How do I vet my million dollar social media idea without risk of it being stolen?
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M$6 Answers
From the source...
"A non-disclosure agreement (NDA), also known as a confidentiality agreement, confidential disclosure agreement (CDA), proprietary information agreement (PIA), or secrecy agreement, is a legal contract between at least two parties that outlines confidential materials or knowledge the parties wish to share with one another for certain purposes, but wish to restrict access to. It is a contract through which the parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or a trade secret. As such, an NDA protects non-public business information.
NDAs are commonly signed when two companies or individuals are considering doing business and need to understand the processes used in each others business for the purpose of evaluating the potential business relationship. NDAs can be "mutual", meaning both parties are restricted in their use of the materials provided, or they can restrict the use of material by a single party."
http://www.andertoons.com/img/cartoons/5033.jpg
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M$Back to your original question, your "idea" alone is worth nothing. That might be easy for me to say and hard for you to hear, but it is true. The sooner you realize that the better. I think you'll be surprise about the feedback you'll get from others if you talk to people about what you are thinking about. They might be able to provide a perspective/suggestions that you hadn't considered previously. I'd say that a much larger percentage of people want to see other people be successful rather than look for ways to steal from other people. You'll get a lot further including other people in your thinking that you will holding your "idea" close to the vest and never sharing it. Open is where its at! Good luck.
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M$The postmarked, unopened envelope is proof of the conception date and source of your idea.
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M$This is a myth, it doesn't hold up legally.
http://patent-your-inventions.com/?p=61
http://books.google.com/books?id=WmiOAa5z03cC&pg=PA47&lpg=PA47&dq=empty+envelope+patent&source=bl&ots=lbK-pEU8pd&sig=VpJepo4h93nu97_TXFwd-Y6SRM0&hl=en&ei=k8MBSv_bBdDOjAf1p7X5Bg&sa=X&oi=book_result&ct=result&resnum=10
Darn .. now I'll have to toss all my ideas out. :(
Seriously, thanks for the information.
Then have everyone sign NDAs or non-disclosure agreements who you talk to.
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M$The "have everyone you talk to sign an NDA" is a nice idea but never doable. Firstly, virtually no professional investor will sign an NDA. The reality is, they look at hundreds of businesses on a weekly basis and there would be no way to track all of the legal issues associated with NDAs. That being said, if you hope to raise money for what you're doing at some point you'll have to get over the "i need an NDA" mentality. The reality is that good investors build their reputation on integrity, so the good ones aren't out to steal your ideas.
Is Twitter the only micro-blogging site, or Youtube the only video-sharing site?
Executing brilliantly will most likely be far more important than having a good idea. So don't go overboard with secrecy, talk to people that you trust to see what they think of the idea.
If you get around to talking to people like VCs, they will not sign non-disclosure agreements or anything of that sort. They see too many ideas from too many people with too much overlap to want to leave themselves open to lawsuits of that kind.
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M$More importantly, take action on your idea ASAP. If you don't, someone else will independently come up with the idea and act on it. If your idea involves a new invention, method, or system, you may be able to patent that implementation of your idea, but an idea itself is not patentable.
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M$