, but they’re not for everyone.

2. Asking someone to sign a contract can be difficult for a number of different reasons. For this reason learn as much as you can about the process of selling, how to listen properly and the concept of negotiation skills.

3. When to propose your idea is the most important thing. This is strategy, like playing the game of Go, Poker or Chess. In other words, don’t reveal your Ace early on in the game. Creating anticipation and excitement about your idea is perhaps the best thing you can do.

There’s an App for that

Hiring a lawyer to craft a non-disclosure or confidentiality agreement can be pricey. There is an online service that provides documents though. The disruptive innovation Law Depot offers is a business model that offers a subscription service to give you access to many different kinds of legal forms, including NDA agreements.

The next time you have a great idea, make sure to protect yourself with a framework to ensure you don’t get burned. While I’m not speaking from direct experience, I’m sure there are many that have felt the pain of having their ideas stolen.

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2 Comments Add yours

  1. Skratch says:

    Reblogged this on Skratch's Blog and commented:
    Legal Part of Business

    1. Avi Lambert says:

      It may be that life is a combination of three things: Time, Risk and Money.

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