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SEFI Legal Espelien 10.30.12

SEFI Legal Espelien 10.30.12

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Published by Dave Parker

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Published by: Dave Parker on Oct 31, 2012
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10/31/2012

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StartupLegalandIP
JoelEspelienTheFounderIns8tute
 
Whatisthe“law”???
1.
 
Explicit(Federal,State,foreignstatutesandregs)
 –
 
U.S.taxlaw&patentlaw,Delawarecorporatelawetc.
 –
 
Highdegreeofcertaintyforobviousthings
2.
 
Commonlaw(courtdecisions)
 –
 
Mediumdegreeofcertainty.Neverasmuchasyouwant.
 –
 
Ex.Isanon-competeenforceableinstateX?
3.
 
Privatelaw(contracts)
 –
 
Whateveryouandtheotherpartyagreeto,aslongasnotcontraryto#1and#2
 –
 
TermsheetforaVCinvestment
Dailylifeislivedin3,withoccasionalreferenceto1&2
 
3roles“law”playsinstartups
1.
 
Constraint(Thoushaltnot)
 –
 
Oenobvious,butevenwherenot,resultisobvious
2.
 
Guide(Thoushould)
 –
 
Wellwornpathsreducerisk
 –
 
Avoid“hair”onyourdealthatkillsopportuni8eslateron
3.
 
Value-add(Thoucould)
 –
 
Clevercontracttermthatgivesyouanadvantage
 –
 
Taxelec8onthatsavesyoumoneywhencompanyissold
 –
 
Patentthatissuesjustasyourcompe8torovertakesyou
 –
 
Oeninvolvesplanningahead(oops)
Lawisanecessarybutnotsufficientcondi<onofsuccess

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