How to finance your project?

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Del curso dictado por IE Business School

Legal Tech & Startups

38 calificaciones

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IE Business School

Legal Tech & Startups

38 calificaciones

LegalTech is the reaction to the disruption that technology is having across all sectors of the economy. Considering that the legal sector is one of the most resistant to change, due to its conservative nature, we can see just how different the future will be. In this course, IE professor Marti Manent will guide you through the essential stages of this disruption in technology, giving you the key tools and ideas to consider when starting your online business. In the course, Marti explains the key market trends that you will encounter and will provide you with a handy practical toolbox. The course features interviews with industry professionals as well as very motivating and interesting lectures that will help you open your mind and better understand everything in the course. Be part of this disruption that technology is having in the legal sector and join Professor Marti during this exciting new course.

De la lección

Resources and execution

Introduction1:42

What resources do you need?2:22

Do you really need a “Business Plan”?3:27

How to finance your project?6:07

Building your core team3:40

Professional skills for lawyers with Javier de Cendra8:42

Hiring “attractive” employees3:25

Agile management3:21

Conoce a los instructores

Marti Manent
Professor
Director Programa Legal Bridge to Silicon Valley

[MUSIC]

How you can finance your project, how you can finance your legal tech startup?

This is one of the most recurrent topics in the entrepreneurial ecosystem, but

I think that it's not very important, why?

In one of my first startup, I rise 500,000 Euros.

And have spend the next year looking for more money when instead of

wasting my time looking for more money, I should invest that time in my company.

That is one of the very important mistakes that entrepreneurs we made.

What's that?

Is investing your time that is a limited resource, looking for

money when we don't need that money.

There are different kinds of ways to finance your company.

The first one is organic funding.

You grow your business with your profit.

It's a classical way you learn because you learn how you can get money and

how you can optimize your work.

The second one is very well known in the startup ecosystem,

is the friends, families, and fools investment.

They give you some money to start your business idea.

Opportunity, they believe in you because they are friends, they are your family,

and it is easy to convince them.

But there is a big risk.

If you fail, you lose the savings of your friends and family.

The third way to finance your company is the seed funded.

It is a small amount of money that give you enough time to prove your idea.

Normally come from business angels or other entrepreneurs.

That is one of my favorite investment ways to finance your project.

Another way to finance your project is customer finance.

What happen here?

You sell, you get the money, and then you produce your product.

You first get the money from you customer and they invest the money to product.

You sell something and you get the money.

The last and very important way to finance your startup is

investment from big corporations, VCs or family office.

You need a lot of time.

They are professionals.

But you probably are not a professional or financer.

Then, you need to invest a lot of time,

prepare a lot of documents because they invest a lot of time

reviewing your company because they want their return of investment.

And also they will ask for a lot of warranties, doing a lot of legal works.

To when l will talk about two different ways to finance that could no normal.

The first one is kickstarter.

Kickstarter is very interest if you got an item to sell, what's that?

It's a web page that you put your idea there, and then you get money from

the people who wants to buy, and once that you get a lot of money, you produce it.

I think that is very interesting and very fun.

Here you need to invest a lot of time and

produce a very good marketing to market your product.

And the second way that could be very interesting for you,

is finance your company with service, providing service.

That is a very common way.

What's that?

There are customers that ask you for a service, and

what you do is provide that service, but the benefits, invest for

a product or a product service that you will sell later.

I will repeat, it's you sell hours, but the part that you get

from selling hours, the money that you get selling hours,

you reinvest that money to produce your original idea.

Then, once that we have explained the different ways that you can finance your

legal startup.

I will explain some legal document that you could see

or you could use to finance your startup.

The first one is convertible notes, that is a very common and

easy way to finance your startup, in Silicon Valley for example.

Back where your finance your startup is follows the following rules, okay.

I'm going to give you some money that is like a loan,

but we're talking about how much money is the value of your company?

Is not a big deal, you're raising money in the way that you're working.

Because you find someone that wants to invest money in your company, and you just

give the document that it's a convertible note, and they say that kind of loan.

That is very common to use.

And also, could be a capital increase, but it's more complicated.

Because you need to have all the legal documents prepared,

you need to have all the investors agree with that, and that is very complicated.

And the final way that could be the most dangerous way is asking for a loan.

But a lot of people knows that.

If you really believe in your project and

you really believe in your idea, why you ask money from another person.

Just ask for a loan.

That is a risky way.

And think that could be angel investors, could be lawyers,

yes, lawyers that already know the business.

Then if you think about who could finance your legal tech startup,

think about lawyers as an angel investor, or seed investors.

And also companies that already works in the legal sector,

those are industrial investors.

That could be very interesting but could limit your exit because if Y

corporation already belongs to part of your company, another

corporation that is his competitor, they are not going to buy them.

[MUSIC]

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