Question
How much should a software startup budget for consulting/legal expenses when soliciting VC or angel investment (i.e. corporate setup & documentation, patent processing, patent troll litigation, etc.)? All our co-founders are technical and we have had some trouble getting good business and legal advice without any previous investment.
Answers: 1 public & 0 private
Perpetually budgeting 5% of operational costs for legal matters is probably a decent place to start. If you will be exploring protecting technology via patent, that amount will probably be higher initially.
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