Help Employee Rights?

I work for a smallish tech company and regularly do outside tech work. I also have dreams of bootstrapping a startup. Recently we were acquired by a much larger corp.

Now I'm being forced to accept the following company policy:

"All writings, artwork and other creative materials in all media, developments, inventions, techniques, methods, improvements, products, devices, programs, or systems that I shall conceive, develop, or make within the scope of my employment by the Company or that are directly related to such employment, whether or not the same are conceived, developed or made during regular work hours, on the Company's premises or using the Company's systems, shall be divulged to the Company and shall be the sole property of the Company as work made for hire in which the Company shall own all rights whether or not the same are capable of protection under copyright, patent, trademark, trade secret or other intellectual property or proprietary rights laws, and whether or not the Company registers or seeks registration of any copyright, patent or trademark or other proprietary rights in respect therof. In the event that anything I conceive, develop or make with the scope of my employment does not qualify as "work made for hire" under applicable law, I hereby assign to the Company all interest and rights therein. I shall cooperate fully in the establishment and maintenance of all such rights of the Company throughout the world by executing such documents as may reasonably be requested for such purposes such as copyright applications, Letters Patent, And assignments thereof to the Company."

I understand I should probably get legal advice but I'm poor and I'm hoping maybe someone on here has dealt with something similar or has info to share.

Thanks!