I hate NDA’s!
Rainmaking receives about 10-20 potential new projects per month from entrepreneurs around Europe. The entrepreneurs and their ideas vary in quality but there are some really quality stuff in between.
Unfortunately, some of the teams insist on signing Non Disclosure Agreements (NDA’s) before they will even tell a little bit about their ideas. I have 100% respect for this if they had a pharma or biotech product, which need to be protected with IP rights, however, in most cases we are talking about very simple ideas with no chance of IP protection.
These entrepreneurs simply think they have invented the most fantastic idea in the world and now they are so afraid that someone will steal the idea. In 99% of the cases my guess is that exactly this type of persons will never succeed as entrepreneurs and I find this attitude wrong for two reasons:
1) It will be hard to sell anything if you are not willing to talk about your product/idea! And sales should start as early as possible when you develop new products and services. It is in the close interaction with your supposed customer that you will end up developing something that can turn into a success.
2) It is (almost) all about execution and the team – and not about the idea. There is therefore no reason to be so afraid of discussing your idea with other. It only helps developing it.
In Rainmaking we are very open about discussing our ideas and our experience is that this has great value. Often we can kill an idea much earlier because people we interact with can tell us why this idea will not work. And in other cases we can develop a good idea into a great one in just a few days because we discuss it with great people who each add a few good things to sharpen the idea.
/Carsten
Launching Startupbootcamp
Today is the start of Global Entrepreneurship Week 2009 (http://www.unleashingideas.org/?_c=1), during which "for one week, millions of young people around the world will join a growing movement of entrepreneurial people, to generate new ideas and to seek better ways of doing things."
This is a fitting time for the Rainmaking partnership to launch its latest initiative: Startupbootcamp (link to www.startupbootcamp.dk).
Startupbootcamp is for entrepreneurs with great ideas and great teams who are looking to convert their idea into a live company in 3 months. Following a rigorous selection, up to 10 teams will come to Copenhagen in summer 2010 to be part of the first generation of Startupbootcamp companies. We will host the teams in an incubator environment in the heart of Copenhagen, we will inject some cool cash and lots of top notch mentorship, and we will close with Investor Day - a unique opportunity for the 10 to pitch to the most active Danish, Nordic and international investors. See how to apply here. (http://startupbootcamp.dk/apply)
Feeding the underforrest
Small plants have trouble getting sunlight and growing in the shadow of big trees. The recent financial crisis has reduced business angels' and venture capitalists' appetite for risk and a natural reaction has been to invest in more mature startups with proven business models and existing customer bases.
Startupbootcamp feeds the budding underforrest of young entrepreneurs by giving a highly selected group the ideal conditions to reach up to the big trees. Rainmaking calls itself a "startup factory" because this is exactly what it's good at: converting an idea on a napkin into a live company by injecting the needed energy, creativity, and business acumen. The key for entrepreneurs joining Startupbootcamp is that they not only get the support they need but experienced co-founders who have 'skin in the game'.
Born global in Copenhagen
Startupbootcamp's roots are Danish but our ambitions are global. We aim to attract the very best teams and ideas from the Nordic region (in our broad definition that not only includes the Baltic countries but also Poland and northern Germany). but we're not concerned with the candidates' age or nationality. Our ambition is to have several Startupbootcamp companies expand on several continents. We already have an international team and we are not limited by our location.
Come meet us
We are celebrating the launch of Startupbootcamp by inviting David Cohen, founder of Techstars, to Copenhagen this Wednesday Nov. 18th. David has a long track record with his own tech startups and he runs Techstars which is recognised as a leading program for tech entrepreneurs.
We will be using the occasion to officially launch Startupbootcamp and we'd love to meet you. Sign up here. (http://startupbootcamp.dk/apply-cohen).
We look forward to reading your comments below and will answer your questions via email (info@startupbootcamp.dk) or phone (+45 24 29 4000).
Kind regards,
Alex Farcet
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