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Benjamin

idea ownership/proper documentation

4 posts in this topic

 

Me and two of my college classmates have recently participated in Innovation Program for startups as a team. After presenting startup idea in the final – $ 3000 Seed Grant check were received on my name. Most of the work and idea development was done by me, which can be proven easily. Yet two other team members want me to distribute money that are meant for further research equally among three of us - $1000 each. After the program was over, I have continued working on further idea development, have created a basic prototype (mobile app) and want to participate in next programs where greater amount of seed money can be received.  I informed team members that I am not willing to continue working as a team since most of the work was done by me and I don’t want my work to be taken advantage of. They’ve agreed to let me keep working on the idea solo as long as they’ll get paid their parts for Innovation  Program.  From my side, I simply want to ensure that after I pay them their parts our team work is over, and they won’t be able later on to claim that idea belongs to them, since I continue working on it alone. To ensure that, what will be the proper document I have to ask them to sign for me when I pay them their parts for the program?

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Whether you realize it or not, you and your classmates have inadvertently formed a partnership.  A partnership is an association between two or more entities formed for the purpose of making profit.  I suggest you formalize your agreement in writing.  Normally it is assumed that all partners share equally in profit, expense and risk.  Lay it out in writing and there may be many fewer problems now and in the future.  If your classmates  refuse to formalize your partnership you should know that now.

 

BTW, this exact issue arose previously.  One of the alleged partners was named Zuckerberg.  The other alleged partners were twins.  Sound familiar?

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3 hours ago, Benjamin said:

I simply want to ensure that after I pay them their parts our team work is over, and they won’t be able later on to claim that idea belongs to them, since I continue working on it alone. To ensure that, what will be the proper document I have to ask them to sign for me when I pay them their parts for the program?

 

What makes you think you can hold their money hostage to get them to sign something?

 

The answer is they can simply sue you for it and win.

 

 

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On 7/7/2018 at 6:48 AM, Benjamin said:

Me and two of my college classmates have recently participated in Innovation Program for startups as a team. After presenting startup idea in the final – $ 3000 Seed Grant check were received on my name.

 

Despite your rather poor writing here, I think what you're basically saying is that, as a result of a school project, you and two classmates received $3,000 in grant money.  Is that right?

 

 

On 7/7/2018 at 6:48 AM, Benjamin said:

To ensure that, what will be the proper document I have to ask them to sign for me when I pay them their parts for the program?

 

A release.

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