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MenuHow do I approach a business with an idea?
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Really good question. You can do it via one of three ways:
1) Provisional Patent. if an implementation of their system to his new market would be patentable (i.e. using machine X to make donuts instead of jewelry), then you could file a provisional patent on the idea. Provisional patents are very informal and cheap. They can essentially be written on the back of a napkin, and filed for ~$100. They last for only a year, after which you have to convert them into a 'real patent', otherwise your idea will become open to the public to use.
2) An NDA. You could have them sign a non-disclosure agreement (NDA), which would have wording in it that basically says, "I'm going to tell you something, and unless you have existing proof that you already had thought of that idea, then you're not allowed to use my idea without my consent". Sometimes the company will not want to sign an NDA because they may have discussed a lot of ideas without writing them down, and by signing your NDA, they'd legally lose the right to use one of those non-written-down ideas. But it's worth a shot.
3) Rely on trust. The way to make this more likely to work is if you are good friends with a big investor in their company, or something like that. Some situation in which, if they steal your idea, they'd be ruining their reputation with someone they care about (they probably don't care about pissing you yourself off). If you don't have such a connection, maybe you can form one through linkedin.
If you'd like to discuss any of this further let me know,
all the best,
Lee
Related Questions
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I'm looking for advice on idea generation. I'm currently struggling on what type of business should I start?
Hello! This is a great question, alimena many new self-employed or entrepreneurs face. When I started consulting 10 years ago i started mentoring people in this exact situation - you know you're good, but you feel like your skillsets are diverse and you obviously want to do something productive that generates steady income thus you're unsure as to what path to follow. If this goes un-addressed for too long you'll see years pass by w/no fruitful effort. My background is in strategic marketing - here are my thoughts for you: First, try coupling your skillsets to a certain industry such as marketing, pr, sales, technology, etc. Are you capable of creating the logos or imagery you propose to someone? Second, based on whether you can deliver and the industry that best suits you - understand your would be role in the current eco-system. For example I would place your interest into marketing but you see, a logo does not make a brand, a slogan requires clever pitching to be accepted at once, and clever repetition to the audience for it to stick and become a slogan or part of the brand. Why would a company go to a consultant who cannot deliver campaigns but only create words on microsoft or sketch a logo but not create it? Even a graphic artist must go through dozens of variations of the same 'finished' logo before one gets accepted and thats because a miniscule detail makes a huge difference to a client. So a sketch is close to delivering nothing. Consulting can be a good gig, but you must understand what consulting is - is not just speaking, unless you're amazing public speaker and jargonist. No, sustainable consulting delivers a product in the form of research, theories, thesis, manages others implementing the effort, works side by side the teams they are hired by. So this means that even for logo and branding consulting you must be perceived as an expert in your field, have experts who like you as a human and respect you as a professional. Specially if you want to simply create verbal content and not tangible brand assets. With that said, on the other hand, let's say that you are able to deliver tangible assets to a company client. Good for you, now lets understand your role in the current eco-system as follows: You are either a disruptor, traditionalist, softserver, specialist, connector or a soloist. Now, is important that you don't get played by your ego - none of these is above another and even through the distruptor classisification might be of your liking it doesn't mean that you are - you, to me, sound like would fit under the soloist. A distruptor is someone with ton of experiences and abilities to bring all others together under one roof service and deliver a hybrid company - I have done that with Unthink, a hybrid marketing agency that caters to small and new business owners who need high budget services on monthly payments and have gathered expert professionals to work under my model and not traditional lump sum plans for traditional and digital marketing and advertising. A traditionalist are becoming irrelevant and depend heavily on relations and past authorities in a field. For newcomers this is obviously out of the question and a dying competitive strategy. Specialists, you could be here, focus heavily and depend on NICHE markets only. These individuals can charge a premium because they offer a single solution to any client and deliver it well because they understand it backwards and inside out. These people are constantly improving, reading, learning and networking and have a pitch crafted down to the T. They depend heavily on connections obviously and patience for their connections to need their services. Connectors, are networkers, not doers. - you could be here too. They make the connections and hire or subcontract others who can serve. Soloists are common - these are web devs, programmers, graphic artists, solo-business owners - who have modest growth goals, low cost of living and thus can comfortably build connections and offer a small variety of services which once sold they create and deliver themselves. (if you know graphic design you would be here) These people are not looking to build an agency right off the bat or at all, instead just make a good living doing something they love either as main provider or as a contractor or sub-contractor to clients directly or other companies. I hope my answer helps you figure out what type of business to start, I cannot give you a direct response because that is a loaded question which answer depends heavily on things only you know. If you would like to chat a bit more give me a call, message me, or google me. Right now, we currently added a yelp account, if you feel like my answer helped me I would invite you to leave a yelp review for me in return :) https://www.yelp.com/biz/unthink-marketing-avondaleHV
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When is the right time to launch an idea?
You've been doing all the right things, so you're on the right track. Not sure what you mean by, "launch the idea" though. You can't start selling it until you have an MVP (Minimum viable product), and it doesn't sound like you do. Your next steps are to make an MVP and deploy it to people with the appropriate personas you identified in your previous user research. Your MVP, and defined personas will most likely be iterated as you do subsequent testing, that's normal. In order to get people to test out your MVP you don't necessarily need a website or promotional video, but they may help in the recruitment of testers if needed. Nobody other than the people you solicit as testers are going to see the website, so don't worry about that. You don't have to be very secretive, but if you want to be cautious, you can ask if anyone wants to test your MVP (on forums, etc.), and describe it in general terms (i.e. just describe the problem it solves, and maybe generally how). Then for all the people that are interested you can give them the details and show them the device (or whatever it is) and see if they're still interested. You should have all your solicited testers fill out pre- and post- questionnaires which will help you quantify optimal personas, the functionality of your product, approximate price people might pay for it, etc. I've done many of these myself, and also helped lots of other people design them, analyze the results, and iterate their MVP based on the results. Let me know if you'd like any help, or if you have any questions relative to the specifics of your product. best of luck, LeeLV
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Is a Software Services startup still a good idea?
Trust me ..It is a blood bath... Sites like freelancer have already capitalized the labor arbitrage business model.. I joined 2 groups but lacked motivation when it The only way it would work is 1) Get higher in value chain - Management consulting , roadmaps etc. The labor arbitrage still works there .. 2) Cutting edge and non-commodity services like IoT, Cloud, Hardware 3) Niche technology like NLP (natural language processing), Machine Learning, Computer Vision etc.. Please don't start another website development company using PHP , net .. The world do not need one more.. You still want to start, better have a behance portfolio that is killer quality .. QUALITY IS NEVER CHEAP !!! Need help in exploring option, feel free to place a call.. and if can'tr afford $, let me know.. will arrange a 30 free call..NJ
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How can I validate my product idea in the most cost efficient way possible?
Great question, many entrepreneurs are stuck before launch because of this hurdle. I have helped many individuals turn full time entrepreneurs through succinct consecutive coaching in various industries. Here are my suggestions, but keep in mind they are generic because you didn't provide any details. 1. If you have a prototype or design, re-design it with the intentional focus of removing certain features. Making trade offs are critical and simplify your introduction, pitch, and value proposition as well increase the chances of people being 100% impressed with the limited featured offering rather than semi impressed and focus on what is done wrong. 2. aim for simplicity in your pitch, avoid jargon and create a simple story on how to present the problem solution your 1 or 2 features is offering. - go to older family members for this, not friends or coworkers. 3. go to Fiverr.com and maybe if needed look there for a cheap and quick prototype mockup. 4. create simple landing page to present as if you are a fully working startup. go to www.instapage.com for quick landing pages and if you want a domain go to www.unthinkhosting.com for cheap domains - use code unthink for discount, it should give you some savings there. 5. go to startup weekend events instead of all 3/4 above and just create a simple pitch (under 1 minute) to present your problem and solution idea. if selected you get a team for a full weekend to validate something together. 6. Or create a facebook product page, upload some images (not sales pitches) of problems w/ problem story descriptions... post a lot of those... randomly posting images of your product (already simplified in features) and launch a small budget campaign, say $15.00 for paid advertising featuring your simplified product image, little or not text in the image but with a very short story and solution as header. trust me, is critical that you remove features. If you are not willing to make trade offs, from my experience you are not ready to try entrepreneurship at all. I hope this helps and look forward to seeing you succeed! Humberto ValleHV
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How to approach business owners for an idea extraction?
I've done this in the past. I find the best way is to do it in person. I made a habit of walking on my downtown street between lunch and asking the local business owners about their challenges of their business. I don't know if there's a number...I think idea extraction should become a part of your daily routine. Here are some questions you can ask: So your business does X? What is your role in the business? What does a typical day look like for you? Can you walk me through the first couple hours of your day? What are the first few things you do each morning? How many customers are you working with a month right now? What’s been your best month? What’s been your worst? What are a couple activities you have in your day that you just don’t enjoy? Getting Deeper Thinking about the last couple days at work, what has been the most challenging part? What do you use excel for in your business?** What is the most expensive problem in your business? What’s a problem that you’ve tried to solve in the past but didn’t work for you? What would you like to do with you mobile phone, but can’t?ZA
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