In this Startupedia video, Rakesh Tondon, CEO and Founder of Le Tote explains why you should share your startup idea with others.
Le Tote is a fashion discovery platform that connects brands with consumers through a rental model, and they have raised over $52.5 million in funding. Prior to LE TOTE, Rakesh worked for JP Morgan and Ridgecrest Capital in technology M&A, and he started and owns a profitable, thriving restaurant in San Carlos with 32 employees.
Transcript:
Should I be scared of sharing my startup idea with others?
This is this is a question that I feel like a lot of founders think about, and they're not exactly sure whether they should be sharing their ideas with people, with friends, with investors, and they ask for NDAs and things like that. So my approach is ideas are dime a dozen, it’s all about execution. If you think you're the best person and you have the best team in place to execute an idea, talk about it, who cares.
I mean it's not like Facebook where people didn't have the idea, Myspace was already there. Facebook was just better at it. There is a host of other companies like Google, they shared the idea with everyone. There shouldn’t be any reason to not share the idea unless you think there’s really no barriers to entry, you don’t have the right team or strategy in place to go and win the market.
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