Why is it so important to share your secret sauce before you launch your startup?

Ok, we’re not talking about handing out the recipe or doing a DIY video, we’re talking about the downfall of holding onto something so tightly that it’s impossible to monetize.

On many occasions I have been invited to be on a business plan review panel. Our job is much like Dragon’s Den, we listen to the pitch and offer valuable feedback, connections and at times funding.

Almost every time an Entrepreneur, who is the ‘Inventor Type’, presents their product or concept they miss out on validating their offering to the group because they have been too secretive.

It’s impossible for anyone to assist in the evaluation of the product or service if you don’t share the concept or any of its benefits or value in a way that is relatable.

Here are three+ benefits for sharing your Secret Sauce before you launch a venture:

RELEASE.

Sharing your core concept releases you from resisting change. If you are so attached to the current state (of conception, development or often, state of mind) you will not be open the evolution that needs to take place. During the first 9 month or 465 days in business is your gestation time. Your business will not look the same after a year in business as it does the day you start, guaranteed!

OPPORTUNITY.

If you are unable to share your concept, it’s benefits or the basic theory behind your invention you’ll be missing out on opportunity. Often it’s not the original product or service that is the big hitter but what comes out of the initial learning that is your winner. If you hang on to your idea too tightly you’ll miss out on that subsequent opportunity.

ACCELERATION.

By sharing your ideas you will have the chance to test out the marketplace, hear what others have to say and possibly avoid re-inventing the wheel. You will be able to start the process of learning the true value of your product or service and fast-track your results.

Oh, did I mention that this can be applied to life in general?