The Legal Side Of It All
What a week! We just got back from our little winter break and the teams immediately had to deal with several questions: Do we want to continue after The Mission? Do we believe in our idea? Do we find corporate partners to support us? No final decision had to be made, but nevertheless, the thought process was triggered.
These questions are by far not the only important ones. Once the teams know they want to continue and build their own startup, new questions arise: What do we actually have to think about if we want to start our own company? What do we have to consider legally when hiring our first employees or when building our own company website? Are there any implications regarding data protection on our solution? What about intellectual property and do we have general legal deal breakers in our business model? Gladly the teams had great support with experts from our legal partner Osborne Clarke.
And they showed up! In their “Legal 101 for Founders” Workshop Dr. Jens Schefzig, Dr. Philipp Raben, Dr. Till Gerhardt and Dr. Lennart Ziebarth have coached our five teams on the basics of Employment Law, IP Law and Data Protection. Most importantly though, the teams got a framework at hand that helps them to determine and prioritize the impact of a legal question on their business. Asking the teams after the session for their feedback, this was one of the biggest learnings they mentioned. Often it is the perception that a multitude of critical legal issues arises with innovative business models, even though, in many cases, this is not true. Nevertheless, this can feel quite overwhelming at first, but with prioritizing and proactively addressing these obstacles, startups can overcome these challenges.
In the end, the teams got an initial checklist at hand that emphasizes legal aspects they need to consider when it comes to running their own company.
This session was only the start. In the next session, Dr. Benjamin Monheim from Osborne Clarke will dive deeper into the topic of “Venture Capital - Do’s and Don’ts of Financing your Startup” with the teams. By then, we are sure that the teams will have a good overview of what it means to become a founder – also from a legal perspective.
Stay tuned for more!