I have an idea for a product that is close enough in concept to my employer's business that they might have a claim on the IP (not a valid claim, IMO, but they have all the lawyers). It's unlikely that I could persuade my employer to build the product as it wouldn't fit in with their brand.
I'd like to approach my employer about creative ideas - such as a separate legal entity within the company, possibly with additional outside funding - for building the product within the company. This question asks about creating a separate "startup". What other strategies I should consider?