SlideShare a Scribd company logo
1 of 21
Download to read offline
Entrepreneurial Ecosystem
and Legal Fundamentals
The Nuts and Bolts of Starting a Business
Presented by:

Tony Redpath
MaRS Senior Fellow
MaRS Discovery District

October 16th, 2013

Slide 1

MaRS
Slide 2

MaRS
Memory at Work
!
When you start an enterprise, you have to work within an
existing ecosystem while seeking to create your own
relationship network and ecosystem.!
!
–  Customers!
–  Suppliers / Providers!
–  Government!
–  Regulatory bodies!
–  Trade Associations!
!
!
Pg 3!
Memory at Work

You!
Inc.!

Your!
Customers!

Pg 4!
Memory at Work

Your!
Suppliers !

You!
Inc.!

Your!
Customers!

Pg 5!
Memory at Work

  For Profit and Non Profit Organizations:!
-  For Profit Incorporation !
-  Federal incorporation!
o  Canada Business website!
o  Canada Business Corporations Act!
!
-  Non Profit Organizations!
o  Canada Non for Profit Corporations Act !
o  Non for Profit Incorporators Handbook !
o  Charitable Status !
!
!
Pg 6!

!
Memory at Work

  Provincial For Profit Incorporation!
-  Service Ontario website!
-  Business Corporations Act!
  Provincial for Non Profit Organizations !
-  CRA Website !
!
!
!
	
  
Pg 7!
Memory at Work

  For Profit Options:!
-  Delaware incorporation!
o  US Investor Base !
  Non Profit Options !
-  Guide Star !
-  Filing Requirements – IRS !
-  L3C Legal Structure !
!
!
!
	
  

Pg 8!
Memory at Work

  Regardless of incorporation jurisdiction, taxes are a requirement!
-  Federal Corporate Tax!
-  Provincial Corporate Tax!
-  HST!
	
  

Pg 9!
Memory at Work

  “The incorporation process can be very complex. You may wish to
obtain legal and tax advice to assist you with the preparation of the
incorporation documents and shareholders' agreements.”!
-  Canada Business website!
  Approximate cost to hire an accountant / lawyer to handle all the above
paperwork is $800 - $1500!
  Remember – you are building a structure for success!
	
  

Pg 10!
Memory at Work

Federal and 

provincial gov’t!

Your suppliers!

You Inc.!

Your customers!

Accountant!
Pg 11!
Memory at Work

  You will need a shareholders agreement – it can be 1 page or 100
pages, but it must cover, at a minimum:!
-  What is the ownership split (at the start; sweat equity vs salary)!
-  How are decisions made!
-  What are each person’s responsibilities!
-  Assignment of Intellectual Property (esp. employees)!
-  There are many other issues that can be covered in a shareholders
agreement (see Term Sheet lecture)!
o  Legal advice is highly recommended!
!
  You should have a Board of Directors!
!
  Remember - you are building for success!
	
  

Pg 12!
Memory at Work

  You will need an employee agreement that covers not only the job
description and salary, vacation etc. but also IP ownership,
confidentiality, non-compete, non-solicit clauses.

!
  More taxes – you need to remit payroll deductions for income tax,
Employment Insurance, Canada Pension Plan (the good news is that
when you get the other federal tax numbers, you will also be set up for
payroll taxes)!
  You need to register with the Workplace Safety and Insurance Board
(WSIB)!
	
  
Pg 13!
Memory at Work

!
•  Shareholders agreement: Sample template!
•  http://www.marsdd.com/articles/shareholders-agreement-sampletemplate/!
•  Employment agreement: Sample template!
•  http://www.marsdd.com/articles/employment-agreement-sampletemplate/!
•  General partnership agreement: Sample template!
•  http://www.marsdd.com/articles/general-partnership-agreementsample-template/ !
•  Term sheet: Sample template!
•  http://www.marsdd.com/articles/term-sheet-sample-template/!
!
Pg 14!
Memory at Work

Federal and 

provincial gov’t!

You Inc.!

Your suppliers!

Bank!

WSIB!

Lawyer!

Accountant!

Board!
members!

Your customers!

Trade associations !
Trade shows!
Conferences !
Regional networks!
Regulatory bodies!

Pg 15!
Memory at Work

  How do I register my enterprise name?!
Canada Business website!
!
  How can I get tax credits for my research (SRED)?!
!http://www.cra-arc.gc.ca/txcrdt/sred-rsde/ !
!
  How do I seek information about trademarks & patents?!
Canadian Intellectual Property Office website!
	
  

Pg 16!
Memory at Work

CRA!
CRA!
SRED!
SRED!

Federal and 

provincial gov’t!

You Inc.!

Your suppliers!

Bank!

WSIB!

Lawyer!

Accountant!

Board!
members!

Your customers!

Trade associations !
Trade shows!
Conferences !
Regional networks!
Regulatory bodies!

Pg 17!
Memory at Work

  Building Effective Relationships 101 !
-  Professional Organizations & Trade Associations!
-  Be Strategic!
o  Too many to count…!
o  Why do I need to be there? Who do I need to meet?!
-  Scientific Conferences!
-  Trade Shows!
  Partners!
-  Government Officials !
-  Your Bank!
	
  

Pg 18!
Memory at Work

CRA!
SRED!

Federal and 

provincial gov’t!

You Inc.!

Your suppliers!

Bank!

WSIB!

Lawyer!

Accountant!

Board!
members!

Your customers!

Trade associations !
Trade shows!
Conferences !
Regional networks!
Regulatory bodies!

Pg 19!
Memory at Work

	
  
	
  	
  Your	
  Compe*tors	
  
	
  
	
  	
  

Memory at Work

CRA!
SRED!

Federal and 

provincial gov’t!

You Inc.!

Your suppliers!

Bank!

WSIB!

Lawyer!

Accountant!

Broad!
members!

Your customers!

Trade associations !
Trade shows!
Conferences !
Regional networks!
Regulatory bodies!

Pg 17!

	
  
Your	
  Channel	
  Partners	
  
	
  
	
  
	
  	
  	
  	
  	
  Your	
  Distributors	
  /	
  
Value	
  Added	
  Resellers	
  
	
  	
  	
  
Pg 20!
Memory at Work

  Don’t run out and commit to a big office with lots of fancy furniture –
get the space that you need, shop at IKEA and grow your space as
necessary!
  Don’t hire your relatives simply because they are available – get the
team that you actually need!
  Don’t hire your lab, old college university friends mates UNLESS
they can offer you something to build your organization !
  Don’t assume that the “understanding” that you have with a
colleague / employee is indeed an understanding!
  Remember – attitudes change when there is money on the table!
	
  
Pg 21!

More Related Content

Viewers also liked

Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101
Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101
Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101MaRS Discovery District
 
Introduction to entrepreneurial management
Introduction to entrepreneurial managementIntroduction to entrepreneurial management
Introduction to entrepreneurial managementMaRS Discovery District
 
Dynamics of entrepreneurship, anga sotonye 2008
Dynamics of entrepreneurship, anga sotonye 2008Dynamics of entrepreneurship, anga sotonye 2008
Dynamics of entrepreneurship, anga sotonye 2008Sotonye anga
 
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...MaRS Discovery District
 
Total factor productivity growth
Total factor productivity growthTotal factor productivity growth
Total factor productivity growthGece Gunduz
 
Entrepreneurial Management
Entrepreneurial ManagementEntrepreneurial Management
Entrepreneurial ManagementJorge Saguinsin
 
Knowledge economy and society
Knowledge economy and societyKnowledge economy and society
Knowledge economy and societyAndre Saito
 
Entrepreneurial Management (EM 01) - Entrepreneurship
Entrepreneurial Management (EM 01) - EntrepreneurshipEntrepreneurial Management (EM 01) - Entrepreneurship
Entrepreneurial Management (EM 01) - EntrepreneurshipSuhas Dutta
 
Concept of entrepreneurship (1)
Concept of entrepreneurship (1)Concept of entrepreneurship (1)
Concept of entrepreneurship (1)Ankita Sood
 
Theories of entrepreneurship
Theories of entrepreneurshipTheories of entrepreneurship
Theories of entrepreneurshipAkshay Ganbote
 
Business models and ecosystems
Business models and ecosystemsBusiness models and ecosystems
Business models and ecosystemsMichael Weiss
 
TYPES OF ENTREPRENEURES
TYPES OF ENTREPRENEURESTYPES OF ENTREPRENEURES
TYPES OF ENTREPRENEURESgreeshmamohanp
 

Viewers also liked (15)

Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101
Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101
Customer Discovery and Market Intelligence - MaRS Entrepreneurship 101
 
Different Types of Entrepreneurship
Different Types of EntrepreneurshipDifferent Types of Entrepreneurship
Different Types of Entrepreneurship
 
Introduction to entrepreneurial management
Introduction to entrepreneurial managementIntroduction to entrepreneurial management
Introduction to entrepreneurial management
 
Dynamics of entrepreneurship, anga sotonye 2008
Dynamics of entrepreneurship, anga sotonye 2008Dynamics of entrepreneurship, anga sotonye 2008
Dynamics of entrepreneurship, anga sotonye 2008
 
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
 
Total factor productivity growth
Total factor productivity growthTotal factor productivity growth
Total factor productivity growth
 
Entrepreneurial Management
Entrepreneurial ManagementEntrepreneurial Management
Entrepreneurial Management
 
Knowledge economy and society
Knowledge economy and societyKnowledge economy and society
Knowledge economy and society
 
Entrepreneurial Management (EM 01) - Entrepreneurship
Entrepreneurial Management (EM 01) - EntrepreneurshipEntrepreneurial Management (EM 01) - Entrepreneurship
Entrepreneurial Management (EM 01) - Entrepreneurship
 
Schumpeter Theory
Schumpeter TheorySchumpeter Theory
Schumpeter Theory
 
Concept of entrepreneurship (1)
Concept of entrepreneurship (1)Concept of entrepreneurship (1)
Concept of entrepreneurship (1)
 
Different Types of Entrepreneurship
Different Types of EntrepreneurshipDifferent Types of Entrepreneurship
Different Types of Entrepreneurship
 
Theories of entrepreneurship
Theories of entrepreneurshipTheories of entrepreneurship
Theories of entrepreneurship
 
Business models and ecosystems
Business models and ecosystemsBusiness models and ecosystems
Business models and ecosystems
 
TYPES OF ENTREPRENEURES
TYPES OF ENTREPRENEURESTYPES OF ENTREPRENEURES
TYPES OF ENTREPRENEURES
 

Similar to Entrepreneurial Ecosystem and Legal Fundamentals - Entrepreneurship 101 (2013/2014)

Basic Nuts and Bolts of Building a Business - Entrepreneurship 101
Basic Nuts and Bolts of Building a Business - Entrepreneurship 101 Basic Nuts and Bolts of Building a Business - Entrepreneurship 101
Basic Nuts and Bolts of Building a Business - Entrepreneurship 101 MaRS Discovery District
 
Basic Nuts and Bolts of Building a Business
Basic Nuts and Bolts of Building a BusinessBasic Nuts and Bolts of Building a Business
Basic Nuts and Bolts of Building a BusinessMaRS Discovery District
 
Guide to Starting and Expanding a Business
Guide to Starting and Expanding a BusinessGuide to Starting and Expanding a Business
Guide to Starting and Expanding a BusinessRyan MacNeil
 
Business 202 - How to Take Your Business to the Next Level
Business 202 - How to Take Your Business to the Next LevelBusiness 202 - How to Take Your Business to the Next Level
Business 202 - How to Take Your Business to the Next LevelBlatt Financial Group, LLC.
 
Palm Beach SCORE Presentation - Business 101: Starting Your Own Company
Palm Beach SCORE Presentation - Business 101: Starting Your Own CompanyPalm Beach SCORE Presentation - Business 101: Starting Your Own Company
Palm Beach SCORE Presentation - Business 101: Starting Your Own CompanyBlatt Financial Group, LLC.
 
From the Ground Up: Building a Scalable Money Management Businesses
From the Ground Up: Building a Scalable Money Management BusinessesFrom the Ground Up: Building a Scalable Money Management Businesses
From the Ground Up: Building a Scalable Money Management BusinessesTearsheet
 
Different Types of Entrepreneurship - Entrepreneursip 101
Different Types of Entrepreneurship - Entrepreneursip 101Different Types of Entrepreneurship - Entrepreneursip 101
Different Types of Entrepreneurship - Entrepreneursip 101MaRS Discovery District
 
Essay On A Friend In NeedS A Friend Indeed
Essay On A Friend In NeedS A Friend IndeedEssay On A Friend In NeedS A Friend Indeed
Essay On A Friend In NeedS A Friend IndeedAlexis Thelismond
 
Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)MaRS Discovery District
 
850 words- must be originalDetailsYour company is currently e.docx
850 words- must be originalDetailsYour company is currently e.docx850 words- must be originalDetailsYour company is currently e.docx
850 words- must be originalDetailsYour company is currently e.docxssuser774ad41
 
Small Business & Technology Development Center Page 1 of 4 .docx
Small Business & Technology Development Center  Page 1 of 4 .docxSmall Business & Technology Development Center  Page 1 of 4 .docx
Small Business & Technology Development Center Page 1 of 4 .docxbudabrooks46239
 
Small Business Start-Up E-Toolkit - PDF
Small Business Start-Up E-Toolkit - PDFSmall Business Start-Up E-Toolkit - PDF
Small Business Start-Up E-Toolkit - PDFKirk C. N. Brown
 
International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...
International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...
International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...Houston Association of REALTORS®
 
2006 Personal Narrative
2006 Personal Narrative2006 Personal Narrative
2006 Personal NarrativeRhonda Coleman
 
850–950 words- must be originalDetailsYour company is current.docx
850–950 words- must be originalDetailsYour company is current.docx850–950 words- must be originalDetailsYour company is current.docx
850–950 words- must be originalDetailsYour company is current.docxssuser774ad41
 
Segment Reporting
Segment ReportingSegment Reporting
Segment ReportingJulie Brown
 

Similar to Entrepreneurial Ecosystem and Legal Fundamentals - Entrepreneurship 101 (2013/2014) (20)

Basic Nuts and Bolts of Building a Business - Entrepreneurship 101
Basic Nuts and Bolts of Building a Business - Entrepreneurship 101 Basic Nuts and Bolts of Building a Business - Entrepreneurship 101
Basic Nuts and Bolts of Building a Business - Entrepreneurship 101
 
Basic Nuts and Bolts of Building a Business
Basic Nuts and Bolts of Building a BusinessBasic Nuts and Bolts of Building a Business
Basic Nuts and Bolts of Building a Business
 
Guide to Starting and Expanding a Business
Guide to Starting and Expanding a BusinessGuide to Starting and Expanding a Business
Guide to Starting and Expanding a Business
 
Business 202 - How to Take Your Business to the Next Level
Business 202 - How to Take Your Business to the Next LevelBusiness 202 - How to Take Your Business to the Next Level
Business 202 - How to Take Your Business to the Next Level
 
Palm Beach SCORE Presentation - Business 101: Starting Your Own Company
Palm Beach SCORE Presentation - Business 101: Starting Your Own CompanyPalm Beach SCORE Presentation - Business 101: Starting Your Own Company
Palm Beach SCORE Presentation - Business 101: Starting Your Own Company
 
From the Ground Up: Building a Scalable Money Management Businesses
From the Ground Up: Building a Scalable Money Management BusinessesFrom the Ground Up: Building a Scalable Money Management Businesses
From the Ground Up: Building a Scalable Money Management Businesses
 
Doing business in Canada - October 2016
Doing business in Canada - October 2016Doing business in Canada - October 2016
Doing business in Canada - October 2016
 
Different Types of Entrepreneurship - Entrepreneursip 101
Different Types of Entrepreneurship - Entrepreneursip 101Different Types of Entrepreneurship - Entrepreneursip 101
Different Types of Entrepreneurship - Entrepreneursip 101
 
Essay On A Friend In NeedS A Friend Indeed
Essay On A Friend In NeedS A Friend IndeedEssay On A Friend In NeedS A Friend Indeed
Essay On A Friend In NeedS A Friend Indeed
 
Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
 
850 words- must be originalDetailsYour company is currently e.docx
850 words- must be originalDetailsYour company is currently e.docx850 words- must be originalDetailsYour company is currently e.docx
850 words- must be originalDetailsYour company is currently e.docx
 
Entrepreunership
EntrepreunershipEntrepreunership
Entrepreunership
 
smkidd
smkiddsmkidd
smkidd
 
Slide Lesson
Slide LessonSlide Lesson
Slide Lesson
 
Small Business & Technology Development Center Page 1 of 4 .docx
Small Business & Technology Development Center  Page 1 of 4 .docxSmall Business & Technology Development Center  Page 1 of 4 .docx
Small Business & Technology Development Center Page 1 of 4 .docx
 
Small Business Start-Up E-Toolkit - PDF
Small Business Start-Up E-Toolkit - PDFSmall Business Start-Up E-Toolkit - PDF
Small Business Start-Up E-Toolkit - PDF
 
International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...
International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...
International 101 - How to Attract Foreign Clients & Meet Your Objectives (Pe...
 
2006 Personal Narrative
2006 Personal Narrative2006 Personal Narrative
2006 Personal Narrative
 
850–950 words- must be originalDetailsYour company is current.docx
850–950 words- must be originalDetailsYour company is current.docx850–950 words- must be originalDetailsYour company is current.docx
850–950 words- must be originalDetailsYour company is current.docx
 
Segment Reporting
Segment ReportingSegment Reporting
Segment Reporting
 

More from MaRS Discovery District

How to Pitch a VC - Entrepreneurship 101
How to Pitch a VC - Entrepreneurship 101How to Pitch a VC - Entrepreneurship 101
How to Pitch a VC - Entrepreneurship 101MaRS Discovery District
 
25 lessons learned - Entrepreneurship 101
25 lessons learned - Entrepreneurship 10125 lessons learned - Entrepreneurship 101
25 lessons learned - Entrepreneurship 101MaRS Discovery District
 
So you want to start a business? - Entrepreneurship 101
So you want to start a business? - Entrepreneurship 101So you want to start a business? - Entrepreneurship 101
So you want to start a business? - Entrepreneurship 101MaRS Discovery District
 
Lessons in Startup Leadership - Entrepreneurship 101
Lessons in Startup Leadership - Entrepreneurship 101Lessons in Startup Leadership - Entrepreneurship 101
Lessons in Startup Leadership - Entrepreneurship 101MaRS Discovery District
 
Startup finances: Forecasting, Modelling & Metrics
Startup finances:  Forecasting, Modelling & MetricsStartup finances:  Forecasting, Modelling & Metrics
Startup finances: Forecasting, Modelling & MetricsMaRS Discovery District
 
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 10110+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101MaRS Discovery District
 
Scaling Your Startup - Entrepreneurship 101
Scaling Your Startup - Entrepreneurship 101Scaling Your Startup - Entrepreneurship 101
Scaling Your Startup - Entrepreneurship 101MaRS Discovery District
 
Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101MaRS Discovery District
 
Partnership Negotiations - Entrepreneurship 101
Partnership Negotiations - Entrepreneurship 101Partnership Negotiations - Entrepreneurship 101
Partnership Negotiations - Entrepreneurship 101MaRS Discovery District
 
Art of the deal 101: Notes from the Trenches - Entrepreneurship 101
Art of the deal 101: Notes from the Trenches - Entrepreneurship 101Art of the deal 101: Notes from the Trenches - Entrepreneurship 101
Art of the deal 101: Notes from the Trenches - Entrepreneurship 101MaRS Discovery District
 
The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101
The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101
The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101MaRS Discovery District
 
Sales Putting the Fun in Funnel - Entrepreneurship 101
Sales Putting the Fun in Funnel - Entrepreneurship 101Sales Putting the Fun in Funnel - Entrepreneurship 101
Sales Putting the Fun in Funnel - Entrepreneurship 101MaRS Discovery District
 

More from MaRS Discovery District (20)

How to Pitch a VC - Entrepreneurship 101
How to Pitch a VC - Entrepreneurship 101How to Pitch a VC - Entrepreneurship 101
How to Pitch a VC - Entrepreneurship 101
 
The Pitch - Entrepreneurship 101
The Pitch - Entrepreneurship 101The Pitch - Entrepreneurship 101
The Pitch - Entrepreneurship 101
 
25 lessons learned - Entrepreneurship 101
25 lessons learned - Entrepreneurship 10125 lessons learned - Entrepreneurship 101
25 lessons learned - Entrepreneurship 101
 
So you want to start a business? - Entrepreneurship 101
So you want to start a business? - Entrepreneurship 101So you want to start a business? - Entrepreneurship 101
So you want to start a business? - Entrepreneurship 101
 
Lessons in Startup Leadership - Entrepreneurship 101
Lessons in Startup Leadership - Entrepreneurship 101Lessons in Startup Leadership - Entrepreneurship 101
Lessons in Startup Leadership - Entrepreneurship 101
 
Why Should I Work for You? (The EVP)
Why Should I Work for You? (The EVP)Why Should I Work for You? (The EVP)
Why Should I Work for You? (The EVP)
 
A New Hiring Paradigm
A New Hiring ParadigmA New Hiring Paradigm
A New Hiring Paradigm
 
How to Find and Hire Top Talent
How to Find and Hire Top TalentHow to Find and Hire Top Talent
How to Find and Hire Top Talent
 
Startup finances: Forecasting, Modelling & Metrics
Startup finances:  Forecasting, Modelling & MetricsStartup finances:  Forecasting, Modelling & Metrics
Startup finances: Forecasting, Modelling & Metrics
 
Financial Modelling
Financial Modelling Financial Modelling
Financial Modelling
 
Forecasting Revenue
Forecasting RevenueForecasting Revenue
Forecasting Revenue
 
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 10110+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
 
Scaling Your Startup - Entrepreneurship 101
Scaling Your Startup - Entrepreneurship 101Scaling Your Startup - Entrepreneurship 101
Scaling Your Startup - Entrepreneurship 101
 
Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101
 
Partnership Negotiations - Entrepreneurship 101
Partnership Negotiations - Entrepreneurship 101Partnership Negotiations - Entrepreneurship 101
Partnership Negotiations - Entrepreneurship 101
 
Licensing - Entrepreneurship 101
Licensing - Entrepreneurship 101Licensing - Entrepreneurship 101
Licensing - Entrepreneurship 101
 
Art of the deal 101: Notes from the Trenches - Entrepreneurship 101
Art of the deal 101: Notes from the Trenches - Entrepreneurship 101Art of the deal 101: Notes from the Trenches - Entrepreneurship 101
Art of the deal 101: Notes from the Trenches - Entrepreneurship 101
 
Social Selling - Entrepreneurship 101
Social Selling - Entrepreneurship 101Social Selling - Entrepreneurship 101
Social Selling - Entrepreneurship 101
 
The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101
The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101
The Art & Science of Sales: Tips, Tricks & Tools - Entrepreneurship 101
 
Sales Putting the Fun in Funnel - Entrepreneurship 101
Sales Putting the Fun in Funnel - Entrepreneurship 101Sales Putting the Fun in Funnel - Entrepreneurship 101
Sales Putting the Fun in Funnel - Entrepreneurship 101
 

Recently uploaded

Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examplesamberjiles31
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toumarfarooquejamali32
 
Anyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyAnyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyHanna Klim
 
Introduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxIntroduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxJemalSeid25
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)tazeenaila12
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003believeminhh
 
MoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor PresentationMoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor Presentationbaron83
 
Scrum Events & How to run them effectively
Scrum Events & How to run them effectivelyScrum Events & How to run them effectively
Scrum Events & How to run them effectivelyMarianna Nakou
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessAPCO
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfHajeJanKamps
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.ukaroemirsr
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHelene Heckrotte
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsIntellect Design Arena Ltd
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBBPMedia1
 
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISINGUNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISINGlokeshwarmaha
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023Steve Rader
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfJohnCarloValencia4
 
A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.mcshagufta46
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Lviv Startup Club
 

Recently uploaded (20)

Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examples
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb to
 
Anyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agencyAnyhr.io | Presentation HR&Recruiting agency
Anyhr.io | Presentation HR&Recruiting agency
 
Introduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxIntroduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptx
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
 
MoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor PresentationMoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor Presentation
 
Scrum Events & How to run them effectively
Scrum Events & How to run them effectivelyScrum Events & How to run them effectively
Scrum Events & How to run them effectively
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.uk
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking Applications
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
 
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISINGUNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
UNLEASHING THE POWER OF PROGRAMMATIC ADVERTISING
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
 
A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)
 

Entrepreneurial Ecosystem and Legal Fundamentals - Entrepreneurship 101 (2013/2014)

  • 1. Entrepreneurial Ecosystem and Legal Fundamentals The Nuts and Bolts of Starting a Business Presented by: Tony Redpath MaRS Senior Fellow MaRS Discovery District October 16th, 2013 Slide 1 MaRS
  • 3. Memory at Work ! When you start an enterprise, you have to work within an existing ecosystem while seeking to create your own relationship network and ecosystem.! ! –  Customers! –  Suppliers / Providers! –  Government! –  Regulatory bodies! –  Trade Associations! ! ! Pg 3!
  • 5. Memory at Work Your! Suppliers ! You! Inc.! Your! Customers! Pg 5!
  • 6. Memory at Work   For Profit and Non Profit Organizations:! -  For Profit Incorporation ! -  Federal incorporation! o  Canada Business website! o  Canada Business Corporations Act! ! -  Non Profit Organizations! o  Canada Non for Profit Corporations Act ! o  Non for Profit Incorporators Handbook ! o  Charitable Status ! ! ! Pg 6! !
  • 7. Memory at Work   Provincial For Profit Incorporation! -  Service Ontario website! -  Business Corporations Act!   Provincial for Non Profit Organizations ! -  CRA Website ! ! ! !   Pg 7!
  • 8. Memory at Work   For Profit Options:! -  Delaware incorporation! o  US Investor Base !   Non Profit Options ! -  Guide Star ! -  Filing Requirements – IRS ! -  L3C Legal Structure ! ! ! !   Pg 8!
  • 9. Memory at Work   Regardless of incorporation jurisdiction, taxes are a requirement! -  Federal Corporate Tax! -  Provincial Corporate Tax! -  HST!   Pg 9!
  • 10. Memory at Work   “The incorporation process can be very complex. You may wish to obtain legal and tax advice to assist you with the preparation of the incorporation documents and shareholders' agreements.”! -  Canada Business website!   Approximate cost to hire an accountant / lawyer to handle all the above paperwork is $800 - $1500!   Remember – you are building a structure for success!   Pg 10!
  • 11. Memory at Work Federal and 
 provincial gov’t! Your suppliers! You Inc.! Your customers! Accountant! Pg 11!
  • 12. Memory at Work   You will need a shareholders agreement – it can be 1 page or 100 pages, but it must cover, at a minimum:! -  What is the ownership split (at the start; sweat equity vs salary)! -  How are decisions made! -  What are each person’s responsibilities! -  Assignment of Intellectual Property (esp. employees)! -  There are many other issues that can be covered in a shareholders agreement (see Term Sheet lecture)! o  Legal advice is highly recommended! !   You should have a Board of Directors! !   Remember - you are building for success!   Pg 12!
  • 13. Memory at Work   You will need an employee agreement that covers not only the job description and salary, vacation etc. but also IP ownership, confidentiality, non-compete, non-solicit clauses.
 !   More taxes – you need to remit payroll deductions for income tax, Employment Insurance, Canada Pension Plan (the good news is that when you get the other federal tax numbers, you will also be set up for payroll taxes)!   You need to register with the Workplace Safety and Insurance Board (WSIB)!   Pg 13!
  • 14. Memory at Work ! •  Shareholders agreement: Sample template! •  http://www.marsdd.com/articles/shareholders-agreement-sampletemplate/! •  Employment agreement: Sample template! •  http://www.marsdd.com/articles/employment-agreement-sampletemplate/! •  General partnership agreement: Sample template! •  http://www.marsdd.com/articles/general-partnership-agreementsample-template/ ! •  Term sheet: Sample template! •  http://www.marsdd.com/articles/term-sheet-sample-template/! ! Pg 14!
  • 15. Memory at Work Federal and 
 provincial gov’t! You Inc.! Your suppliers! Bank! WSIB! Lawyer! Accountant! Board! members! Your customers! Trade associations ! Trade shows! Conferences ! Regional networks! Regulatory bodies! Pg 15!
  • 16. Memory at Work   How do I register my enterprise name?! Canada Business website! !   How can I get tax credits for my research (SRED)?! !http://www.cra-arc.gc.ca/txcrdt/sred-rsde/ ! !   How do I seek information about trademarks & patents?! Canadian Intellectual Property Office website!   Pg 16!
  • 17. Memory at Work CRA! CRA! SRED! SRED! Federal and 
 provincial gov’t! You Inc.! Your suppliers! Bank! WSIB! Lawyer! Accountant! Board! members! Your customers! Trade associations ! Trade shows! Conferences ! Regional networks! Regulatory bodies! Pg 17!
  • 18. Memory at Work   Building Effective Relationships 101 ! -  Professional Organizations & Trade Associations! -  Be Strategic! o  Too many to count…! o  Why do I need to be there? Who do I need to meet?! -  Scientific Conferences! -  Trade Shows!   Partners! -  Government Officials ! -  Your Bank!   Pg 18!
  • 19. Memory at Work CRA! SRED! Federal and 
 provincial gov’t! You Inc.! Your suppliers! Bank! WSIB! Lawyer! Accountant! Board! members! Your customers! Trade associations ! Trade shows! Conferences ! Regional networks! Regulatory bodies! Pg 19!
  • 20. Memory at Work      Your  Compe*tors         Memory at Work CRA! SRED! Federal and 
 provincial gov’t! You Inc.! Your suppliers! Bank! WSIB! Lawyer! Accountant! Broad! members! Your customers! Trade associations ! Trade shows! Conferences ! Regional networks! Regulatory bodies! Pg 17!   Your  Channel  Partners                Your  Distributors  /   Value  Added  Resellers         Pg 20!
  • 21. Memory at Work   Don’t run out and commit to a big office with lots of fancy furniture – get the space that you need, shop at IKEA and grow your space as necessary!   Don’t hire your relatives simply because they are available – get the team that you actually need!   Don’t hire your lab, old college university friends mates UNLESS they can offer you something to build your organization !   Don’t assume that the “understanding” that you have with a colleague / employee is indeed an understanding!   Remember – attitudes change when there is money on the table!   Pg 21!