When starting a business with a unique idea, it is important to limit your disclosure of this idea to those who have signed a non-disclosure agreement (NDA).
The purpose of an NDA is to restrict the type of disclosure a party can make after you provide them with important information about your idea or concept.
Once information is no longer confidential, it can be used by anyone to compete with your company before you have a chance to establish your brand identity. (See post on Trade Secrets). Without an NDA in place, a business owner could lose its competitive advantage.
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