I am happily employed as a software developer currently and have no plans to leave.
An amazing opportunity presented itself to my dad that just screamed of a lucrative niche market with only a handful of competitors. A business contact for my dad can set him up to meet with an industry insider with valuable information that lowers the barrier of entry and can be used as the basis for building a solid product. In return we provide his organization a solution for low cost and a glowing testimonial, as well as being able to use him informally as an industry expert.
My dad needs help and wants me to help him with this idea and eventually build the software. He is thinking of starting an LLC, funding it personally and giving me 50% ownership.
I am concerned though because the contract I signed at my current job (and primary source of income) is extremely restrictive about IP that I produce. It claims pretty explicitly that any IP I create regardless of location, work hours, use of company resources, etc... is 100% owned by the company. This means that any product I would build for this startup would be owned by my current employer.
I was thinking, perhaps I can work around this by not actually being affiliated with this startup in anyway? Have an agreement with my dad, behind closed doors, develop the product secretly at his house, he owns 100% on paper and then if its successful and makes money he can cut me a check. Financially on paper it is a father writing his son a check from his personal bank account.
I of course trust my dad on this, I am his own flesh and blood, he wouldn't screw me over.
Besides the obviously ethical implications of this, is there really any chance of getting in serious trouble? Is it illegal in anyway?
EDIT: I would like to add that this startup will in no way shape or form be in any market or position to compete in anyway directly or indirectly with my current employer.