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Entrepreneurial Ecosystem and Legal Fundamentals - Entrepreneurship 101 (2012/2013)
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Entrepreneurial Ecosystem and Legal Fundamentals - Entrepreneurship 101 (2012/2013)

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Overview of the legal and tax considerations of starting a business including how to register and structure your business. Emphasis on the importance of understanding the entire “ecosystem” of your …

Overview of the legal and tax considerations of starting a business including how to register and structure your business. Emphasis on the importance of understanding the entire “ecosystem” of your business, including corporate organization, intellectual property, contracts and more.

Watch the lecture video: https://vimeo.com/51247514

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  • 1. ENT  101  –  MaRS  Discovery  District   Wednesday  October  10,  2012     ARSHIA  TABRIZI    B.A.Sc.  Computer  Engineering  (Hon)  (UofT)   Juris  Doctor  (Law)  (UofT)   Member  of  Ontario  &  California  Bars     www.tabrizilaw.com     arshia@tabrizilaw.com    
  • 2. ¡  1990-­‐1995  –  UofT  software/hardware  engineering,  IBM  ¡  1995-­‐1998  –  joined  the  “dark  side”  –  UofT  law  school  ¡  1998  –  back  to  “the  force”  –  thesis  on  “University  Spin-­‐offs”  ¡  1999-­‐2001  –  Wilson  Sonsini  Goodrich  &  Rosati  PC  (Palo  Alto,   Silicon  Valley)  –  incorporated  Google,  IPO’d  Apple,  800+  lawyers  ¡  2002  –  Tabrizi  Law  Office  -­‐  full-­‐service/exclusive  start-­‐up  practice     §  Incorporation,  Financing,  IP,  Trademark,  Patents,  Licensing,  Web   §  Strategic  Partner  –  equity,  relationships,  3-­‐4/year  time  horizon  ¡  Client  list   §  NeXJ  Systems  (founded  by  William  Tatham,  previously  founder  of   Janna  Systems,  acquired  by  Siebel  for  $1.7  b.)   §  RedFlagDeals.com  (acquired  by  Yellow  Pages  Group)   §  WedSnap  Inc.  (acquired  by  The  Knot  Inc.)   §  MMB  Research  (smart-­‐energy  platform,  $1  m.  angel  round)     §  CognoVision  (acquired  by  Intel)   Copyright 2012 Tabrizi Law Office PC 3
  • 3. 1.  Corporate  Organization   §  Do  it  right  from  start  2.  Intellectual  Property   §  More  than  just  patents  3.  Contracts   §  Why  do  they  matter   Copyright 2012 Tabrizi Law Office PC 4
  • 4. ¡  Articles  of  Incorporation   Ø Limited  liability   Ø Tax  advantages   Ø IP  centralization   Ø Venture  capital   Ø Range  $750  (basic)  –  $1,500  (full)   Ø Timing  -­‐  when  to  incorporate?  Ø  Tip  #1  –  In  corporate  work,  scrooge  pays  later   Copyright 2012 Tabrizi Law Office PC 5
  • 5. ¡  Corporate  Structure   §  Founder  Shares   Ø Ownership  %   Ø Voting  rights   Ø Share  classes  ¡  Corporate  Governance   §  Board,  officers  ¡  Tip  #2  –  Shareholders  agreement  =  prenup   Copyright 2012 Tabrizi Law Office PC 6
  • 6. ¡  Customized  contract   §  Spectrum  of  complexity:  5  –  80  pages   §  Pre-­‐venture  versus  venture-­‐ready  ¡  Broad  range  of  issues   §  Corporate  Governance   Ø Board,  decision-­‐making   Ø Hire,  finance,  sell   §  Shareholder  Exit   ▪  Divorce,  sale  of  company   Copyright 2012 Tabrizi Law Office PC 7
  • 7. ¡  Billions  of  dollars  are  at  stake:   §  Apple  v.  Samsung  (Android  OS)   §  Heated  auction  for  Nortel  patents   §  i4i  $240  m.  award  against  Microsoft   §  Winkelvoss  twins  against  Facebook    ¡  IP  =  protecting  your  primary  assets   Copyright 2012 Tabrizi Law Office PC 8
  • 8. ¡  Steve  Jobs  had  dozens  of  patents   §  Stair  design  patent  in  Apple  stores  ¡  Apple  lost  GUI  case  against  Windows  ¡  Steve  Jobs  negotiated  music  rights  for  iTunes  ¡  Steve  Jobs  was  secretive  &  controlling   §  Contrast  lean  start-­‐up  practice  ¡  iPhone  trademark  in  Canada  ¡  Tip  #3  –  IP  is  not  only  about  patents   Copyright 2012 Tabrizi Law Office PC 9
  • 9. ¡  Patents  v  Innovation   §  Patents  equal  innovation   §  Patents  kill  innovation  ¡  Questions   ▪  How  much  innovation  could  Google  have  produced  if  it   had  spent  $12b  on  product  development  instead  of  the   purchase  of  Motorola’s  mobile-­‐related  patents?   ▪  Is  Apple  stopping  Android  phones  good  for  innovation?   Copyright 2012 Tabrizi Law Office PC 10
  • 10. ¡  Patents   §  $10-­‐15k  full  patent   §  $2-­‐4k  provisional  patent   §  Prosecution,  enforcement  ¡  Trademarks   §  $1-­‐2k  to  registration   §  6-­‐18  months  to  registration   §  Improper  use/application  =>  lose  rights  ¡  Tip  #4  –  digital  media  is  about  brand   Copyright 2012 Tabrizi Law Office PC 11
  • 11. ¡  Trade  Secret  v.  Patents   §  Easy,  cheap   §  No  time  limit   §  No  disclosure  ¡  IP  Strategy  ¡  NDA  (Contract)   §  Watch  for  traps!  ¡  Tip  #5  –  NDA’s  should  be  mutual   Copyright 2012 Tabrizi Law Office PC 12
  • 12. ¡  Legally  Binding  Agreement   §  Customers     ▪  License  Agreements   §  Contractors   ▪  Consulting  /Development  Agreements   §  Employees   ▪  Employment  Agreements   §  Founders   ▪  Shareholders  Agreement  ¡  Emails  /  LOI’s  /  MOU’s   ▪  Enforceable,  IP,  risks   Copyright 2012 Tabrizi Law Office PC 13
  • 13. 1.  Protect  IP  2.  In  writing  3.  Raise  money  4.  Sell  company  5.  Manage  risk  ¡  TLO  –  strategic  partners  to  start-­‐ups     Copyright 2012 Tabrizi Law Office PC 14
  • 14. ¡  Tabrizi  Law  Office  P.C.   ▪  Incorporations,  Shareholder  Agreements   ▪  Stock  Options,  Founder  Agreements   ▪  Venture  Capital  Financings,  Acquisitions   ▪  Intellectual  Property  Law  (IP,  Litigation)   ▪  Technology  Transactions  (Licensing,  Partnerships)   §  Contact:     ▪  arshia@tabrizilaw.com     ▪  arshia_tabrizi   ▪  416.510.2600  x.306     Copyright 2012 Tabrizi Law Office PC 15