Founder Institute – New York – Fall 2012
Pillsbury and The Founder Institute
Given your status as a startup company and association with The Founder Institute New York fall session, we will defer payment of $5,000 in legal fees relating to the Intellectual Property consultation and Initial Formation and Capitalization(details below). Pillsbury will offer Founder Institute NY participants a 20% discount on this special package if engaged byOctober 30, 2012. If Pillsbury is engaged by a Founder Institute NY participant between October 31, 2012 and November 14,2012, the participant will receive a 10% discount on the package*. That package includes the following:
Pillsbury can provide IP counseling packages for startups of all stages of growth. For many start-up companies, IP is themost critical asset and investors need to see that it is being protected. It is important to understand who owns variousintellectual property assets. Our approach includes providing a complimentary 1 hour consultation to understand what legalissues/questions you might have and to proactively identify issues of which you may not be aware. Based on thatcomplimentary initial consultation, we can develop a list of action items and provide you estimates (often fixed fee) for addressing those items.
Sample IP Package
Discussion and understanding of business model and any existing IP and developing a comprehensive IP strategyincluding patents, trademarks, copyrights and trade secrets
IP audit and review to identify legal issues, minimize liability and prepare for IP diligence by investors
Ensure ownership of existing IP and proper agreements to ensure ownership of later developed IP by employees,contractors and business partners
Prepare or Review Terms of Service and End User Licenses (if applicable)
Review of certain contracts impacting IP rights e.g., funding agreements involving with the Federal government,among others)
Our decades-long history of committed representation has assisted hundreds of entrepreneurs and start-up companiesacross fast-paced, developing industries. To support clients’ special needs, we have developed further value-added serviceswith practical business tools and special educational programs including The Backstage Pass™. We also leverage our relationships with various established companies, nonprofit research institutions and academic institutions to foster jointdevelopment and ventures, sponsored research, and technology licensing.
Emerging Company Corporate Package
Initial Formation and Capitalization package includes the following: incorporation and organization of the Company(consisting of preparation of certificate of incorporation, bylaws, action by sole incorporator, board consent in lieu of firstmeeting and form of employee proprietary information and inventions agreement and assisting with the qualification to dobusiness in the state where your principal office is located), issuance of founders’ stock (consisting of preparation of restricted stock purchase agreement for founder or founders, assisting with the issuance of restricted stock to founder or founders and assisting with related securities law filings, if applicable) and issuance of warrant to Founder Institute,Incorporated, if required by Founder Institute, Incorporated (consisting of preparation of warrant, board consent to authorizewarrant, assisting with the issuance of warrant and assisting with related securities law filings, if applicable).
Pillsbury will defer payment of the $5,000 in legal fees (excluding filing fees and other out-of-pocket costs) relating to theInitial Formation and Capitalization (as described above) until the earlier of (i) the consummation by the Company of anyfinancing in any dollar amount subsequent to the issuance of the founders’ common stock to the founder or founders inconnection with the Initial Formation and Capitalization, (ii) the date that is 60 days after the date of receipt by the Companyof any initial revenue, or (iii) the date that is one year from the date of this engagement letter. For the avoidance of doubt, wewill not defer payment of legal fees for work performed on matters other than the Initial Formation and Capitalization. A$1,000 retainer will be required.