This Week in Startups Common First-Time Founder Mistakes Part 2! with Becki DeGraw | Wilson Sonsini Startup Legal Basics
Apr 2, 2021
Becki DeGraw, a legal expert from Wilson Sonsini, shares invaluable insights on common pitfalls for first-time founders. She emphasizes the need for formal co-founder agreements to prevent ownership disputes and maintain healthy relationships. Clear and documented contracts are essential to avoid misunderstandings, akin to good communication in personal relationships. Becki also highlights the importance of understanding legal obligations and implementing vesting and solid IP protections to safeguard startups as they grow.
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Formalize Agreements
- Always have legal agreements, even with friends.
- Everything's great until it's not, so protect yourself.
Startups & Marriage
- Startups, like marriages, can become contentious, leading to disputes over equity and roles.
- This makes clear agreements upfront crucial.
Document Everything
- Put everything in writing, even if it's not legally perfect, to avoid future disputes.
- A signed document, even if simple, is better than verbal agreements.