Question
We are a young startup of three co-founders based in the U.S. We are looking into joining one of the more famous incubator programs, and we'd like to know what sort of legal issues we should prepare for. For instance, I assume that once in a program, the people running the program will have an interest in gaining a stake in the startup, can we prepare for that? And are there any specific measure we should take concerning protection of our IP?
Answers: 2 public & 0 private
Absolutely. It is important to get a fair deal, and protect your business and intellectual property. The incubator wants to protect its interests, and get a return on their investment. A good software attorney will advise you privately, and allow the underlying deal to go through. It's difficult to tell you what specific measures you should take without knowing what type of IP you are working with (other than registering copyrights and trademarks on time). So, please talk with an attorney who understands your business BEFORE you sign anything. When it comes to life rafts, bulletproof vests, and legal advice - spend the money. You'll be glad you did.
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