EC Forum
So just by virtue of what we do, we’re well placed to advise our clients as to what will work for the business long- term.
Don’t you ever get approached by people looking for free legal advice?
I do but honestly, I never mind spending ten or fifteen minutes going over my general views on reverse vesting, warranty protection on a B round, or some other topic like that. The legal aspects of running a business and taking it through the funding cycle can be hugely complicated, but we all know that at the beginning money is tight and legal advice is a long way down the list of ways to spend it. If I can give people a little bit more understanding
during those early days, that’s got to be a good thing all round.
So when should entrepreneurs
be calling a lawyer? That’s part of the problem; there’s no one-size-fits-all approach for the detailed issues. Take a business’s website, for example – if it’s just an advertising channel with no user interactivity,
good idea of how to deal with these issues.
About all you can say for sure is that when you’re taking outside money, you want to get a lawyer involved – and preferably far enough in advance that they can sort out any problems before the investor sends their lawyers in.
it’s pretty low down the
list of priorities for attention, at least from the legal side. If the business is running an online community, then suddenly it shoots up the list – there’s probably data protection to deal with, for one thing. Would you call a lawyer at this point? Maybe – but you’re not reinventing the wheel, so possibly someone on your team would have a
If you’d like to hear more from David on legal issues facing entrepreneurs and investors, he’ll be speaking at the EC Forum on Monday
30th September. You
can also follow David on Twitter @davidwillbe
15 entrepreneurcountry
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