hi I’m Evan Carmichael welcome to
another edition of ask Evan today I’m
gonna answer a question from one of our
forum readers who had a question about a
food product that they’re trying to sell
so the question here is I have a food
product that does not exist in the
market he uses an existing product when
his main ingredients but then with the
addition of at least four more items
turns into something else that has yet
to be packaged new marketed obviously
the producer the main ingredient would
be the ideal company to sell the idea
recipe to as it can easily use their
production and packaging facilities
complete the new product how would I
approach them and protect my idea but
but still be able to tell them what it
is so thanks for the question a couple
of ideas that come into mind as I read
this the first is usually at least from
my experience the producers of of raw
ingredients or raw supplies are very
rarely interested in creating final
products they know their place in the
food chain and they don’t want to expand
it sometimes happens with vertically
integrated companies but it’s pretty
rare so chances are the company who
makes this ingredient isn’t interested
in making anything beyond their
ingredient and so they may be a
potential partner for you if they think
it’s a good idea that may be able to try
to introduce you to some potential
partners or investors or other companies
that they work with who might be able to
help but chances are they wouldn’t be
interested themselves it could be wrong
it can happen but for the most part the
companies who produce supplies are
rarely interested in then creating final
products so they’re you know just
through the channel you have the
producers you’ve got the wholesalers you
got the retailers and sometimes a little
bit of crossover but it doesn’t happen
that often so I wouldn’t think of them
as being the ideal fit as a customer for
this the next thing comes in as to
should I you know protect my idea or not
and this is this is very common this
isn’t just for the food business this is
across every entrepreneurial type of
business people are worried that if you
tell people your idea they’re gonna run
with it and steal it and turn it into
their own business and you know that can
happen
but your chances of success increase as
you tell people so you have to obviously
be wary of who you tell you don’t want
to go up and tell your direct
competition hey here’s this great idea
I’m thinking of doing what do you think
they have the easiest ability to copy it
and run with it themselves but if you
don’t tell anybody at all you’re never
going to hit success right so you have
to tell people about it and this is
something that came up with us commonly
in the venture capital business where
people wouldn’t let me look at their
business plan unless we sign the
non-disclosure agreement we never signed
another agreement and it’s just part of
the business and you could ask people
for non-disclosure agreements if you’re
really concerned about it but chances
are they’re not gonna sign it so now
those companies who wouldn’t give me
their business plan and they’re only
asking for non-disclosure agreements
it’s gonna make it a lot harder for them
to get funding for me I’m just trying to
raise money for companies right I’m not
gonna go run and steal somebody’s idea I
try to do it myself it’s not the
business sign man I’m not interested in
that so by telling me your business plan
idea I see you know I’ve seen thousands
and thousands of business plans I don’t
care if your business plan you know my
only interest here is seen if I can help
you raise money for it I don’t want to
run your business it’s not what I do
so the same thing with your business
idea you want to go to people who you
think you’re potentially help you but
it’s not in their business to do what
you’re trying to do so you’re getting
feedback you’re getting advice you’re
getting ideas maybe you’re getting money
maybe you’re getting some partnerships
you’ll be getting a team together from
the people you’re talking to but you’re
not going and talk to your direct
competition so that just a general point
for any entrepreneur who’s concerned
about their idea if it’s something that
is patentable then you can investigate
going down that route you get a patent
for so that your idea is protected and
any anything like this you could pretend
you get a process patent for so how you
combine things I don’t know if it would
really work for recipe but something
worth looking at I guess if it’s never
ever been created before but at the end
of the day it’s really gonna come down
to execution and picking your partner’s
wisely so I would
we I would be cautious over who I tell
the idea to but you have to tell people
the idea if you want to build this up
you have to get the momentum going you
have to get the execution going and you
have to tell people who can potentially
help you with this and not just be
fearful that they’re going to take the
idea and run because most people are
locked in to their business and they
they don’t want to expand into
completely new ventures that’s far
outside what they do so hopefully that
helps those be watching if you liked the
video please give a thumbs up below
thanks want to do more for you and if
you have a question about this video or
question about your own company I’d love
to try to answer your free for I leave
it in the comments below I always read
those and that makes my day when I see
new comments come in so thank you and
I’ll see you on the next episode
you
another edition of ask Evan today I’m
gonna answer a question from one of our
forum readers who had a question about a
food product that they’re trying to sell
so the question here is I have a food
product that does not exist in the
market he uses an existing product when
his main ingredients but then with the
addition of at least four more items
turns into something else that has yet
to be packaged new marketed obviously
the producer the main ingredient would
be the ideal company to sell the idea
recipe to as it can easily use their
production and packaging facilities
complete the new product how would I
approach them and protect my idea but
but still be able to tell them what it
is so thanks for the question a couple
of ideas that come into mind as I read
this the first is usually at least from
my experience the producers of of raw
ingredients or raw supplies are very
rarely interested in creating final
products they know their place in the
food chain and they don’t want to expand
it sometimes happens with vertically
integrated companies but it’s pretty
rare so chances are the company who
makes this ingredient isn’t interested
in making anything beyond their
ingredient and so they may be a
potential partner for you if they think
it’s a good idea that may be able to try
to introduce you to some potential
partners or investors or other companies
that they work with who might be able to
help but chances are they wouldn’t be
interested themselves it could be wrong
it can happen but for the most part the
companies who produce supplies are
rarely interested in then creating final
products so they’re you know just
through the channel you have the
producers you’ve got the wholesalers you
got the retailers and sometimes a little
bit of crossover but it doesn’t happen
that often so I wouldn’t think of them
as being the ideal fit as a customer for
this the next thing comes in as to
should I you know protect my idea or not
and this is this is very common this
isn’t just for the food business this is
across every entrepreneurial type of
business people are worried that if you
tell people your idea they’re gonna run
with it and steal it and turn it into
their own business and you know that can
happen
but your chances of success increase as
you tell people so you have to obviously
be wary of who you tell you don’t want
to go up and tell your direct
competition hey here’s this great idea
I’m thinking of doing what do you think
they have the easiest ability to copy it
and run with it themselves but if you
don’t tell anybody at all you’re never
going to hit success right so you have
to tell people about it and this is
something that came up with us commonly
in the venture capital business where
people wouldn’t let me look at their
business plan unless we sign the
non-disclosure agreement we never signed
another agreement and it’s just part of
the business and you could ask people
for non-disclosure agreements if you’re
really concerned about it but chances
are they’re not gonna sign it so now
those companies who wouldn’t give me
their business plan and they’re only
asking for non-disclosure agreements
it’s gonna make it a lot harder for them
to get funding for me I’m just trying to
raise money for companies right I’m not
gonna go run and steal somebody’s idea I
try to do it myself it’s not the
business sign man I’m not interested in
that so by telling me your business plan
idea I see you know I’ve seen thousands
and thousands of business plans I don’t
care if your business plan you know my
only interest here is seen if I can help
you raise money for it I don’t want to
run your business it’s not what I do
so the same thing with your business
idea you want to go to people who you
think you’re potentially help you but
it’s not in their business to do what
you’re trying to do so you’re getting
feedback you’re getting advice you’re
getting ideas maybe you’re getting money
maybe you’re getting some partnerships
you’ll be getting a team together from
the people you’re talking to but you’re
not going and talk to your direct
competition so that just a general point
for any entrepreneur who’s concerned
about their idea if it’s something that
is patentable then you can investigate
going down that route you get a patent
for so that your idea is protected and
any anything like this you could pretend
you get a process patent for so how you
combine things I don’t know if it would
really work for recipe but something
worth looking at I guess if it’s never
ever been created before but at the end
of the day it’s really gonna come down
to execution and picking your partner’s
wisely so I would
we I would be cautious over who I tell
the idea to but you have to tell people
the idea if you want to build this up
you have to get the momentum going you
have to get the execution going and you
have to tell people who can potentially
help you with this and not just be
fearful that they’re going to take the
idea and run because most people are
locked in to their business and they
they don’t want to expand into
completely new ventures that’s far
outside what they do so hopefully that
helps those be watching if you liked the
video please give a thumbs up below
thanks want to do more for you and if
you have a question about this video or
question about your own company I’d love
to try to answer your free for I leave
it in the comments below I always read
those and that makes my day when I see
new comments come in so thank you and
I’ll see you on the next episode
you
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