I’ll spare the specifics for now, though I’ll divulge the details if requested (or if it helps to clarify matters. I’m just trying to make my complicated question as simple as possible, despite what this header may lead you to believe).
My friend and I (both 19 years old) began our own online business. It’s still small (we’re the only “employees”, and we work from home), but our first, recently released product was met with critical acclaim (from various other websites).
We’ll be attending a major conference next week, at which I managed to set-up a meeting with a major publisher of a product with a similar concept, but differing means of execution. The person I’ll be meeting with seemed to have been intrigued by what he saw at our website, as indicated by him setting up a meeting with us. At this point, I’m not exactly certain of what we’re looking to derive from said meeting, but perhaps a distribution deal of some sort is in order. Our product would more-or-less be a supplement to theirs.
Anyways, I’m just looking for some general tips/pointers you insightful members might be able to provide us with. For instance, how should we present our ideas and ourselves? Should I bring documents to further exhibit what I’m conveying? We do plan on dressing in business attire (for only the meeting), in what is otherwise a casual conference.
Any advice would be greatly appreciated. Many thanks.
IANAL, but I have been there in various ways. First, I’d go represented by an attorney. Make sure your attorney is experienced in such business matters.
If you go without an attorney, I’d be skeptical. They’re out to outfox you. They see you as young and naive. Be prepared. Ask all kinds of questions. Read the fine print. And, if you sign anything, make sure you (a) fully understand what you’re signing and (b) get a copy - to which you are entitled, my friend.
Also, get all promises in writing! Don’t just assume “well, they’re experienced, so I’ll leave the verbiage to them”…feel free to explicitly tell them what you want written into the contract - even if they argue “that goes without saying”. (I had some home construction not done to code because of this, and I should have pushed harder at the contract stage.) Remember a contract is negotiable. You can request them to scratch out parts with which you will not agree to…but, they must then agree to do so. If it’s a big enough issue in your mind and it should be scratched out of the contract, - and they won’t agree - then, you’re probably best walking away from the deal.
If they pull any tricks like “Oh, that’s not necessary” or “that’s an unusual request” or “you’re the first one to ask that”…don’t believe them. Go with your gut instinct to protect your product(s). Even with an attorney, make sure you understand what agreements are being made and what is at stake for YOU and YOUR personal interests.
A common mistake by the unexperienced is to forget to flip over a document to make sure there are no additional terms and conditions written on the back! If you ever feel uncomfortable about what i say, just make a little joke of it to ease the tension. But, don’t give away your rights to your idea, product, royalties, etc.
Thanks, I appreciate the advice. Here’s the thing though, once they see the actual product, which we will be showing, there really isn’t anything he could derive from us that would be of any help. In other words, if he were to purchase the product itself, it wouldn’t be that hard to figure out how we’re doing what we’re doing (once he sees it, of course).
Now I’ll concede my legal knowledge is limited, but how expansive would the NDA be? Could it restrict them from ever producing a similar product, because although it is unique as of now, it’s nothing that would be patentable.
Perhaps I should clarify, with this meeting I’m actually hoping to sell our services as opposed to the product itself. We have the expertise to put together the product that we have, and that’s what I’m hoping to relay at the meeting.
Because there’s one other competitor whose roughly at the same stage as I. We’re just using existing mediums to create something that hasn’t yet been attempted wide-spread. Im fairly confident I couldn’t patent something this generic.