This is always a tricky one. We all want to retain our personal IP, but on the other hand the company does not want you having a great idea while doing their work and then going home and developing that for ourselves. This is a pretty standard clause in my part of the world, by the way One company I worked for changed ownership and the new owners wanted this clause almost exactly as in yours. I started to discuss with them and found they were closed on the matter. Then I found that a number of others also were unhappy about it, so as a group we expressed our views. We had the wording changed that all personal IP prior to that date was ours, along with all IP for applications not related to the companies products. But it gets tricky if your product is along the same lines as theirs. In that instance, who is to say if a good idea you have is for your product or as a result of work? Do you know any others at this company? Do they also have this clause? Is the company actually open to you doing your own products? Usually, I have found that being up front and open with employers, there will be a way to come to a compromise as long as they are reasonable. If they are not, then maybe you need to ask if you really want to work there. Good luck.