Although there were varying opinions on the open-sourced legal document templates created by Australian VCs, most lawyers agreed that the terms presented in the templates are more appealing to investors than startup founders, and that startup founders should seek legal advice and negotiate important amendments.
Australian VC funds open source their legal documents to help startups save on legal fees when raising capital
Australian venture capital firms, angel groups, incubators, accelerators and other industry stakeholders have pledged to open source the legal documents used in their seed fundraising processes. Industry-wide standardised fundraising documents can now be downloaded via AVCAL’s website and used during early-stage equity investment rounds.
Social media giant, Pinterest, recently won a court battle against a Spanish company called Pin Digital about their controversial use of the domain names PinSex.com, and PinGay.com.
We need to avoid the disaster US startups are facing when it comes to employment lawsuits; and the best way to do this is by not following their lead. Doing so is dangerous, and could end up costing you your dreams.
Searching through millions of corporate documents – online and offline – just to find the few hundred that are relevant to a particular legal issue, is as painful as you’d imagine – like trying to find a needle in the haystack. Knowing the frustration all too well, lawyer, engineer and entrepreneur, Lachlan James, decided to come up with a better solution.
It was while working as a financial planner in Sydney, that 22-year-old Nikhil Sreedhar spotted an alarming trend – firms were consistently charging exorbitant amounts of money for substandard service.
Recently, US-based toy-making startup GoldieBlox created a video advertisement for their impressive line of engineering toys for girls. The advertisement, however, has caused a bit of a ruckus because the background song they used in the advertisement is the Beastie Boys’ ‘Girls’ – but with lyrics changed. And now we have a legal issue of copyright infringement spiraling out of control.
If you’re a technology company planning to expand globally, here are some tips on what to think about from a legal perspective early on.
It’s one of the most common viral marketing techniques around – letting your readers, members etc send your content or services (or whatever) to a ‘friend’. They simply drop their friend’s email into a form, hit send and another lead comes your way. But could you be breaking the law?
I don’t want to be fatalistic or a scaremonger, BUT you know that you are doing at least something wrong in your business, don’t you? Sure, you are the “ideas person”, the driver of your enterprise and proud of the fact that out of nothing, you have made something pretty special. You are even providing others with opportunities to make money along-side or as a consequence of what you are doing, and have an employee or three hovering in the wings, starting as a “casual” or a “contractor” for now, being paid in sweat equity or when the next big invoice comes in, or on a “trial” basis until you decide that they are worthy of a paid position.
Yes, I know. You are a start-up. You have limited resources and a difficult cash flow forecast – but could really use some help. We spoke about interns a while back, now we are going to look a bit deeper into other ways you might think about to supplement the limited funds you have to hand to get the right person helping you out.