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Yeah, I think especially first time entrepreneurs, they tend to protect more their idea than. Yeah. Most likely all 99 percent of the cases. The idea is not the most important thing. It’s all about the execution. And also it’s important, the timing and how you presented the team. So many things too. For a product to be viable or investable, viable is one thing. Investible is even more difficult, especially if you don’t have anything to show. So investors like MBBS. So I think probably like trade off would be so. So you think you have this great idea. Just go test it. Test a prototype of that in the market or any market and see what happens. You don’t need to have great traction. But if you don’t have if you got zero, at least maybe you have feedback or something.
But if you don’t have anything at all, then or you have negative feedback then or is or it may be too costly or whatever. So that’s already valuable. And then if if after the MVP you still have something valuable, then yeah, I think most likely you would need to protect it. You should always try as an entrepreneur to to put the NDA. And I think it’s because there’s nothing wrong with it. But you will find that many, especially BSE, these venture capital firms a day won’t sign it because they are also like large corporates or banks. They’re not going to sign it because they don’t want their very you know, they’re either regulated and they are very restricted to what they can sign or not. And then, yeah, they did. They don’t want to be known for just checking if it’s something they could be interested is too much hassle for them and responsibility. Also, they are looking at if they are looking to invest in an industry, they’re looking at several projects at the same time, and that those projects may vary very little between each other. So these are very, you know, grey area, our like mine can for them. So it’s it’s not something I work, but.
So came back to India. So if you have not only an idea about a product already, you know, progressed and you have some initial Know-How on this and that, so then it will be more difficult for them to steal it from you.
There will be more inclined to support you rather than to start testing or from scratch. There is always the risk and there have been many cases, some people stalling the idea, I think on Twittery, some high profile case. Again, you can still argue the execution date between the founders, but there are many cases on large corporates. You and dad were founded by a demon. Some of them were sidelined and on others then to control somehow with that. Lots of controversy. So if doesn’t need to be investors, I mean, Facebook as well is surrounded by controversy. Actually, as this brothers that were suing Mark Zuckerberg, they got paid tens of millions or so. And I think they got some NDA or some Fenian place or they could prove some things, some Edam very early stage. So, yeah, I think it’s it’s not uncommon. It’s very rare that someone will steal your idea and do it, because usually the idea is not enough. So you really need to have a very interesting idea. Usually it’s because it’s not because you had this Eureka moment on its own. It’s probably because you saw it or you did an MEP and saw something that was going on. So it’s I think it’s more likely that they will steal something early stage that they think it’s cos potential lies kind of going to work than an idea on its own. But yeah, you should try to protect as much as possible, but then you shouldn’t be overprotective otherwise there is this very common case of first time entrepreneurs that they don’t want to tell the idea to almost anyone because they want to protect it and they want to share it. And if you don’t share, you don’t get feedback and you will spend. Or you you are inclined to go develop it all on your own. Maybe it’s a product that requires a decent amount of investment and you would go all the way on your own just because you don’t want to share it to anyone else. So that’s a big mistake. Yeah.
So you should find a middle ground, healthy, immediate middle ground. Definitely. You can do an MVP and be and then try to protect yourself and go from there or just don’t share it with D.C..
So you think it’s going to be risky just trying to find our type of investors? That will be my advice.
Yeah, I. I think that’s. For me, for me, you tend to be in love with your own idea and this amazing, brilliant idea that you’ve got that you think is the absolute bee’s knees. When you do sort of tell it to other people, the feedback you often get is like you feel like, oh, you don’t get it. You don’t get it. But maybe that idea isn’t as great as you think it is. You’re just in love with it a little bit. And it’s quite important to make sure that you sort of get an objective view of how good or bad the idea might be. You know, if everyone’s telling you maybe this isn’t such a brilliant thing, then, you know, maybe maybe you’ve just fallen in love with it a little bit too much. But I think you’re right, like the best mitigation strategies are to, like, just out execute the competition. If you are in a market where there is no other competition and then does that market really exist, you know, if if the idea is good and if the idea is profitable and if there is a market for it, then you will always have competition. So just even if that competition gets the idea from you. Make sure that you’re taken advantage of first mover advantage. Make sure that you’re working towards making good money out there, executing on it.
Learning the lessons, going around that decision making that we talked about in a previous podcast is as quickly and as iteratively as possible, getting around that iteration loop, improving, improving, improving, growing, growing, growing. And also, I think the risk of other people actually copying you is lower than you think it is, because humans just aren’t all that great executing on stuff, particularly large groups of humans. So if you have a like a huge you know, if you’ve got a much larger competitor that you’re worried about sort of seeding the idea, then, you know, the amount of meetings and phone calls and arrangements and things that they have to do to even sort of get started on it. Sure, they might have a bit more money to throw at the problem. But, you know, just logistically, they what they’re more like sort of giant oil tankers. They will take far, far longer to sort of turn round and start going in a new direction. So you, as a small, nimble little speedboat, should be out to outmanoeuvre them anyway. So the risk there is lower than the new edition.