Non-Disclosure Agreements for Startups
New Ventures Update
Date: September 21, 2021
A Non-Disclosure Agreement (NDA) is a legal contract between two parties that wish to share and keep information confidential by specifying the instances under which such information may be disclosed. We recommend that all startups have an NDA to ensure that the proprietary information you share about your business model is not disclosed to anyone else without your authorization. NDAs are often used as part of commercial agreements as well as with employees, contractors, and investors. There are times when it makes sense to customize an NDA (for example, when collaborating with a competitor); however, most of the time a boilerplate mutual NDA will suffice. Watch this two-minute video, featuring New Ventures attorney Erin Borcherding, to learn more about the limitations of NDAs and the approach that Thompson Hine recommends to startups when pitching ideas.
Click here to view video.