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Navigating the legal world while building a startup - Presentation x.pdf

  1. Navigating the LegalWorldWhile BuildingaStartup March||2023
  2. Profile Mallick Bolakale is a highly experienced startup lawyer and entrepreneur based in Lagos, Nigeria. With almost a decade of successful experience in handling complex legal, regulatory, technology and business issues, Mallick has built a reputation as a trusted advisor to regulated businesses in Africa. Currently serving as the Co-Founder of Regcompass Consults and an of Counsel at TNP - a top tier law firm in Lagos Nigeria - Mallick has applied his background in computer engineering, legal training and compliance to help regulated businesses in Africa overcome legal and regulatory challenges. His expertise includes the deployment of frontier technologies, licensing strategies, regulatory liaison, license procurement, financial crimes commission, corporate restructuring, intellectual property enforcement,training etc. In addition to his work with Regcompass, Mallick has also co-founded two startups: Applatch Inc and Startbutton. Specifically, Applatch Inc focuses on productivity and mental awareness, while Startbutton provides businesses with the tools they need to expand their operations in Africa in a matter of minutes. Overall, Mallick's diverse background and extensive experience make him a valuable resource for businesses operating in Africa.
  3. Outcome At the end of this session each participant should be able to answer these questions: Do I really need a lawyer in building my startup? Should a lawyer be involved in my negotiations with my co-founder,investors and other business partners? At what stage do I need a lawyer? Are there risks associated with building a startup without prioritising legal considerations Do I need an in-house legal team?
  4. Introduction Setting your business in motion before legal consultation: Putting the cart before the horse? One common mistake a lot of startups make at the start of their business is putting legal at the back burner while product takes the center stage. As much as you have a very viable product, you need to ensure that that product is compliant, else, you risk abrupt shutdowns or losing your business to total strangers. Umm....
  5. Navigatingthe Legalworldwhile BuildingaStartup It is important for you as a startup owner to involve a lawyer from inception and also establish a sustainable trust relationship that would aid the growth of the business. Lawyers can help startups avoid simple mistakes that may come back to haunt the business in the future.It is important to know that the wealth of knowledge of a lawyer with years of experience in a particular sector will aid problem-spotting- even beyond legal issues to cover strategy and operational issues.
  6. Think of law at every stage of your business and you’d do just fine.I’ll try to break down how low applies to each facet of your operations below: A.Finding a partner Founders Agreement Role of founders Percentage split Registration of company and name of company Important considerations B.Setting up your company Corporate structure (Ltd, LLC, C-Corp) Tax regime Investment readiness and positioning Regulatory arbitrage - a regime that supports your business idea Employee and founder domicile Infrastructure and partnerships Name search Licensing Finding utopia - a world where everything just works. Legal factors to consider Monetary contributions if any Exit plans if any Dispute resolution Plans for fund raises
  7. C. Building your product Trademark Copyright CIIAA Patent and patentability of software Domain name Privacy by design and default Potential legal risks (product liability, data privacy, security, risks associated with partnerships, mergers, and acquisitions). Risks, intellectual property, data protection and confidentiality D. Partnerships Conversation with partners Agreement with partners should align with your business objects Risk allocation Termination and exit clauses After writing your mind blowing idea on a piece of paper, the next thing you may want to do is to find a partner that complements you and can help you make things happen.
  8. E. Business operations Consideration of the applicable laws and regulations (including industry-specific regulations); Interfacing with regulators Company secretariat and keeping of statutory books Negotiations with employees and necessary agreements Impact of AfCFTA on cross-border legal regulations for tech startups. Legal considerations are also key at this stage; F. Capital raises, Valuation and investment readiness It is important to involve a lawyer at this stage. Due diligence on potential investors, the need (or otherwise) for the proposed investment, internal due diligence and house keeping are necessary.
  9. G. Exit Conclusion Building a startup can be an exciting and rewarding experience, but it's important not to overlook the legal considerations that come with it. Not to worry, attorney- client confidentiality is an implied term in every agreement entered into by a lawyer- your secrets are safe! Finally, in addition to getting an experienced attorney to work with, it is also important for you to understand the legal issues involved. A startup that inculcates all the steps discussed today, is well on its way to long-term success. IPO Mergers and Acquisitions
  10. Thankyou