Great video, thanks! I have a question: I want to create a digital business platform and need to reach out to a software company for development. Can I secure my idea by having them sign an NDA? Like can I just say my business outline idea initially?
NDAs offer benefits, but how they do that is more complicated than what you've written. More on how NDAs help you protect your idea and how they don't here: www.forbes.com/sites/stephenkey/2024/02/20/dont-ask-for-an-nda-right-away---do-this-instead-when-pitching/
Stephen, Andy... his is great advice and understood. Can you possibly point me to a video you may have done whereby an idea that one has ultimately turns out to be a derivative of something else, but not by intention. e.g. someone has already invented a caravan and your idea totally separately is the invention of a trailer (just to make a totally fictitious example like your hammer example). I have conceived something but it is something similar to something else used for something utterly different. Certain component parts differ and there is also a different "technical" specification. Those two factors remove it from an existing device (that looks similar to some extent) that is used for a totally different purpose. T Can something like that still be patented, or can one only attempt to licence it (with an NDA alone) and stand back and watch others make it too soon after, as it cannot be protected? Hope that was clear enough. It's difficult to describe here publicly without saying what it is! It will be very easy to manufacture, and fairly inexpensive, and it does make life easier and the process (dealt with another way currently) easier and in certain circumstance much more precise.
Enjoy hearing you teach, and explain how things work in the inventing world! One thing I remember being taught years back, was if it sounds to good to be true then it probably isn't! But you make it sound possible???
That's still great advice! And is relevant when signing an NDA. But there are also good companies out there that are sincere about treating inventors right. Thank you for watching Billie.
Hi Steve, what does this say about a company, that includes this clause in their NDA? "Each party hereby expressly acknowledges and agrees that any failure to comply with the provisions of this AGREEMENT will cause irreparable harm and damage to the other party for which the other party will have no adequate remedy at law. Each party further agrees that it shall not raise the repairability of harm or the adequacy of a remedy at law as a defense to any action brought by the other party to enjoin the use of the Idea or to obtain other equitable legal relief".
Many thanks Stephen for this brilliant video. I have a question: Is it necessary to ask that an NDA be signed when a potential client seeks one to write a proposal or develop a solution to a specific problem intended to be solved by the same potential client?
Cool. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Hey Mr.Key, great video have probably watched over 20 times. So let's say your pitch was great the want to see more and they have you sign the NDA. Then they asked for my company or business name, I don't have one then they said they cannot accept any outside submission and won't view my product without it. Have now accepted 3 NDA"s but this last one threw me off because I don't have a company. Is there a way around that. Thanks again #InventRightRules
Josh, thank you for the kind words. When Stephen was inventing, the name of his company was "Stephen Key Design." Watch Amy Jo's video about forming an LLC for licensing: ua-cam.com/video/reObjkp5jJQ/v-deo.html
What if the NDA the company supplies you is one sided on the companies side? They want your ppa but they don't want to modify their NDA at all. If my ppa is solid should I just do it? (I understand this is not legal advice)
I am from a small country in South East Asia that prides itself on its Rule of Law and so far law firms or patent agent firms I approached are reluctant or give me the impression they are reluctant to sign NDA. It seems like a market practice. They keep saying it's their professional obligations to keep it confidential. They may also say when you go see a doctor do you ask doctors to sign NDA. Some charge a substantial fee if you request NDA. So, I am very disappointed. And every now and then, I see lawyers breaking laws or are being dishonest. Seems like the layman is being shortchanged.
Please read this article to understand why companies like OXO don't want to sign an NDA right away: www.inc.com/stephen-key/non-disclosure-agreements-can-be-powerful-but-only-if-you-know-how-to-use-them.html
you da man stephen!
Thank you Stephen 😊
You are very welcome
Great video, thanks! I have a question: I want to create a digital business platform and need to reach out to a software company for development. Can I secure my idea by having them sign an NDA? Like can I just say my business outline idea initially?
NDAs offer benefits, but how they do that is more complicated than what you've written. More on how NDAs help you protect your idea and how they don't here: www.forbes.com/sites/stephenkey/2024/02/20/dont-ask-for-an-nda-right-away---do-this-instead-when-pitching/
this video was sooo good thanks
Stephen, Andy... his is great advice and understood.
Can you possibly point me to a video you may have done whereby an idea that one has ultimately turns out to be a derivative of something else, but not by intention. e.g. someone has already invented a caravan and your idea totally separately is the invention of a trailer (just to make a totally fictitious example like your hammer example).
I have conceived something but it is something similar to something else used for something utterly different. Certain component parts differ and there is also a different "technical" specification. Those two factors remove it from an existing device (that looks similar to some extent) that is used for a totally different purpose. T
Can something like that still be patented, or can one only attempt to licence it (with an NDA alone) and stand back and watch others make it too soon after, as it cannot be protected?
Hope that was clear enough. It's difficult to describe here publicly without saying what it is! It will be very easy to manufacture, and fairly inexpensive, and it does make life easier and the process (dealt with another way currently) easier and in certain circumstance much more precise.
ua-cam.com/video/-Ia7dB31v9E/v-deo.html
We'd love to help advise you. Get in touch with us: www.inventright.com/contact
Thank you Stephen! this is really helpful.
If you use copyright NDA you are very much protected
If you already have the provisional patent, then isn’t the good stuff already publicly available?
It’s called a provisional patent application.
It is not publicly shared. In fact, the US PTO doesn’t even open it.
@@inventRight Gotcha. Thank you!! Understood
Enjoy hearing you teach, and explain how things work in the inventing world! One thing I remember being taught years back, was if it sounds to good to be true then it probably isn't! But you make it sound possible???
That's still great advice! And is relevant when signing an NDA. But there are also good companies out there that are sincere about treating inventors right. Thank you for watching Billie.
Good information Steven!
Hi Steve, what does this say about a company, that includes this clause in their NDA?
"Each party hereby expressly acknowledges and agrees that any failure to comply with the provisions of this AGREEMENT will cause irreparable harm and damage to the other party for which the other party will have no adequate remedy at law. Each party further agrees that it shall not raise the repairability of harm or the adequacy of a remedy at law as a defense to any action brought by the other party to enjoin the use of the Idea or to obtain other equitable legal relief".
Ty sir💪
Many thanks Stephen for this brilliant video.
I have a question:
Is it necessary to ask that an NDA be signed when a potential client seeks one to write a proposal or develop a solution to a specific problem intended to be solved by the same potential client?
Awesome!
! love this
Cool. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Hey Mr.Key, great video have probably watched over 20 times. So let's say your pitch was great the want to see more and they have you sign the NDA. Then they asked for my company or business name, I don't have one then they said they cannot accept any outside submission and won't view my product without it. Have now accepted 3 NDA"s but this last one threw me off because I don't have a company. Is there a way around that. Thanks again #InventRightRules
Josh, thank you for the kind words. When Stephen was inventing, the name of his company was "Stephen Key Design." Watch Amy Jo's video about forming an LLC for licensing: ua-cam.com/video/reObjkp5jJQ/v-deo.html
While I was at the NHS in Vegas most of the connections I made requested my NDA or that I send them my NDA. Is that a bad sign?
No, not at all.
cool videos buddy
You only think patents. What is a patent? Its a license... What is copyright? Its property...
What if the NDA the company supplies you is one sided on the companies side? They want your ppa but they don't want to modify their NDA at all. If my ppa is solid should I just do it? (I understand this is not legal advice)
It's probably not a good sign that their NDA is so one-sided, right?
I am from a small country in South East Asia that prides itself on its Rule of Law and so far law firms or patent agent firms I approached are reluctant or give me the impression they are reluctant to sign NDA. It seems like a market practice. They keep saying it's their professional obligations to keep it confidential. They may also say when you go see a doctor do you ask doctors to sign NDA. Some charge a substantial fee if you request NDA. So, I am very disappointed. And every now and then, I see lawyers breaking laws or are being dishonest. Seems like the layman is being shortchanged.
OXO will not sign an NDA. I was disappointed to find this out.
Please read this article to understand why companies like OXO don't want to sign an NDA right away: www.inc.com/stephen-key/non-disclosure-agreements-can-be-powerful-but-only-if-you-know-how-to-use-them.html
Just please, remove those people from my sight.
Within the first 30 seconds he says most companies won't sign one. Well , I don't need to watch the rest of the video then.
Lol!