Keep always one step ahead. Do your homework! Domain Expertise and Execution Matter

Following the last post "What if someone steals my idea", the thing is to keep always one step ahead of the game.

Before talking to peers, companies, investors, customers, do your homework: Domain expertise and execution matter.

 

 

 

You’ve been thinking about this problem/solution for weeks and months. Anyone who steals your idea will always be one step behind, waiting for you to lead the way while they copy features. Your experience, execution and vision matter as much as your idea.

 

Read the testimony of Steve Blank on this subject (Never Get Even, Get Ahead):

 

Someone stole my idea - part 1.

Lessons Learned

If you present slides publicly, assume everyone including your competitors will have them.

If you present slides privately, assume a high probability that your competitors will acquire them

Do not put your trade secrets, proprietary algorithms, patentable technology, secret sauce, etc. on presentation slides – ever.

That still leaves you tons to talk about in a first and even second meeting.

For slides that contain diagrams or drawings that you created, make sure your initials and date are on them.

 

 

Someone stole my idea - part 2.

Lessons Learned

Your business concept is not a company. Lots of people have ideas. Typically they are just a set of untested hypotheses.

Successful companies are about the learning, discovery, iteration on your initial ideas. If someone can do a better job iterating hypotheses and executing than you can, you deserve to fail.

No business plan survives first contact with customers

The real value is finding the product/market fit.  That’s not found in a set of slides.

 

 

Someone stole my idea - part 3.

Lessons Learned

Protecting your startups intellectual property should be a strategy not an after the fact tactic.

You need a plan for trademarks, copyright, trade secrets, contracts/NDA’s and patents before you get funded.

Your intellectual property may be an additional revenue stream or may add substantial value to your company.