QUESTION:
I’m talking to angels about raising a seed round. How long should a seed round typically last? Six months? A year? What do investors expect?
ANSWER:
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QUESTION:
I brought on a high-powered advisor for a considerable amount of stock, which vests over 4 years. But the advisor isn’t adding much value, and it’s been nearly a year. Should I let the advisor go? This advisor is well-known in the industry, so I don’t want to make enemies.
ANSWER:
QUESTION:
I have a startup, and we’re using a number of open source software packages, including WordPress, Ruby on Rails, MySQL, etc. The list is pretty long. In general, what issues should I be aware of when using open source software?
ANSWER:
QUESTION:
I’m debating between going back to school for an MBA or diving in and launching a startup. How important is getting an MBA for running a startup?
ANSWER:
QUESTION:
I am about to ask a few advisors to join my startup and wanted to know how much equity to give. I believe that the typical range is between 0.01% to 3%, depending on experience and other assets the advisor brings; however, I’d love to get more specificity within that range. For example, below are a couple scenarios I’m considering, and I would like to get advice on reasonable equity grants:
Scenario A: EVP at a high-tech firm, and previously a CEO at a start-up. Meet monthly as an active advisor. Will agree to 2 introductions a month with C-level executives and accredited angel investors.
QUESTION:
I have all these VCs interested in my startup, but none of them will write us a check. They’re all sitting on the fence waiting for someone else to take the lead. It’s so frustrating! What’s the best strategy for closing VC funding?
ANSWER:
Soody Tronson
by Soody Tronson, Founder of Soody Tronson Law Group
Assignment agreements, as are commonly used in employment or consulting arrangements, attempt to address, among other things, the transfer of rights held by one party, the assignor, to another party, the assignee. Employment or consulting agreements often, either directly or indirectly, address the assignment of intellectual property (e.g., patents) developed by the employee or consultant while employed by or under contract with the Company (e.g., employer). This is of relevance since, under the US Patent laws, the inventor is the owner of the patent and every inventor has an equal, undivided interest in that patent unless and until that property (IP) interest is transferred by law (different foreign jurisdictions may have different laws). Thus, the creation of “Assignment Agreements.”
QUESTION:
As a startup, we try hard to minimize our lawyer’s time to save money. We usually spend time reviewing the legal docs in advance, so we don’t have to ask too many questions. My problem is when I come across a phrase like: “pursuant to section 141(f) of the Delaware General Corporation Law”. Where can I find out what this is about?
ANSWER:
QUESTION:
Do startups typically buy insurance coverage? If so, what are the types of insurance policies that I should consider?
ANSWER:
Roger Royse, Founder of Royse Law Firm, gave a great talk!
The topic was “Top 10 Legal Mistakes Made by Startups,” and Roger did an excellent job of going through all the most common mistakes founders make when starting their companies.
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