Legal Aspects of Ideation

There are financial and legal aspects to startup ideation.

Here are some key points to consider:

Test your idea with a minimum viable product before investing substantial resources.

All ideas look good until you have to actually build and sell it.

As always there should be more than one MVP on ideas that pass muster.

Check the numbers.

Do a basic financial analysis to see if the numbers make sense.

Model out the cost to build and sell the product.

Make sure all contributors to the ideation process have signed intellectual property rights over to the company.

This is often part of the employment agreement but should also be applied to contractors and other contributors.

Skip the non-disclosure agreements also called NDAs.

You want to generate more exposure to customers. 

A few precautions at this stage can save a tremendous amount of time and energy later.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.