If I Did Everything I Needed To Do I Would Probably Be Out Of Business
Yesterday after the Innovation Awards Luncheon I had the chance to talk to Arkin Hill of Connect. Arkin published the first issue of Connect within a couple of weeks of when I started my current venture. As we talked, one thing became clear. Neither of us had done everything one "needs" to do when starting a new company. You know, hiring the accountant, getting all of the legal stuff in place, etc., etc. Both of us have gradully plugged the holes, perfected our systems and brought in professionals to improve things.
If you are blessed and have someone fund your company, then by all means do everything that needs to get done. Hire a good accountanting staff, have your lawyers prepare all of your agreements, get every possible kink worked out before you show anyone your product. If, on the other hand, you are like most small businesses, you will probably be bootstrapping. Limited fund mean you cannot do everything that needs to be done at the beginning and still have money to make and sell a product or service.
My advice to those starting a new business is to look for professionals you can trust and then let them know your situation. If a new company seeks legal advice from me, I generally try to help them prioritize their IP issues. What are the critical issues that must be resolved now. Maybe one trademark is extremely important to the company, but two or three others are of less imporantace. Protect the intellectual property that is crucial, and then plan on providing lower levels of protection for IP that is of less importance. Maybe your key technology should be patented in numerous countries, and less critical technology patented only in the U.S. If you have a good attorney, accountant, etc., they should be willing to help you determine has to be done now and what can be done to a lesser extent or down the road.
If your service providers are intent on selling you everything now, it is time to keep looking until you find someone who understands starting a new business.
If you are blessed and have someone fund your company, then by all means do everything that needs to get done. Hire a good accountanting staff, have your lawyers prepare all of your agreements, get every possible kink worked out before you show anyone your product. If, on the other hand, you are like most small businesses, you will probably be bootstrapping. Limited fund mean you cannot do everything that needs to be done at the beginning and still have money to make and sell a product or service.
My advice to those starting a new business is to look for professionals you can trust and then let them know your situation. If a new company seeks legal advice from me, I generally try to help them prioritize their IP issues. What are the critical issues that must be resolved now. Maybe one trademark is extremely important to the company, but two or three others are of less imporantace. Protect the intellectual property that is crucial, and then plan on providing lower levels of protection for IP that is of less importance. Maybe your key technology should be patented in numerous countries, and less critical technology patented only in the U.S. If you have a good attorney, accountant, etc., they should be willing to help you determine has to be done now and what can be done to a lesser extent or down the road.
If your service providers are intent on selling you everything now, it is time to keep looking until you find someone who understands starting a new business.
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