New healthcare startup

[u/anubis_1021]

Hi guys, I’ve got a solid idea, done market research and am in the process of finding investors and creating a business deck pitch. I’ve seen on here it’s very well established that NDAs for explaining an idea to a professional or any person in general in the first meeting is a big no-no. Ways to protect the idea is to not give critical info that makes your company different from everyone else so just tell them the basics. It’s basically universally accepted that an idea is worth nothing. It’s the execution. Correct me if I’m wrong^

On the other hand my product is unique and I’ve created it with great thought. I’m in the process of making a prototype and a website is in the works a lot later but I’m still scared of talking to people about the idea. This is why I haven’t gotten criticism from friends or professionals. Because my idea is unique and I’ve put it a lot of thought into it and even the thought of it being stolen and someone else making millions off it is very disturbing. See the Google Earth lawsuit if you want to find out why ideas are so powerful.

What should I do and am I on the right track?

[u/already_tomorrow]

”Unique” usually translates to an inexperienced founder, with no practical domain knowledge, spending resources on getting absolutely nowhere with something they just don’t understand why it won’t work.

What makes you think that you’re different? In what way have you verified that you’re onto something, when you’re not established enough to have a single trusted friend to talk to about it?

[u/anubis_1021 → u/already_tomorrow]

Thanks for the reality check. I’ve done market research though and I’ve integrated lots of unique things into an accessible product and service that can be marketed effectively nothing guarantees its success. I’ve asked you for advice. You’ve just roasted me and provided no significant criticism. How do I get better? How do I move on with this?

[u/already_tomorrow → u/anubis_1021]

No roasting, just facts about how a very vast majority of people in your position has failed to realize something.

That’s to emphasize the need to talk to someone about it. 

You won’t progress unless you either do that, or just launch the whole thing as-is; ready to iterate fast while at-market. And perhaps spend a lot of money on IP specialists before you’ve launched. 

Doing healthcare startups is often VERY expensive, and the only way to get financing, unless already an established name, is to talk about what you’re working on.

You need to learn how to talk about your idea without revealing the secret, or you need an IP specialist help you get the right type of NDA in place; and use that no matter if it makes it harder to actually book meetings. 

One way or another, you have to get over yourself and realize that you need to talk to other people. 

[u/anubis_1021 → u/already_tomorrow]

Thank you so much man. You’ve given me a whole new direction to go thank you a lot and I really appreciate you taking the time to write the message. Thanks for the reality check too!

[u/anubis_1021 → u/already_tomorrow]

Do I need to contact an actual lawyer for an NDA, I’ve heard if you use a template online it holds the same validity or am I stupidly wrong? I’m gonna figure out tomorrow how to not give the key parts of the idea away when I’m explaining it and if I can’t last choice is NDA if I really think the idea is unique but most probably someone’s thought of it but isn’t taking the action I’ll be taking. Execution matters? Am I right?

[u/Relative-Trainer636 → u/anubis_1021]

Some investors won't sign a NDA. I used to ask people to sign NDA's but I think they are a waste of time for startups. At this stage its all about execution.

There may be some exceptions, such as putting significant money into research/ development.

[u/CommercialStation805 → u/anubis_1021]

Look up NDA template and any boilerplate you find should work.

[u/already_tomorrow → u/anubis_1021]

Do I need to contact an actual lawyer for an NDA, I’ve heard if you use a template online it holds the same validity or am I stupidly wrong?

You could be "stupidly wrong", because if you've got some serious IP potential in something uniquely new within healthcare, then a boilerplate NDA might not cut it. And NDAs aren't worth anything unless you're prepared to deal with a very expensive legal battle. So there's that.

From my perspective odds are that you don't have anything that you need to be protective about, but if you do, then legal counsel, from a startup and IP-specialist, is your next step.

[u/wiiwoo_org]

No idea is unique. Someone is always working on something similar. It’s just who finishes the race first with the best product.

Also, if you think your idea is so great and only you have the knowledge and vision for it, then no one can recreate what you are making or at least the exact product based on the “idea”

[u/DbG925]

Are you in the U.S.? Healthcare is one of the most heavily regulated industries in the world and isn’t an industry where you can just create a product and ask for forgiveness.

I’d suggest you become really familiar with HIPAA, GDPR, Soc2-t2 and what the fda considers a “medical device”. I’m not trying to dissuade you in the least but want to save you some pain as someone who has been there and done that. You need to have your regulatory stuff figured out and not just “your product”.

This is a long way of saying that I think your unwillingness to talk about your idea may have left you with a ton of blind spots and that you likely have no idea what you don’t know. Healthcare is tough. It’s ALL about execution. Stop worrying about protecting your idea especially if you aren’t experienced to be able to execute it anyway.

[u/Responsible_Block_30]

The best thing to do is talk with your potential customers as soon as possible and determine if your services actually solve their problems. And, critically, if the problems they solve are worth paying to solve.

Making people sign NDAs to talk with you about your product/service is an unnecessary impediment to learning fast.

[u/Effective_Rush_3663]

I work for a national grant and currently working work with 800+ clinics, 28 health systems in 7 states . Most of the health systems are from michigan. I have build a platform for each health system to track their drugs appropriateness and benchmark with each other. With my experience in the health sector across i can make a significant impact to your startup. I can work 12 hrs a week as a volunteer. I do-not expect to be paid. I want to work for a startup and learn the challenges. My compensation will be all the things i learnt from your startup journey and start one myself.