I have a great idea that I would like to share with someone who wants to invest in it, how can I make sure that he doesnt steal my idea and how can I make sure that no one else copies it or steal it? I've heard of non disclosure agreements how do I use that to my benefit? Can I do all the legal work online? Thanks in advance
NDA's makes it easy for both parties to agree on something and bind themselves to an agreement that are both beneficial. This protect both parties from problems, since this will involve legal actions if one leaks or breach the agreement.
NDAs protect you legally, however someone stealing your idea and modifying it just outside legal liability is still a problem.
An NDA doesnt have to be reciprical though anyone with any sense wouldnt sign one that puts equal duties on the other party. The NDA will prohibit the other party from sharing what you tell them with anyone else other than people expressly required for the work involved and prevents them from developing the idea themselves. If the idea does get out or they do develop it themselves the difficulty is proving that they are the ones that breached the NDA and it isnt a case of someone else independantly coming up with the idea. They are much more an ethical document than an enforcable one because of the difficulties - saying that many may not realise this
Can someone please explain to me what I should exactly do, Step by step?.. $5 tip will be given to best answer..
The best thing to do is get an NDA and non-competition agreement signed. Even with it in place it is sensible to consider just how much you give them, if they are going to be helping you with the technology there is no need to tell them about your anticipated conversion rate etc