I'm trying to approach a potential advisor/investor with a business plan who happens to have founded a company that is pretty much a competitor. But our business plan is a much better solution. Should I ask him to sign an NDA? He has the required infrastructure, which could take us at least 6 months to build, so approaching him without an NDA is a little risky.
Any advice on what to do?
Bringing him on board on as an investor, albeit that he is also as a competitor, creates a different relationship. If it is an investment arrangement then there is much to consider.
Best solution would probably be to discuss your business plan (and share any corresponding documents) which does not include overly-in-depth specs, proprietary code/algos, or aspects that differentiates your startup (that he could recreate with his current company, team, technology, etc.).
Inevitably, as the relationship progresses and becomes better defined, I would highly recommend some form of NDA/Noncompete (i.e., whether he takes on the role as either and adviser or investor).
1- No investor will sign an NDA on your pitch.
2- Its not just about Idea. You are a developer with an idea, go build it! and share it to the world.
I realised that if he was really interested, he'd probably rather invest in someone investing it. No NDA it is.