Yup, my job's clause states that any product directly aligned with company's processes will be owned by the company, even if built away from company's property.
That is what I was thinking, of changing jobs. I have talked to lot of friends and they all have this clause as a standard. I think going part-time is a good suggestion. Because even yesterday I had a chance meeting with one of local company's director and he was also up to see the product and said if I "build it solidly, company will be my first flag". I want to build this thing ASAP.
Maybe iamshs could switch to another job, perhaps something a bit more part time without the non competes and build the thing on the side then?