hi I’m Evan Carmichael welcome to another edition of ask Evan today we’re
another edition of ask Evan today we’re
another edition of ask Evan today we’re gonna answer a question from Gerald with
gonna answer a question from Gerald with
gonna answer a question from Gerald with one of my newsletter readers who was
one of my newsletter readers who was
one of my newsletter readers who was asking about raising capital and
asking about raising capital and
asking about raising capital and protecting your idea so Gerald wrote
protecting your idea so Gerald wrote
protecting your idea so Gerald wrote insane I’m trying to bring a travel
insane I’m trying to bring a travel
insane I’m trying to bring a travel product to market and that has a
product to market and that has a
product to market and that has a potential to revolutionize the uber
potential to revolutionize the uber
potential to revolutionize the uber sighted industry I’m already in
sighted industry I’m already in
sighted industry I’m already in possession of a design patent my issue
possession of a design patent my issue
possession of a design patent my issue is capital is a nondisclosure agreement
is capital is a nondisclosure agreement
is capital is a nondisclosure agreement form the best way to protect my product
form the best way to protect my product
form the best way to protect my product as I discuss my idea with potential
as I discuss my idea with potential
as I discuss my idea with potential investors so thanks for the question
investors so thanks for the question
investors so thanks for the question gerald from my background in bed the
gerald from my background in bed the
gerald from my background in bed the venture capital industry hopefully
venture capital industry hopefully
venture capital industry hopefully there’s a few ideas I can share with you
there’s a few ideas I can share with you
there’s a few ideas I can share with you to start off most VCS will not sign in
to start off most VCS will not sign in
to start off most VCS will not sign in on the school trip agreement simply
on the school trip agreement simply
on the school trip agreement simply because they’re there seen so many
because they’re there seen so many
because they’re there seen so many opportunities on a daily basis and so
opportunities on a daily basis and so
opportunities on a daily basis and so many products and ideas are so similar
many products and ideas are so similar
many products and ideas are so similar to each other that they would never sign
to each other that they would never sign
to each other that they would never sign a nondisclosure agreement so that’s
a nondisclosure agreement so that’s
a nondisclosure agreement so that’s that’s kind of step one you can have one
that’s kind of step one you can have one
that’s kind of step one you can have one ready and you can ask them to sign it
ready and you can ask them to sign it
ready and you can ask them to sign it but for the most part they’re gonna say
but for the most part they’re gonna say
but for the most part they’re gonna say no really what they’re looking for is to
no really what they’re looking for is to
no really what they’re looking for is to see if you have the plan in place or the
see if you have the plan in place or the
see if you have the plan in place or the execute so a lot of people have great
execute so a lot of people have great
execute so a lot of people have great ideas but they don’t necessarily have
ideas but they don’t necessarily have
ideas but they don’t necessarily have the the plan and the team in place be
the the plan and the team in place be
the the plan and the team in place be able to follow through and turn that
able to follow through and turn that
able to follow through and turn that idea into a real business in the venture
idea into a real business in the venture
idea into a real business in the venture capitalists point of view they’re being
capitalists point of view they’re being
capitalists point of view they’re being pitched all the time with all sorts of
pitched all the time with all sorts of
pitched all the time with all sorts of ideas and a lot of them are very similar
ideas and a lot of them are very similar
ideas and a lot of them are very similar and 99% of them get rejected and then
and 99% of them get rejected and then
and 99% of them get rejected and then once that make it through are the ones
once that make it through are the ones
once that make it through are the ones that a have some momentum behind them so
that a have some momentum behind them so
that a have some momentum behind them so it’s not just an idea but you are able
it’s not just an idea but you are able
it’s not just an idea but you are able to show that you have either customers
to show that you have either customers
to show that you have either customers or media’s talking about you you build
or media’s talking about you you build
or media’s talking about you you build some kind of momentum up to separate
some kind of momentum up to separate
some kind of momentum up to separate yourself from everybody else who’s
yourself from everybody else who’s
yourself from everybody else who’s pitching the same idea and also they
pitching the same idea and also they
pitching the same idea and also they look at your team so you know
look at your team so you know
look at your team so you know have has anybody done this before is it
have has anybody done this before is it
have has anybody done this before is it just you or do you have people around
just you or do you have people around
just you or do you have people around you who’ve who’ve been successful as
you who’ve who’ve been successful as
you who’ve who’ve been successful as entrepreneurs who have built something
entrepreneurs who have built something
entrepreneurs who have built something similar and have since I’ve had some
similar and have since I’ve had some
similar and have since I’ve had some success doing it if you don’t have
success doing it if you don’t have
success doing it if you don’t have anybody on your team you can go look for
anybody on your team you can go look for
anybody on your team you can go look for somebody on your team or you can also
somebody on your team or you can also
somebody on your team or you can also build a board of advisers and it’s a
build a board of advisers and it’s a
build a board of advisers and it’s a loose affiliation with your company it’s
loose affiliation with your company it’s
loose affiliation with your company it’s not as strict as having a board of
not as strict as having a board of
not as strict as having a board of directors but the people who are giving
directors but the people who are giving
directors but the people who are giving you advice on how to grow your business
you advice on how to grow your business
you advice on how to grow your business and if they’ll lend their name to your
and if they’ll lend their name to your
and if they’ll lend their name to your company it can help establish your
company it can help establish your
company it can help establish your credibility with you when you go talk to
credibility with you when you go talk to
credibility with you when you go talk to investors so you know angels might sign
investors so you know angels might sign
investors so you know angels might sign it but if you look into a venture
it but if you look into a venture
it but if you look into a venture capitalist point of view they’re not
capitalist point of view they’re not
capitalist point of view they’re not going to look at signing a nondisclosure
going to look at signing a nondisclosure
going to look at signing a nondisclosure agreement your best bet really is time
agreement your best bet really is time
agreement your best bet really is time to market so it’s really only a matter
to market so it’s really only a matter
to market so it’s really only a matter of time before somebody else goes and
of time before somebody else goes and
of time before somebody else goes and runs with your idea so you want to get
runs with your idea so you want to get
runs with your idea so you want to get it out there and start talking to
it out there and start talking to
it out there and start talking to investors and try to get the money you
investors and try to get the money you
investors and try to get the money you need to launch your business it doesn’t
need to launch your business it doesn’t
need to launch your business it doesn’t mean you go and post it all over every
mean you go and post it all over every
mean you go and post it all over every internet forum and that’s you know
internet forum and that’s you know
internet forum and that’s you know broadcast exactly what you’re doing but
broadcast exactly what you’re doing but
broadcast exactly what you’re doing but you have to be a little bit more open
you have to be a little bit more open
you have to be a little bit more open when you’re talking to investors because
when you’re talking to investors because
when you’re talking to investors because they’ve seen so many of these ideas and
they’ve seen so many of these ideas and
they’ve seen so many of these ideas and they’re like I’m not going to want to
they’re like I’m not going to want to
they’re like I’m not going to want to talk to you if it means they have to
talk to you if it means they have to
talk to you if it means they have to sign it on the scholarship really so
sign it on the scholarship really so
sign it on the scholarship really so hopefully that helps drill for those of
hopefully that helps drill for those of
hopefully that helps drill for those of you watching if you liked the video
you watching if you liked the video
you watching if you liked the video please give it a thumbs up below it
please give it a thumbs up below it
please give it a thumbs up below it makes me want to do more of these videos
makes me want to do more of these videos
makes me want to do more of these videos for you guys and if you have a question
for you guys and if you have a question
for you guys and if you have a question about what you know Gerald’s question is
about what you know Gerald’s question is
about what you know Gerald’s question is something similar or you have another
something similar or you have another
something similar or you have another question about your business feel free
question about your business feel free
question about your business feel free to leave it in the comments below I
to leave it in the comments below I
to leave it in the comments below I always read those and try to respond to
always read those and try to respond to
always read those and try to respond to as many as I can so thank you and I’ll
as many as I can so thank you and I’ll
as many as I can so thank you and I’ll see you on the next episode
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