Using Non-Disclosure Agreements (NDA) is a smart move for any small business owner. As you run your business, you’ll work with a variety of people in a variety of contexts, and you may have to share confidential information with them. You’ll want assurance that the other party won’t share that information with anyone else. Situations where this concern arises include ones where:
Your employees have access to company secrets, intellectual property, future strategic plans, customer pricing, and many other pieces of information that you don’t wish to have shared.
You’ve shared financial information and future plans with business partners or investors.
You’ve given an accounting firm your financial information, including the debt and equity information, so that they can do your taxes.
You’ve shared information with suppliers on pricing or marketing tactics to be a good strategic partner.
Anyone else with whom you share information with that you want to keep from public knowledge.
Consider using non-disclosure agreements any time you’re sharing confidential information, especially if keeping that information secret is crucial to your success – if your baking tastes better because you use an ingredient that no one else does, or your product lasts longer because you use a manufacturing technique that no one else has thought of, you don’t want that secret getting out so that other people can also start benefiting from what makes you superior in your market!
Thanks to Cobalt Lawyers and ClauseHound. The information provided may not be relevant to your jurisdiction, this information is not a substitute for obtaining legal counsel, nor does it create a lawyer-client relationship with you, the reader.
As a small business owner we need creativity to help us with product development, creating new ideas in our business, and to stay ahead of the competition.
Sometimes we think that other people are the creative ones and that this is not a strength that we have ourselves. But that is not true! Everyone has creativity inside of them, they just need to know the tools and how to recognize it in yourself.
This video outlines the three major steps of creativity:
1. Brainstorming. Some different tactics to approach brainstorming and tools that you should try out. A lot of times it is as simple as starting to write things down.
2. Prioritization. Once you have a bunch of ideas it is important to figure out which ones are the best ideas or what order you can actually approach them. Everyone has a limitation on time and money, so prioritization becomes important.
3. Implementation. Once you’ve decided on the ideas, action becomes necessary. Many times people want to wait and make things perfect, but often it is good to get your MVP (minimum viable product) out there to begin your testing.
At the end of the video, there are additional tips and tricks, as well as an example of where creativity has made a huge difference.
85-95% of New Product Launches fail annually (FORBES article of March 24, 2010 based on approx. 250,000 global launches).
With this daunting figure, we want to do everything right to increase our product’s chance of success. Learn from the expert, Kevin Scanlan, who has over 30 years experience in new product development with enterprises and small business.
In this 30 minute video, you will learn:
– what invention is versus product development
– the importance of a roadmap and the process
– how to scan the environment
– the QUAD approach and the 4 different types of product development
– the components of a product specification
– the Gate process used by the most successful companies out there
– red flags and things to look for during the process
Plus, if you have any other questions you can always contact our expert.
A small business’ total offering that they provide to customers includes 3 critical pieces:
1. Product: A product can be anything that is tangible. Examples include nail polish, food, or a backpack.
2. Service: A service is an activity that is done for you. Examples include getting your nails done, being served at a restaurant, or having a porter carry your bags to your room at a hotel.
3. Intellectual Property: Intellectual property is the knowledge and information that your business has that allows you to deliver the product or service differently than the competition. Examples include getting a back massage while your nails dry, the recipes of the food you eat at a restaurant, and the design of a bag or backpack.
The main ways to protect intellectual property including copyrights, patents, trademarks, industrial design, and trade secrets is covered in the video by a leading law firm, Miller Thomson.