Photo by katiew.
I have an idea for a new company. No, I am not ready to publish it to the world. But I have been talking about it with several people, including former investors, colleagues, and friends, and their advice has been very valuable. (Thank you all.)
Which begs the question - whom do talk to about your ideas, and when?
Most entrepreneurs are paranoid. True, not everyone is out to get you, but a lot of capable well-funded people are, and it only takes one.
At the same time, unless you can name someone who has built a billion-dollar company literally all by themselves, you have to trust someone, sometime.
Recently a would-be entrepreneur asked me whether she should patent her invention, but refused to tell me anything about it. Another person would only tell me that "there is a human function that has never been automated … until now" and did I know anyone who could help him? Er … Toto?
When there is nothing but a raw idea, a sketch on a napkin or envelope, my rule is that feedback is free. If I know you or you are recommended by someone that I know, and you have an idea that you would like my opinion about, I am happy to give you some thoughts. I may or may not ask you to return the favor. (I almost certainly will.)
If once you start talking about your idea I realize that there is a conflict - that I am working on something related - I will stop you and say so. If we decide to go on, I may end up incorporating some of your ideas in my own project, and you some of mine.
There is a time and place for formal non-disclosure agreements, but not until there is something concrete to protect, or you are forced to talk to someone that you are not sure about. And if your idea is really patentable you should be even more careful, because disclosure could invalidate your claims. Otherwise:
- Find someone that you trust.
- Tell her that you value her opinion and would like her advice.
- Make it clear that all you are offering is a thank you and a firm handshake.
- Tell her your idea.
- Listen to her opinion.
- Repeat.
Ah, but what if you don’t know who to trust? Easy! That means you are not qualified to be an entrepreneur. You are destined to be ripped of by your partners, your investors, your employees, your vendors, your customers, your immediate family, your priest, pastor, and dog, so best to give up now.
And that feedback is free.
