Getting Ahead of Your Legal Affairs Is the Key to Startup Success

June 20, 2017

12:20 pm

Every lawyer will tell you, it’s cheaper to hire them on the front end when you launch and get your business affairs in order than when stuff goes wrong or you’re playing catch up to protect your entity. For founders, taking a proactive approach to the legal side of the business, whether it be intellectual property, partnership agreements or initial investments, will be beneficial and certainly cheaper in the long run.

In these interviews by Maine Startup & Create Week (MSCW), a week-long (June 19-23) celebration of the entrepreneurial spirit and highlighting local companies and startups in Portland, Jon Gelchinsky, Matt Stein, and Andrea Suter of Pierce Atwood talk about the critical nature of protecting your intellectual property and assets while building a business.

Watch more quick interviews with advice on how to build your business

The Importance of Trademark Paperwork

In this video, Gelchinsky and Stein discuss the importance of having trademark paperwork in order because undoing the damage of not doing so can be an extraordinary and costly headache. In Gelchinsky’s words, “They would have saved a lot of money.”

The Importance of IP Agreements

In this video, Suter and Stein, share a story about challenges companies have faced due to unclear IP agreements. Specifically, companies who were acquired had to settle for less money in acquisition when these agreements weren’t clear or explicit. They emphasize the importance of establishing IP ownership early on so founders don’t suffer similar fates.

Learn more about the Maine startup ecosystem on Tech.Co

This video series brought to you in partnership with Maine Startup and Create Week (MSCW) and was produced by The Knack Factory with footage courtesy of Maine Coast Fishermen’s Association. MSCW is a week long conference in Portland, Maine celebrating innovators, entrepreneurs & startups across Maine & the USA. This year MSCW is taking place June 19th-23rd 2017. Learn more at mainestartupandcreateweek.com.

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Tishin is a technology journalist and correspondent. She has written for TechCrunch, Demand Studios and Fitness, and has regular network segments on local Phoenix affiliate stations. She holds a Master's degree in Clinical and Sport psychology, and has covered many areas of technology ranging from 3D printing and game development to neurotech and funding for over 15 years.

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