The importance of confidentiality
You may be able to pique the interest of potential investors, joint venture partners and customers without giving away too much of your startup’s confidential information, but their questions will inevitably become more probing and, sooner or later, you will need to delve into details that may be sensitive to your business.
Trust is important in every relationship, including business relationships, but prudent business practice means putting in place the customary legal protections of a properly drafted confidentiality agreement (otherwise referred to as a “non-disclosure agreement” or “NDA”) before disclosing your startup’s valuable confidential information.
Requiring a confidentiality agreement before engaging in confidential discussions will not only help to protect you legally but will also help you to present as a prudent and professional businessperson to potential investors, joint venture partners and customers.
Time To Complete:
Approximately 15 minutes.
Approximately 1 page long.