Suppose you determine to do what I not too long ago did and speak to the managing companion of a consulting agency and suggest that the 2 entities agree to discover the possibility of forming a business alliance that just may turn out to be very revenueable? Enterprise is all about deal-making and each once in a while a Solopreneur has to pitch a good proposal to the precise prospect. After all, nothing ventured, nothing gained.
But there’s risk concerned, often for the smaller entity. Solopreneurs typically offer intangible providers, higher often called mental property. We trade on our experience and judgment, our model and status, that which distinguishes us from the pack and allows us to make a living.
Engaging in a enterprise alliance or three way partnership normally includes the sharing of intellectual property protection property by one or all the parties (in this case, it could be me). How will you defend yourself from unscrupulous operators who might determine to acceptable your valuable IP as you’re on the market making an attempt to be proactive and proposing potential enterprise offers to events who may be interested?
Denver legal professional Susan F. Fisher defines intellectual property or trade secrets and techniques as “any formulation, method, or info that gives you a aggressive advantage… anything that takes time, cash or effort to develop and that you don’t want potential rivals to know about.”
Most business alliances, together with licensing arrangements, require a Solopreneur or business proprietor to disclose trade secrets and techniques and other IP. Defending the coin of your realm is a high priority. Surprisingly, trade secret safety can principally be achieved by taking just a number of simple steps that value no money in any respect to enact.
Step one is to identify your mental property or trade secrets and techniques as restricted materials and due to this fact not available for normal distribution. Mark the material “Confidential” in big bold typescript. Step two is to require a particular password to entry the doc file, to supply yet another stage of security.
A third IP safety measure is to unambiguously state in a letter, or in the e-mail to which the file of IP info is connected, that the information within is proprietary and confidential and that it’s being supplied as a part of a enterprise proposition for which you would like to be paid, ought to the proposal come to fruition.
Instituting such safeguards not only protects IP, but if a dispute should lead to litigation, may even demonstrate to lawyers, judges and juries that you recognized your IP as confidential and not supposed for general distribution; that you made it known that the data you shared was delicate; and that you simply supposed and attempted to guard your IP.
The ultimate stage of safety is to require that the party with whom you share IP sign a nondisclosure agreement. The NDA offers formal authorized protection in your IP and trade secrets. Additionalmore, the NDA specifies which information is considered proprietary and which isn’t and likewise describes informationlines as to how the IP may be used and for how long the knowledge must stay confidential. In the NDA, your legal professional should request that every one copies of confidential info that element the ingredients of your “secret sauce” be returned to you at the finish of that term.
So by all means, be an enterprising Solopreneur and pitch a good idea to the proper choice-maker. Just be sure you begin the venture off on the proper foot by taking a few no-value steps to protect your interests.