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How to Get Companies to Sign an NDA - YouTube
Channel: inventRightTV
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- Alright, Stephen Key here.
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And now I want to talk about that NDA.
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That non-disclosure agreement.
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That I hear from everyone
that you're trying
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to get these companies to sign this NDA.
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You're thinking this is some magical
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document that's gonna protect you.
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I'm here to tell you, you're mistaken.
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First of all, most companies
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are not going to sign an NDA.
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There you go!
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And they're smart not to.
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You see, they're worried
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about you coming back and suing them.
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They're worried about,
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they're working on
something in the back room.
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At the same time you,
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maybe you're working on your project
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that you're gonna come out,
you're gonna come out and say,
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"Hey, you stole my idea!"
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So that's why they
don't wanna sign an NDA.
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It makes perfect sense.
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But how can you get them to sign one?
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Well, first of all at the very beginning,
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I tell everyone the best way
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to get a company to sign an NDA,
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and guess what it will not be yours.
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You're gonna have to sign theirs.
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But I'll get to that in just a minute.
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If you show the benefit
of your idea, right?
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You show the benefit,
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but you don't talk about
the technical aspects.
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You don't talk about
confidential information.
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You don't talk about things
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that you're trying to protect,
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your point of difference.
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What you're trying to show them
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is the benefit of your idea.
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That's right.
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Don't give them all the good stuff early
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because you don't even know who they are.
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So you sell the benefit first,
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and I'll give you an example.
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Let's say I have this great hammer.
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That this great hammer allows you to work
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longer, be more productive,
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and its just a great tool to have
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because you're not gonna be sore,
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and you're just gonna work,
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you're gonna do the job in half the time.
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Alright.
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Now, I could say that on an Excel sheet.
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I could show a picture of the hammer
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and say look, you're gonna do all the work
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in half the time and save yourself
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money, energy, and a back,
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a sore back.
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Okay.
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But, I didn't tell them
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how this hammer's gonna do that.
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You see, this hammer is made
out of lightweight material.
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This hammer has a very soft handle
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so you can grip it and it
doesn't hurt your hand.
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This hammer has a really
wide head on the top
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to hit those nails straight at a time.
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Straight at a time.
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All these things add up.
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All those features,
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all that intellectual property
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adds up to the big benefit
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of how you're gonna work longer
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and be more productive.
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Then once they see it
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and they're interested in it
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they might ask you,
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"Gee, do you have any
intellectual property?"
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And you'd say,
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"Yes, I have a well-written
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provisional patent application."
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And they're gonna say,
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"Well, can we see it? "
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And that's when you might say,
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"Wow, I would like to discuss
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some of the finer details,
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some confidential information.
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Can we sign your NDA?"
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Perfect timing!
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So don't ask at the very beginning,
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but get them interested first
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and then when they want more information
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that's when you ask for one.
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And I'm here to tell you,
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you're gonna have to sign theirs.
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So read it very carefully.
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If there's anything in there
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that doesn't sound,
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sounds a little funny
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like they're gonna own
anything you show them,
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back up, and ask someone
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that has more experience looking at NDAs
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or maybe contact a patent attorney
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or maybe a licensing attorney and say,
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"Hey look, does this
look fair and balanced?"
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Now, truthfully, the best protection
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is never gonna be an NDA.
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NDAs are different state-by-state;
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they're not federal, right?
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An NDA basically says
what you own, you own
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and what I own, I own.
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Its really kind of simple.
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That's a mutual NDA.
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There's a lot,
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there's many types of NDAs.
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Don't get me wrong.
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So, I don't know why people think
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this is a great protection tool.
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But it does provide
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a little bit of professionalism, fine.
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If you have,
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let me explain
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where I think NDAs can be powerful.
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If you haven't filed, let's say,
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any intellectual property.
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Okay, and maybe you don't have any.
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Maybe you have trade secrets.
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Maybe you have know-how.
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Maybe you have a recipe.
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Maybe you have something
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that you just cannot protect
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but you have knowledge.
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That NDA can be powerful,
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but you have to make sure
there's no timestamp,
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there's no end to it, right?
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Most of these NDAs are for three years.
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This should be,
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there's no time at all.
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It goes on forever.
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So if they want to use it,
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if they want to use it at all
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they have to come back to you.
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Now that's a powerful way of using an NDA.
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Another very, very
powerful way to use an NDA
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which, will not work in most situations.
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But if you have market demand,
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that people really want your innovation.
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And you filed intellectual property,
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such as a well-written
provisional patent application,
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and now they want to see what you have,
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you can sign their NDA, of course,
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but you might want to add something to it.
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Maybe an addendum.
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And that addendum could include
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no reverse engineering.
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Whoa!
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It could also include any
improvements they make,
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you still own, they have
to sign that to you.
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That's a very, very powerful NDA.
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And most the times,
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you'll never get a company to sign that.
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Unless, they really want it
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and you have brought market demand.
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And I'll talk later, in another video,
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about how to create market demand.
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So, the bottom line is:
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protect yourself with a well-written
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provisional patent application.
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And the number one thing
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to protect yourself,
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because I know some of us are fearful.
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Find inventor friendly companies.
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Always type in their name,
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type in complaints,
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type in lawsuits.
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Do your homework
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and make sure they have a track record
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of working with creative people.
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Make sure they don't have
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terrible things that
are written about them
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on the internet because you cannot hide.
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Also, here's another red flag.
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If they're not on social media,
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that could be a red flag.
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So kick the tires
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on all the companies you're working with
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and ask for that NDA at
the appropriate time,
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and make sure you file
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the well-written provisional
patent application.
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Alright, there you go.
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Stephen Key here.
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Thanks for watching.
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