Excerpt from Founder Institute blogpost by Joe Garza on 9/24 2014
While it is common among founders
to be hesitant about divulging their startup secrets, the truth of the matter
is that your company can benefit greatly from telling people what your idea is
about and what you hope to achieve. Read on to find out why.
Myth #1: “I Should Save My Startup Idea
Until It’s Refined”
Reality: You
should share your idea with everyone you meet. If you plan on pitching your idea
to potential investors, why not practice beforehand? By sharing your idea with
as many people as possible, you can get feedback early on to prevent wasting
time on an idea that won’t sell. In a Courtney Seiter-penned article titled Why No One Will Steal Your
Startup Idea,
Buffer CEO and Co-Founder Joel Gascoigne says:
When you build a startup, you’re
basically creating something that doesn't exist already. In order to figure out
if your idea is actually going to work, it’s essential that you share it with
people. You’re going to have to do it sooner or later. The longer you leave it,
the more risk there is that you spend a long time working on it, and then
eventually you put it out there and find out it’s not something that resonates.
Myth #2: “My Startup Idea Is Too Unique
To Be Shared”
Reality: No,
it’s not. Just look at the countless
companies that offer the same product. If you have an idea for a startup,
there’s a very good chance that there are a multitude of other entrepreneurs
working on the exact same concept. But don’t let that deter you, as you should
focus less on the idea itself and more on how you plan to execute it. Here’s
what Cory Levy, Co-Founder at One, Inc., has to say in a Linkedin article
titled Startup Secrets: Should I
Hide My Business Idea?:
Ideas are a dime a dozen; it’s the
execution that will set you apart from the rest. Chances are that there are
people developing the same thing that you’re working on now. We plan to compete
not by keeping our idea secret, but by building the best possible team and by
creating the best solution to the problem we are solving.
Myth #3: “People Will Steal My Startup
Idea If I Tell Them What It Is”
Reality: Most
likely not. The
chances of someone stealing your idea are pretty slim. In fact, sharing your
idea with others is a great way to drum up interest in your company and makes
getting help easier. Still not convinced? Here’s what serial entrepreneur Alexander Muse has to say in a Startup Muse
article titled Should you share your idea?:
If you keep your ideas a secret it will
be impossible for anyone to actually help you. Could someone steal your idea?
Of course, but as I’ve said before your potential competitors are more likely
to become partners. You’re far more passionate about your idea that anyone else
– and most people want to partner with people with passion.
If you’re still reticent about
sharing your idea with others, take into account the multitude of opportunities
that your company can benefit from by simply divulging what it is you do and
how you’re going to do it. And remember:
If someone does take your idea, they
will never have the passion you have for it because they didn’t come up with
it.” - Joel Gascoigne
