It's pretty common in the industry to have these type of IP clauses. I get the impression most people don't read their contract.

> I get the impression most people don't read their contract.

We read them, one of two situations occurs:

1. We don't care and sign it.

2. We raise a stink about it and either they change it or we don't take the job.

My current employer had the clause because it was standard boilerplate contract, but when I expressed my concerns over it and told them I wouldn't sign with it, they amended the contract to make sure nothing in it would impede my own projects and company.

Now on my 1-on-1 my CEO often asks me how my side business is doing and gives me advice as needed about building a business.

Boy do I need a job at your company.. :-P

I'll fix your sentence a bit:

> It's pretty common in the US industry to have these type of IP clauses.

Not only US; lots of companies in Europe have similar clauses.

Did you not read what I wrote? I said you could work during company time and that is why they do it. It's not just that. You can realistically only work a few hours a day properly so if you spend all your thinking power on hobbies there is little left for the guy who pays you