What You Should NOT Do When You Have A Good Business Idea

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Dec 22, 2017
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#1
Reality Check!

If your idea is really a billion dollar idea here is what is going to happen.

You will go to company #1. They might say, this is a great idea, we love it. Let us consider it internally and we will come back to you about setting up a partnership. All of this will be oral. Nothing in writing. You wait a few days. Then you wait a week. Then you wait another week. Then you write or call your contact person and no one comes back to you. Or they tell you, we decided this idea just won’t work for us. Thanks for coming by.
Six months to a year later company #1 comes out with a new product or service that is exactly like what you described to them. You have nothing. End of story.

This will happen with almost every large company you go to.

Do you really think that Apple, Google, AT&T, PayPal, Amazon, Mobil Oil, etc got rich by being honest and ethical? By paying for ideas from nice and smart people who came to see them?

My suggestion is to do whatever it takes to prototype your idea. Make it work on a tiny scale if necessary. If you have enough money, hire a patent lawyer to help you write the patent application on it and file a patent application. Do not go to any company with your idea unless you have all correspondence in writing, a solid NDA in your country and theirs, a lawyer with you, a patent application on file, enough money to sue them successfully for infringement if they steal your idea. (Minimum $1.5M) or prototype your idea. Make money on a very limited version of your idea. Build your business. Keep reinvesting in your company. Build it to a level of success that would be expensive for a company to duplicate.

Trust me, most large companies will steal whatever they want unless they believe it is cheaper to pay you for it. There are no ethics any longer. Anyone who tells you that is full of it or more naive than I used to be.

I have been through this rodeo many times.

Good luck,
Jon Shore