Patent Law and Non Disclosure Agreements

Well, looking for investors has been a very slow and discouraging process. Without a big name behind you it is hard to win over the decision makers. We had a meeting with a CEO that was canceled at the last moment. No reason given. When I followed up, they liked the business idea we are trying to present. They asked for more background. I forgot to send a NDA. Big mistake. Always protect yourself because you do not know whom is your competition.

Also, consider applying for a provisional patent (costs $105 plus a legal fee). This will protect you from people stealing your idea and your idea becomes marketable to potential licensees.

The SBA and Looking For Money

I thought there were grants for start ups with the new Recovery Act. Well, not so. Grants are limited to non-profits and government agencies. There are SBA loans where they will accept your loan if you are high risk. However, you have to collateralize your home. I looked at Private Equities that receive aid from The SBA - SBIC's. SBIC's are pools of SBA money. When I contacted a Private Equity Investor, he said that I should look at VC's instead - SBIC funds are exhausted. He said to look for Early Stage Investing.

So, you can GOOGLE Early Stage Investing but a lot of funds are either out of money or crashing. Take a look at some of the on line databases of early stage investors to see THEIR ACTIVITY LEVEL. Many say inactive.

So, I managing my project documents on a Wiki and really our active team is only three people now. We are seeking a domain expert in our specialized niche. We will meet with her on Friday and see if she can serve in a consultative role.