Why Your Primary Worry Should Be Execution, Not Confidentiality
August 21, 2013 | By Kevin Vela
I represent two startup founders with a brilliant idea that I think is going to disrupt a traditional everyday service. I’ve been working with them from day one to put their team and concept together. Early on, one of the founders was overly concerned with how much she should divulge to potential investors and partners. She thought that someone else may steal her idea and run with it. A legitimate concern, but as any experienced entrepreneur knows, easier said than done.
We’re now 6 months into the startup and close to launch. I caught up with her last week and we went through everything they had accomplished to get to this point. At the end she joked “if someone else wants to try to do this, go for it.” Now that she has run the startup gauntlet herself, she understands how difficult it really is to start a business, and why so few people actually do it.
My advice to my clients is always to concentrate on taking the next step and ignore the competition. Obviously, it’s important to be careful when discussing your idea (and your attorney will help you to protect it), but founders who get hung up on confidentiality and NDAs are usually focusing on the wrong thing.
Kevin Vela is a founding partner of Vela | Wood PC in Dallas, and focuses his practice on representing small businesses and startups. You can follow Kevin on Twitter @DalAngelNetwork or follow the firm @VelaWood and you can contact Kevin at firstname.lastname@example.org.