Are you in the UK? Such terms are common in tech here in the UK. I also had a job offered with pretty much identical terms. I planned to disclose and negotiate

Are you in the UK? Such terms are common in tech here in the UK. I also had a job offered with pretty much identical terms. I planned to disclose and negotiate this clause after negotiating the salary (they offered less than I used to make) but they walked off in a huff when I pushed back against the offer. I did not regret it as I have IP that I have been developing for years and I hope to spin into a company in a couple of years.