MBA878 Do You Need an NDA (Non-Disclosure Agreement)?

The $100 MBA Show

Omar Zenhom

Careers, Entrepreneurship, Business, Marketing

4.9 • 1.2K Ratings

🗓️ 5 June 2017

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

There’s a new obsession in entrepreneurial circles, and it’s time we looked at it with a critical eye. Non-disclosure agreements (NDA) seem to be all the rage, as independent business people look to protect their new ideas with the legal equivalent of the Great Wall of China. But are they really necessary? More importantly, are they worth the cost and effort? Whether your idea needs protecting— and whether an NDA can actually protect it— are worth thinking about.

Transcript

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0:00.0	Heyo! Welcome to the $100 MBA Show, the business podcast, that's no fluff, just the good stuff with our deep dive lessons.
0:18.0	I'm your host, your coach, your teacher, Omar Zenhome.
0:22.0	I'm also the co-founder of the $100 MBA and Webinar Ninja.
0:26.2	And in today's episode, we're going to talk about NDA's
0:29.5	non-disclosure agreements, and if you need one for your business.
0:34.0	Now let me preface this episode by saying I am not a lawyer so this is not legal advice
0:39.0	you should not take it as legal advice and you should always consult your lawyer before making legal decisions.
0:45.7	But this episode is all about my experience when it comes to NDA's or requiring people to sign
0:50.4	NDA's to work with me. We're going to be talking about a lot of
0:53.2	important things in today's episode but primarily we're going to focus on this
0:57.7	hysteria that a lot of new entrepreneurs have
1:02.8	a lot of articles on this,
1:04.8	but a lot of NDA's are almost useless
1:07.2	because it doesn't really protect you
1:09.6	in a lot of ways for different things.
1:11.7	Secondly, you shouldn't have this conversation at all, at all for any reason if you have
1:17.8	no proof of concept.
1:19.6	A lot of people have this idea that their idea is specially unique and if I tell anybody my idea they're
1:23.6	going to steal it and they're going to run away with my idea and I'm going to feel horrible.
1:27.6	Well guess what?
1:28.6	You're going to have to expose your idea.
1:30.0	You're going to have to tell people the idea before it's even a business,
	...

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