Exclusivity is one of the most crucial aspects of a business. In this competitive market, exclusivity is often the front door to identity itself; in the event that it is compromised, you effectively lose identity as a distinct, unique business. The very thing that made you stand apart can be your Achilles heel, exposed for your competitors to see and exploit.
When a prospective entrepreneur wants exclusivity with respect to a specific business model, we need to ascertain that it being offered on a defined business model in a specific industry vertical, for a set duration of time (not more than 2 years) and applicable within a defined geography (usually state/country of client’s operation).
- Concerns regarding leaking business model – It’s understandable why entrepreneurs might be skeptical about their ideas being leaked out. All these concerns are protected and put to rest via strong NDAs we have in place. We invite businesses/entrepreneurs to sign NDAs with us to protect their IP interests. Also, at individual level all our employees are bound by legal NDAs as well as a part of their employment agreement with the company.
- Chinese wall between different project teams working on projects in same industry verticals – At Juggernaut, we have teams made from a specific skill set, e.g : project teams working on different projects in same vertical are separate. As a company, we do share and educate ourselves about the best practices in a vertical to increase our productivity and knowledge base to strengthen our backend framework but the element that makes a business models niche are not shared across these teams. Teams work in silos and the experience that the teams get after working on projects in turn is reflected in the strengthening the basic framework of the product offerings.
- Differences in business models – In our experience, all business models are unique and are shaped according to vision of the client, their own ideas and geographical nuances. Most of the times, we have found that concerns regarding copying, and the disclosure of their business idea eventually turning up to be unwarranted, as no two entrepreneurs or businesses want to do handle it in the same, monolithic manner.
- Exclusivity comes at a price – When an entrepreneur goes for an exclusivity clause, there is an opportunity cost that is involved. Now, irrespective of whether another potential entrepreneur from the same geography, same vertical and same business model comes in contact with us in exclusivity duration, entrepreneur will need to bear this cost. While that might be acceptable it becomes difficult for us at Juggernaut to determine the opportunity cost, as it depends on a handful of variable factors.
So, maybe niche and the exclusivity tag don’t hold the power for your product and your success. Let your business model speak for itself and win the masses over, let the product standout.