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Why VCs don't sign NDAs
“Before you even start addressing the hard stuff, never ask a venture capitalist to sign a non-disclosure agreement (NDA). They never do. This is because at any given moment, they are looking at three or four similar deals. They’re not about to create legal issues because they sign a NDA and then fund another, similar company–thereby making the paranoid entrepreneur believe the venture capitalist stole his idea. If you even ask them to sign one, you might as well tattoo “I’m clueless!” on your forehead.”
That basically says it all. I’d add a few things:
Even if I was inclined to sign an NDA, I’d have to go through the process of reading it and deciding if it had any problems (many of them do – they are usually overreaching for the information being disclosed), dealing with my lawyer to change it, and you dealing with (and spending time with your lawyer) to accept or reject my requests. In some cases, I’d probably spend more time dealing with the NDA then with the entrepreneur and his idea. How stupid.
I’d have to keep track of all the NDA’s I signed. It’s “yet another legal document” in the pantheon of documents we have to keep track of. Hmmm – maybe we should consider funding a startup to automate the creation and tracking of NDA’s. Nah.
In 20 years of high tech (as an entrepreneur, angel investor, and VC), I’ve never been involved in a situation where an NDA in enforced except in an M&A context. It’s simply a waste of paper and time for anything but M&A.
The laws of cricket
- You have two sides, one out in the field and one in.
- Each player that’s in the side that’s in, goes out, and when he’s out, he comes in and the next player goes in until he’s out.
- When they are all out the side that’s out comes in and the side that’s been in goes out and tries to get those coming in out.
- Sometimes you get players still in and not out.
- When both sides have been in and out including the not-outs, that’s the end of the game.
Speech notes from Petteri Koponen, founder of Jaiku
From MoneyTalks conference in Finland
One rule/3 rules for startups
1. Survive - if you do this ok, if still only this after 10 years a bit disappointing 2. Create value 3. Have fun
2 things to do - over pitch and then over deliver
Guy Kawasaki - how do you know when an entrpreneur is pitching? His lips are moving. At least this should be the case - idea will evolve and improve quickly
NDAs/confidentiality not important, risk of working on a bad idea is worse than risk of having your idea stolen
Dali quote
There is less method to my madness than madness to my method.
How not to do it
