Posted by Anonymous on 2008-05-25
I pitched this team. AMV would not sign an NDA at all. They weren't interested in investing in my company (I don't think they evere were....) and instead tried to get me to turn my technology over to them so that they could manage it in their proprietary incubator, The Innovation Factory. Well, of course, I said no. They wanted 75% of the company and to run it in Atlanta!
Well, 6 months after I pitched to AMV, I found out from one of my current board members and investors that they founded a copycat company in the exact same space in their incubator. BE CAREFUL! The VC partners are also the incubator guys and they have no problem taking ideas that they hear about from entrepreneurs and using them in their incubator.
My lawyers said I don't have much recourse because they didn't sign an NDA. I really was stuck, because I had to tell them everything or else there was no chance they'd invest. It sucks to be in that position.
Watch out for them. I think we have enough of a head start and a strong enough IP position to block them, but now I have a whole new problem to worry about with them.PRIVATE: Members Only