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JV - How to protect your idea? - Joint Venture

by Kaizen5
12 replies
Hi guys,

first of all - yes I used the search, but the only results were about partnering.

My question is how do you prevent or protect your idea looking for a JV partner? Do you use a disclosure agreement or something to stop a potential partner from using your idea? :confused:

I really would here your advice on that, because I am working since weeks on a project, but I will have to look for a partner to get it started otherwise I will make a charity project out of it and collect money with crowdfunding.

regards
Siggi
#idea #joint #protect #venture
  • Profile picture of the author Don Grace
    Write up an NDA and then use Electronic Signature & Online Digital Signatures | DocuSign to have all parties sign and agree.
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    • Profile picture of the author Kaizen5
      @Don Grace

      Thank you for that hint. Actually I thought of a non-disclosure agreement. The electronic signature service is new to me. Thanks for that.

      @Kevin_Hutto

      Unfortunately I have not much money to sue somebody. I hope the threat of a costly lawsuit will prevent ppl from stealing the idea. Maybe I should buy a legal protection in advance I am worried, because this could be a successful start-up.

      Thank you both so far.
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      Zazzle Ubertee Store-------USA Reiseblogger
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      • Profile picture of the author Micah Medina
        Originally Posted by Kaizen5 View Post

        @Kevin_Hutto

        Unfortunately I have not much money to sue somebody. I hope the threat of a costly lawsuit will prevent ppl from stealing the idea. Maybe I should buy a legal protection in advance I am worried, because this could be a successful start-up.

        Thank you both so far.
        Dude, you're going to have so many roadblocks... so many landmines between you and actually getting your idea done... WHATEVER IT IS...

        That you don't need to worry about a JV partner stealing your idea. If anything, that kind of fear will be an excuse that keeps you from taking action. And if they guy steals your idea and makes a bunch of money... do it anyway! It's a really big internet, you know.
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        • Profile picture of the author Kaizen5
          @CDarklock

          I really don't think it is just the qualifications that matters in partnering with a JV. What if you have the qualification to execute the plan, but no ideas at all? Just say you are a programmer and your brain works logical with numbers, but the other side of your brain is nearly dead

          @Micah Medina

          I am sure I will find a way. At the moment I am too busy with other projects to take care of this idea. I just wanted to ask for some advice.

          I think all the previous posts made it clear, that there is no ultimate protection for your ideas. I guess it is the human nature, that we search for security, not just our own physical security ;-)


          Thanks to all the input so far!
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          Zazzle Ubertee Store-------USA Reiseblogger
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  • Profile picture of the author Kevin_Hutto
    Do you have lots of money to sue people for breaking NDA's and stuff? If not, why worry about it? Also, most people will never steal an idea. If you already have a profitable business - they will try to steal THAT - but usually not ideas because they take work.
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  • Profile picture of the author icoachu
    Use a mutual non-disclosure agreement. The downside is both of you must live in the same country. Good luck trying to enforce an MNDA against someone based in Eastern Europe or Asia...
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  • Profile picture of the author lanew
    Kevin Hutto is spot on. NDAs are useless if you don't have the money to sue. Believe me, the only time NDAs are used are used is for huge companies. Ideas are a dime a dozen (and that hurts me to say, because I'm an idea person) but without implementation, then they are just ideas. Very rarely will you find people just steal your idea. Don't worry about a JV partner stealing your idea. This is how I would do it:

    Save every conversation you have; written and verbal (get permission to record conversation; i use Skype recorder)
    If they steal you idea, you ruin their reputation, and know one will ever work with them again. A person's reputation is $$ in IM, if they screw you over, then they are through. No one will ever trust them again.

    Just my two cents.

    Be well,

    Lane
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  • Profile picture of the author WillR
    A lot of times it's not the idea that makes people the money but the way it is implemented. Take a look at some of the most successful companies in the world. They were not necessarily the first people to sell product x, they just happen to be the best at it.
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  • Profile picture of the author HelpingYouBeAnExpert
    Just implement faster, 99.99% who try to enforce protection get nowhere.
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  • Profile picture of the author CDarklock
    Originally Posted by Kaizen5 View Post

    My question is how do you prevent or protect your idea
    Your idea is worthless in and of itself. What your JV partner works with you for isn't the idea, but your unique and specific qualifications to make it a reality. If you don't have them, the JV partner has no real incentive to work with you.

    JVs are not where you go to someone with an idea, then say "make this happen and give me some money." If I can make it happen without you, why should you get any of the money?
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    "The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers
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