hi I’m Evan Carmichael welcome to another edition of ask Evan today I’m
another edition of ask Evan today I’m
another edition of ask Evan today I’m gonna answer a question from one of our
gonna answer a question from one of our
gonna answer a question from one of our forum readers who had a question about a
forum readers who had a question about a
forum readers who had a question about a food product that they’re trying to sell
food product that they’re trying to sell
food product that they’re trying to sell so the question here is I have a food
so the question here is I have a food
so the question here is I have a food product that does not exist in the
product that does not exist in the
product that does not exist in the market he uses an existing product when
market he uses an existing product when
market he uses an existing product when his main ingredients but then with the
his main ingredients but then with the
his main ingredients but then with the addition of at least four more items
addition of at least four more items
addition of at least four more items turns into something else that has yet
turns into something else that has yet
turns into something else that has yet to be packaged new marketed obviously
to be packaged new marketed obviously
to be packaged new marketed obviously the producer the main ingredient would
the producer the main ingredient would
the producer the main ingredient would be the ideal company to sell the idea
be the ideal company to sell the idea
be the ideal company to sell the idea recipe to as it can easily use their
recipe to as it can easily use their
recipe to as it can easily use their production and packaging facilities
production and packaging facilities
production and packaging facilities complete the new product how would I
complete the new product how would I
complete the new product how would I approach them and protect my idea but
approach them and protect my idea but
approach them and protect my idea but but still be able to tell them what it
but still be able to tell them what it
but still be able to tell them what it is so thanks for the question a couple
is so thanks for the question a couple
is so thanks for the question a couple of ideas that come into mind as I read
of ideas that come into mind as I read
of ideas that come into mind as I read this the first is usually at least from
this the first is usually at least from
this the first is usually at least from my experience the producers of of raw
my experience the producers of of raw
my experience the producers of of raw ingredients or raw supplies are very
ingredients or raw supplies are very
ingredients or raw supplies are very rarely interested in creating final
rarely interested in creating final
rarely interested in creating final products they know their place in the
products they know their place in the
products they know their place in the food chain and they don’t want to expand
food chain and they don’t want to expand
food chain and they don’t want to expand it sometimes happens with vertically
it sometimes happens with vertically
it sometimes happens with vertically integrated companies but it’s pretty
integrated companies but it’s pretty
integrated companies but it’s pretty rare so chances are the company who
rare so chances are the company who
rare so chances are the company who makes this ingredient isn’t interested
makes this ingredient isn’t interested
makes this ingredient isn’t interested in making anything beyond their
in making anything beyond their
in making anything beyond their ingredient and so they may be a
ingredient and so they may be a
ingredient and so they may be a potential partner for you if they think
potential partner for you if they think
potential partner for you if they think it’s a good idea that may be able to try
it’s a good idea that may be able to try
it’s a good idea that may be able to try to introduce you to some potential
to introduce you to some potential
to introduce you to some potential partners or investors or other companies
partners or investors or other companies
partners or investors or other companies that they work with who might be able to
that they work with who might be able to
that they work with who might be able to help but chances are they wouldn’t be
help but chances are they wouldn’t be
help but chances are they wouldn’t be interested themselves it could be wrong
interested themselves it could be wrong
interested themselves it could be wrong it can happen but for the most part the
it can happen but for the most part the
it can happen but for the most part the companies who produce supplies are
companies who produce supplies are
companies who produce supplies are rarely interested in then creating final
rarely interested in then creating final
rarely interested in then creating final products so they’re you know just
products so they’re you know just
products so they’re you know just through the channel you have the
through the channel you have the
through the channel you have the producers you’ve got the wholesalers you
producers you’ve got the wholesalers you
producers you’ve got the wholesalers you got the retailers and sometimes a little
got the retailers and sometimes a little
got the retailers and sometimes a little bit of crossover but it doesn’t happen
bit of crossover but it doesn’t happen
bit of crossover but it doesn’t happen that often so I wouldn’t think of them
that often so I wouldn’t think of them
that often so I wouldn’t think of them as being the ideal fit as a customer for
as being the ideal fit as a customer for
as being the ideal fit as a customer for this the next thing comes in as to
this the next thing comes in as to
this the next thing comes in as to should I you know protect my idea or not
should I you know protect my idea or not
should I you know protect my idea or not and this is this is very common this
and this is this is very common this
and this is this is very common this isn’t just for the food business this is
isn’t just for the food business this is
isn’t just for the food business this is across every entrepreneurial type of
across every entrepreneurial type of
across every entrepreneurial type of business people are worried that if you
business people are worried that if you
business people are worried that if you tell people your idea they’re gonna run
tell people your idea they’re gonna run
tell people your idea they’re gonna run with it and steal it and turn it into
with it and steal it and turn it into
with it and steal it and turn it into their own business and you know that can
their own business and you know that can
their own business and you know that can happen
happen
happen but your chances of success increase as
but your chances of success increase as
but your chances of success increase as you tell people so you have to obviously
you tell people so you have to obviously
you tell people so you have to obviously be wary of who you tell you don’t want
be wary of who you tell you don’t want
be wary of who you tell you don’t want to go up and tell your direct
to go up and tell your direct
to go up and tell your direct competition hey here’s this great idea
competition hey here’s this great idea
competition hey here’s this great idea I’m thinking of doing what do you think
I’m thinking of doing what do you think
I’m thinking of doing what do you think they have the easiest ability to copy it
they have the easiest ability to copy it
they have the easiest ability to copy it and run with it themselves but if you
and run with it themselves but if you
and run with it themselves but if you don’t tell anybody at all you’re never
don’t tell anybody at all you’re never
don’t tell anybody at all you’re never going to hit success right so you have
going to hit success right so you have
going to hit success right so you have to tell people about it and this is
to tell people about it and this is
to tell people about it and this is something that came up with us commonly
something that came up with us commonly
something that came up with us commonly in the venture capital business where
in the venture capital business where
in the venture capital business where people wouldn’t let me look at their
people wouldn’t let me look at their
people wouldn’t let me look at their business plan unless we sign the
business plan unless we sign the
business plan unless we sign the non-disclosure agreement we never signed
non-disclosure agreement we never signed
non-disclosure agreement we never signed another agreement and it’s just part of
another agreement and it’s just part of
another agreement and it’s just part of the business and you could ask people
the business and you could ask people
the business and you could ask people for non-disclosure agreements if you’re
for non-disclosure agreements if you’re
for non-disclosure agreements if you’re really concerned about it but chances
really concerned about it but chances
really concerned about it but chances are they’re not gonna sign it so now
are they’re not gonna sign it so now
are they’re not gonna sign it so now those companies who wouldn’t give me
those companies who wouldn’t give me
those companies who wouldn’t give me their business plan and they’re only
their business plan and they’re only
their business plan and they’re only asking for non-disclosure agreements
asking for non-disclosure agreements
asking for non-disclosure agreements it’s gonna make it a lot harder for them
it’s gonna make it a lot harder for them
it’s gonna make it a lot harder for them to get funding for me I’m just trying to
to get funding for me I’m just trying to
to get funding for me I’m just trying to raise money for companies right I’m not
raise money for companies right I’m not
raise money for companies right I’m not gonna go run and steal somebody’s idea I
gonna go run and steal somebody’s idea I
gonna go run and steal somebody’s idea I try to do it myself it’s not the
try to do it myself it’s not the
try to do it myself it’s not the business sign man I’m not interested in
business sign man I’m not interested in
business sign man I’m not interested in that so by telling me your business plan
that so by telling me your business plan
that so by telling me your business plan idea I see you know I’ve seen thousands
idea I see you know I’ve seen thousands
idea I see you know I’ve seen thousands and thousands of business plans I don’t
and thousands of business plans I don’t
and thousands of business plans I don’t care if your business plan you know my
care if your business plan you know my
care if your business plan you know my only interest here is seen if I can help
only interest here is seen if I can help
only interest here is seen if I can help you raise money for it I don’t want to
you raise money for it I don’t want to
you raise money for it I don’t want to run your business it’s not what I do
run your business it’s not what I do
run your business it’s not what I do so the same thing with your business
so the same thing with your business
so the same thing with your business idea you want to go to people who you
idea you want to go to people who you
idea you want to go to people who you think you’re potentially help you but
think you’re potentially help you but
think you’re potentially help you but it’s not in their business to do what
it’s not in their business to do what
it’s not in their business to do what you’re trying to do so you’re getting
you’re trying to do so you’re getting
you’re trying to do so you’re getting feedback you’re getting advice you’re
feedback you’re getting advice you’re
feedback you’re getting advice you’re getting ideas maybe you’re getting money
getting ideas maybe you’re getting money
getting ideas maybe you’re getting money maybe you’re getting some partnerships
maybe you’re getting some partnerships
maybe you’re getting some partnerships you’ll be getting a team together from
you’ll be getting a team together from
you’ll be getting a team together from the people you’re talking to but you’re
the people you’re talking to but you’re
the people you’re talking to but you’re not going and talk to your direct
not going and talk to your direct
not going and talk to your direct competition so that just a general point
competition so that just a general point
competition so that just a general point for any entrepreneur who’s concerned
for any entrepreneur who’s concerned
for any entrepreneur who’s concerned about their idea if it’s something that
about their idea if it’s something that
about their idea if it’s something that is patentable then you can investigate
is patentable then you can investigate
is patentable then you can investigate going down that route you get a patent
going down that route you get a patent
going down that route you get a patent for so that your idea is protected and
for so that your idea is protected and
for so that your idea is protected and any anything like this you could pretend
any anything like this you could pretend
any anything like this you could pretend you get a process patent for so how you
you get a process patent for so how you
you get a process patent for so how you combine things I don’t know if it would
combine things I don’t know if it would
combine things I don’t know if it would really work for recipe but something
really work for recipe but something
really work for recipe but something worth looking at I guess if it’s never
worth looking at I guess if it’s never
worth looking at I guess if it’s never ever been created before but at the end
ever been created before but at the end
ever been created before but at the end of the day it’s really gonna come down
of the day it’s really gonna come down
of the day it’s really gonna come down to execution and picking your partner’s
to execution and picking your partner’s
to execution and picking your partner’s wisely so I would
wisely so I would
wisely so I would we I would be cautious over who I tell
we I would be cautious over who I tell
we I would be cautious over who I tell the idea to but you have to tell people
the idea to but you have to tell people
the idea to but you have to tell people the idea if you want to build this up
the idea if you want to build this up
the idea if you want to build this up you have to get the momentum going you
you have to get the momentum going you
you have to get the momentum going you have to get the execution going and you
have to get the execution going and you
have to get the execution going and you have to tell people who can potentially
have to tell people who can potentially
have to tell people who can potentially help you with this and not just be
help you with this and not just be
help you with this and not just be fearful that they’re going to take the
fearful that they’re going to take the
fearful that they’re going to take the idea and run because most people are
idea and run because most people are
idea and run because most people are locked in to their business and they
locked in to their business and they
locked in to their business and they they don’t want to expand into
they don’t want to expand into
they don’t want to expand into completely new ventures that’s far
completely new ventures that’s far
completely new ventures that’s far outside what they do so hopefully that
outside what they do so hopefully that
outside what they do so hopefully that helps those be watching if you liked the
helps those be watching if you liked the
helps those be watching if you liked the video please give a thumbs up below
video please give a thumbs up below
video please give a thumbs up below thanks want to do more for you and if
thanks want to do more for you and if
thanks want to do more for you and if you have a question about this video or
you have a question about this video or
you have a question about this video or question about your own company I’d love
question about your own company I’d love
question about your own company I’d love to try to answer your free for I leave
to try to answer your free for I leave
to try to answer your free for I leave it in the comments below I always read
it in the comments below I always read
it in the comments below I always read those and that makes my day when I see
those and that makes my day when I see
those and that makes my day when I see new comments come in so thank you and
new comments come in so thank you and
new comments come in so thank you and I’ll see you on the next episode
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