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The 8 Great Actions Every Tech Entrepreneur Should Make When Starting a Business

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Ali Ramadan
Partner at Goodwin
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Reimagining Real Estate
July 27, 2020, New York, USA
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The 8 Great Actions Every Tech Entrepreneur Should Make When Starting a Business
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About speakers

Ali Ramadan
Partner at Goodwin
Jeff Klein
Partner at Goodwin
John Mutkoski
Partner at Goodwin

I am partner in the Technology & Life Sciences group at Goodwin and advise on venture capital, cross-border M&A and private equity transactions for technology businesses. I advise start-ups, high-growth companies and investors (both institutional and corporate) with a focus on those operating in the Technology, FinTech, PropTech and Digital Media industries.Goodwin has been named by Forbes as one of the top corporate law firms for Private Equity & Venture Capital. I am listed as a Next Generation Partner in the Legal 500 (2020) and ranked as Up & Coming in Chambers (2019) for Venture Capital.

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I work with a lot of emerging companies in New York City (and some in Boston and Califonia). While I have a lot of experience in traditional NYC industry segments (eg, ad tech, media, fin tech, entertainment) my work experience cuts across a broad base of industries (eg, enterprise software, big data, retail tech, healthcare tech, life sciences, e-commerce, consumer products, etc.). The companies I have helped range in size from very early stage to public companies.As a legal counselor, I help companies in all areas of the corporate life cycle with a concentration in formation issues (including founder equity issues), financing transactions, commercial agreements, revenue transactions, licensing, corporate governance, joint ventures and mergers/acquisitions. One unique skill set I have is deep experience helping tech companies structure and negotiate commercial, licensing and strategic transactions and business development activities involving revenue, technology and intellectual property.I've always viewed my role and platform as more than just a legal counselor and I consistently deliver additional value to my clients. I advise them on business issues and give them a sense for key market terms in financing, commercial and corporate transactions. I actively leverage my extensive network to help my clients connect with potential investors, customers, talent, etc. I also actively engage with the NYC Tech Community.

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About the talk

Topic: PropTech

From addressing corporate formalities to adequately protecting intellectual property assets, members of Goodwin's Technology and PropTech practice will walk through the key action items that every tech entrepreneur should take when starting a business.

01:02 Pay attention to corporate formalities

03:32 Simplify the formation process

05:13 Appropriately address founder equity

10:19 Adequately protect intellectual property assets

13:15 Raise enough money

14:33 Prepare a thoughtful budget for conservative spending

16:18 Pick advisors who add value to the business

19:15 Be thoughtful about valuation

22:55 Bonus action

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Thanks, Jen, and welcome everybody great to have you all in our discussion. I'm joined by my partner. I'm John Mutkoski with Goodwin Procter. I'm joined by my partners Jeff Klein and Ali Ramadan. We practice in the tech and Life Sciences area and do a lot of work with proptech companies at all stages of development and we thought we would share today for some of the earlier stage entrepreneurs the best practices and what we call the eighth-grade actions every tech entrepreneur should take when starting a business. So without further Ado will

jump into these and if you have questions, please take them in as we go and we'll do our best to address them. Apologies and slides are a little small like Jen mentioned. If you'd like copies of them we can we can send them along for the first and then we'll spend a little time reading. Unfortunately just so that you know, what we're talking about. The first great action is paying attention to corporate formalities. I don't want to spend a lot of time on this but it is critical at the beginning stages of forming a business that you actually

form the business you take the time to incorporate in whatever jurisdiction you're going to incorporate in or you form your LLC and we'll talk a little bit about those in a minute. I put getting that document on file as early as possible and issuing Equity to the founders with whatever restrictions you think you want to put on those shares is critical and let me spend just a minute talking about the equity issuance as you look. Around the table out with your Founders at that other side of it. You're

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