What about other clauses in the contract? Usually such agreements included provisions regarding scope of work, termination etc.

Both the founders should have clarity with regards to ownership of the technology, product, corresponding IP (patents, trademarks) and terms of licensing. One way is to assign all rights to the company, file all patents, trademarks on behalf of the company, and the execute licensing agreement as a legal entity (company) and not individually. With a view to safeguard interest of each co-founder, you can also execute co-founders agreement among yourselves that will define all terms of collaboration, and what will happen in case one founder decides to exit midway. Hope this is helpful. For further advice, feel free to get in touch. http://www.advocaterahuldev.com/

In addition to valuable suggestions made by Tom, you can also consider protecting various brands by way of trademarks and create a strong trademark portfolio. Once done, you can easily exclude trademark ownership rights from investment, and include licensing or assignment as and when required, along with appropriate terms and conditions. Hope this helps. http://www.advocaterahuldev.com/

As a general practice, it is advisable to license the patent rights instead of assigning the complete patent. This way, you will have control over the invention (technology) and in case anything does not go the way it was expected to go with investors, you will retain the patent rights and corresponding license rights can be revoked. Obviously, such licensing will require a suitable patent licensing agreement, including provisions related to scope, term, royalty, and the like. In case you wish to discuss this further, feel free to get in touch. Best Regards, Rahul Dev http://www.advocaterahuldev.com

Given the broad nature of question, I would suggest talking directly to consumers and see their reaction towards such product. It may require some modifications based on consumer's feedback. Once you zero in on what is exactly required, you can talk to industry experts with regards to launching the MVP and an IP Lawyer to protect corresponding rights. Hope this helps. http://www.advocaterahuldev.com