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General Corporate Overviewfor Early-Stage Startups,[object Object],Presented by: Inna Efimchik,[object Object]
Topics,[object Object],[object Object]
   What do investors look at in diligence
  Funding term sheets: vocabulary and trends,[object Object]
When is the right time to incorporate?,[object Object],[object Object]
   Commitment
  Risk of liability
  VC or angel funding,[object Object]
  you are saving $, so you don’t hire an attorney
  you write out the terms of your “partnership” and  everyone signs it,[object Object]
Personal Liability,[object Object],Let’s Suppose:,[object Object],[object Object]
  you are saving $, so you don’t hire an attorney
  you write out the terms of your “partnership” and  everyone signs it,[object Object],Scenario 1: on the way to a,[object Object],prospective customer meeting,[object Object],a co-founder is in a serious car,[object Object],accident & injures a pedestrian,[object Object]
IP in Limbo,[object Object],Let’s Suppose:,[object Object],[object Object]
  you are saving $, so you don’t hire an attorney
  you write out the terms of your “partnership” and  everyone signs it,[object Object],Scenario 2: a co-founder takes,[object Object],a job at another company & plans,[object Object],to use the technology he has been,[object Object],developing for that company,[object Object]
IP &/or Equity in Limbo,[object Object],Let’s Suppose:,[object Object],[object Object]
  you are saving $, so you don’t hire an attorney
  you write out the terms of your “partnership” and  everyone signs it,[object Object],Scenario 3: a co-founder decides,[object Object],not to pursue the venture any more;,[object Object],has a falling out with other co-founders,[object Object]
Corporate Advantage,[object Object],[object Object]
Scenario 2: co-founder’s IP belongs to company
Scenario 3: co-founder’s IP assigned to company; will keep small amount of vested shares; unvested shares repurchased for nominal $,[object Object]
Why is it important?,[object Object],[object Object]
   Their lawyers will conduct thorough legal due diligence

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Inna

  • 1.
  • 2.
  • 3. What do investors look at in diligence
  • 4.
  • 5.
  • 6. Commitment
  • 7. Risk of liability
  • 8.
  • 9. you are saving $, so you don’t hire an attorney
  • 10.
  • 11.
  • 12. you are saving $, so you don’t hire an attorney
  • 13.
  • 14.
  • 15. you are saving $, so you don’t hire an attorney
  • 16.
  • 17.
  • 18. you are saving $, so you don’t hire an attorney
  • 19.
  • 20.
  • 21. Scenario 2: co-founder’s IP belongs to company
  • 22.
  • 23.
  • 24. Their lawyers will conduct thorough legal due diligence
  • 25. Investors don’t like surprises
  • 26. They are conservative pattern-recognition experts
  • 27.
  • 28.
  • 29. Founder equity vesting subject to acceleration
  • 30. Founder equity improperly granted (e.g. w/out board approval)
  • 31.
  • 32.
  • 33. Executed invention assignment agreements
  • 34.
  • 35. If you don’t maintain proper corporate records  nightmare
  • 36.
  • 37.
  • 38.
  • 39.
  • 40.
  • 41.
  • 42. Dividends — usually 8%, non-cumulative, when, as and if declared
  • 43.
  • 44.
  • 45.
  • 46.
  • 47.
  • 48.
  • 49.
  • 50. Maintain organized corporate records (or have counsel do it for you)
  • 51.