Below is an excerpt from my contract:
We understand that lots of our employees have tech related ideas that they work on outside of working hours. In a case where your idea overlaps or conflicts with the work of said company, you agree to the following:
1. You will promptly provide to said company, and otherwise keep confidential, full written details of all inventions, copyright works or designs originated, conceived, written or made by you, alone or with others (“Intellectual Property”), and work relating to Intellectual Property that you have worked on at any time during the course of your employment with said company which relate to, or are reasonably capable of being used in, the business of said company ("Employment IP"). Unless otherwise agreed in writing by the CEO, you are assigning said company absolutely all rights, title, benefits and interests in the Employment IP. The reason for this clause is to protect the Intellectual Property of the Company from infringement or misuse that may damage the position of said company in the market or our ability to serve our clients.
2. You hereby assign to said company with full title guarantee by way of assignment all present and future copyright, database and design rights and other proprietary rights (if any) for the full term of such rights throughout the world in respect of all Intellectual Property and you waive in favour of said company all moral rights conferred by Chapter 4 Part 1 of the Copyright Designs and Patents Act 1988 and all similar rights in other jurisdictions.
3. You irrevocably appoint said company as your attorney to execute any instrument and do any such thing for the purpose of giving to the Company the full benefit of clause 1.
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I could probably last 3 years or so with no other revenue streams. There is no rent or mortgage payments needed as I bought a cheap property that is now paid in full. That was part and parcel of the preparation for leaving fulltime employment, to give the startup / product development an attempt on my own and ensure that my runway could go further if needed.
I do have a lengthy notice period, but that is priced in. Also if this venture fails, I will re-enter the market as freelancer to pick up where I left off. Also forget asking the CEO about it or personal assistent, the're far to busy to be concerned with a "tin pot / pie in the sky" idea / product.
I just don't understand why founders, and those advocating for the startup life don't provide advise in this thorny area as it affects so many of us?
Do folks go dark, build in secret, pretending they had executed their plan outside of the course/term of their employment?
I have advised others is to perform research round their ideas by upskilling in areas that they'll need to prove out their ideas. This I hope will minimise the time to build (once departed) without establishing real intellectual property whilst employed. Perform spikes and mini experiements with the technology, without building the final idea and upon departure begin the actual build.
Wondering if folks consider that a sensible strategy or could iterate on it?
Keen on your thoughts.