NDA

TL;DR

A confidentiality contract restricting how shared information may be used or disclosed; common with customers and partners but uncommon for VC pitches.

NDAs bind one or both parties to keep certain shared information confidential. They're standard in customer-vendor relationships, M&A discussions, and design-partner agreements. They are notably uncommon in VC pitch conversations — most institutional VCs decline to sign NDAs at the deck stage because they see thousands of pitches and would create unmanageable conflicts.

NDAs are useful when you must share specific confidential operating data (customer lists, source code, financial details) and far less useful when sharing the high-level pitch story.

Worked example

A founder signs a mutual NDA with a strategic investor before sharing the financial model and a customer list. NDAs are standard with strategics and large enterprises, but uncommon with VCs (who typically refuse to sign at the meeting stage).

Common pitfalls

• Asking VCs to sign NDAs at the pitch stage and damaging credibility.
• Sharing too much confidential information without an NDA in place.
• Treating an NDA as a substitute for trade-secret protection.

When this shows up in a pitch deck

NDAs surface in due-diligence prep; not on the deck.

Related terms

• Data Room — A secure shared folder with every document an investor needs for due diligence — financials, contracts, cap table, team info, and customer references.
• Due Diligence — The investigation an investor performs to verify the claims in the pitch and assess all material risks before signing a term sheet or wiring funds.
• Term Sheet — A non-binding document outlining the principal terms of a proposed financing, used to align investor and founder before legal documents are drafted.
• No-Shop Clause — A binding term sheet provision preventing the company from soliciting or accepting competing offers for a defined window after signing.
• Letter of Intent — A non-binding document outlining the proposed terms of a customer agreement, partnership, or acquisition before formal contracts are drafted.

Use this in your next pitch deck

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