I'm impressed by that. I've never heard of such freedom, but it strikes me that since so many people are considering startups now that such an agreement may be a competitive advantage by which companies can compete for employees.
If I'm reading you right you make this declaration when you are hired. What happens if you start a project while you are (already) at the company?
I've only been here for a month, and the policy has already been revised since I arrived! The 90-day timeout is new. I'm happy with it. If I got a new idea project idea that wasn't tied to alpha capture systems, I don't think there would be any issue with amending my declaration.
Before my time, there was an expansive policy that asserted ownership over everything. The old policy might not have even been enforceable in the UK. Some employees raised concerns about it, management responded. The company is small (~60 employees/~25 devs), so there tends to be a lot of flexibility.
If I'm reading you right you make this declaration when you are hired. What happens if you start a project while you are (already) at the company?