Asked by Anonymous
Asked on 22 Dec 2019
Should I set up a non-discloser agreement before sharing the idea to support the system or even potential investors?
I agree that NDA are overrated. Execution is everything.
Most people think that their ideas are really worth a lot and ask for NDAs and etc and then set up too high expectations and investors get very disappointed later ("we seen this X times in the past 2 yrs")
More importantly, get a working protocol, get an MVP up and working to meet other cofounders and coinvestors.
When the MVP is up and then go for IP to protect it.
Ideas are not worth anything until they are executed well and eventually lead to some form of sucess. There are however a few things to consider:
First mover advantage - If there are no players in the market with the same business model as what you have in mind, being the first to actually execute your idea might be able to help you not only secure a sizeable market share but also protect your idea(s) as being original.
Patents/Intellectual Property - Check with IPOS how you can protect your idea(s) in the form of patents or trademarks. https://www.ipos.gov.sg/