Grow Your Idea Into a Business; Madhu Singh Discusses How She Helps Protect and Grow Your Business

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A tech-savvy creative thinker.
Madhu is in her element working side by side with CEOs and businesses crafting legal solutions that fit the needs, vision and values of today’s growing companies. She is particularly interested in the emerging intersections of technology, new media and business law and enjoys helping companies navigate the front lines of these fast-developing areas.
A natural teacher and connector.
Madhu holds a number of community positions that allow her to share her knowledge and passion with others. Madhu is Adjunct Faculty Lead at the Community Development and Entrepreneurship Clinic at Seattle University School of Business and School of Law and President of the Women’s Business Exchange.
An entrepreneurial frame of mind. Since starting her solo practice, MK Singh Law, in 2009, Madhu has worked to pioneer a nontraditional approach to legal support that emphasizes efficiency, agility and hands-on collaboration. Today, as the founder and Chief Legal Officer of Foundry Law Group, Madhu fosters a unique innovative work environment that empowers both the team and our clients’ teams to achieve their fullest potential.

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Podcast Notes

1YouTube generated podcast notes, please excuse any typos.
hi everyone and welcome to the inventors
0:02
Launchpad Network I am calm and danesco
0:05
your host poured a show of the go big go
0:08
bold intellectual property today we have
0:11
a little different how we're doing
0:13
things I usually have my guest JD
0:15
Huebner my co-host JD Huebner who is you
0:20
know one of those guys that is really
0:22
out there he's out there helping
0:24
inventors he's helping product developer
0:26
he's helping people really with what
0:28
they need not just what they want he's a
0:30
great guy but today he's a little
0:33
outside of the facility where he can get
0:36
on the show so we have a guest with us
0:38
that's gonna worse kind of closely with
0:40
JD we're gonna go speaking with her her
0:42
name is Madhu Singh and we're gonna
0:44
bring her on and we're gonna see what
0:45
she does how she's helping people and
0:47
then how you can get in touch with her
0:49
if you need some help say yeah we'll go
0:51
from there hey buddy you over there yeah
0:53
how are you I'm doing good did I
0:55
pronounce your first name right yeah
0:58
thank you
0:58
oh good we were talking a little bit
1:00
about that before the show started and I
1:02
was let her know that sometimes I bush
1:04
repeals names but I always try and it's
1:07
very important to me that the names are
1:08
pronounced correctly but I'm glad you're
1:11
able to come on the show today because
1:12
JD was talking about how he works with
1:15
you and your law firm by the way the law
1:18
firms name is foundry Law Group he works
1:20
together with you guys and really is
1:22
being able to interconnect inventors and
1:25
product developers and other businesses
1:27
with what you guys do so want you to
1:29
jump in and just give us a little quick
1:31
breakdown on on how you guys working
1:33
together and what you guys do yeah sure
1:37
thank you thanks for introduction and I
1:40
found a bloggers we primarily work with
1:42
entrepreneurs and business owners who
1:44
are looking to grow and build their
1:46
companies we start as early as the
1:48
incorporation stage or have sometimes
1:50
come in a bit later when things have
1:53
started really kicking off for a
1:54
particular business and help with the
1:56
contract and help negotiating terms for
2:00
their contracts and leases if that's the
2:02
direction that they're going hiring
2:04
employees contractors really going
2:05
through the growth stages of a business
2:07
I'd like to say that we're on the
2:09
corrective sends along we don't have any
2:11
litigation we generally put together
2:13
documented forms to prevent such systems
2:17
happening and really be as clear and
2:19
conscious in our writing so that it's
2:21
very minimal disputes and risks later on
2:24
you know I love working with as canora's
2:27
and inventors they come to the table
2:29
with a special piece of passion for the
2:31
work that they do but then they also are
2:34
very aware of all the risks around them
2:36
and that risk comes from different
2:37
pieces either they heard a horrible
2:39
story or maybe they read a horrible
2:41
story and my job I feel is to kind of
2:45
reduce that here and not take my i/o
2:48
take my approach of the law as one of
2:51
your like you better be comfortable they
2:52
think it's more like great this is where
2:54
you are this is what we're going to do
2:56
learning with these best practices in
2:57
place here are some tools for you here's
2:59
a great contract say to use and things
3:01
going on just let me know and we will
3:03
handle it but Intel bit
3:04
you should be often running and feeling
3:06
secure about your legal plan and feeling
3:08
secure about where your business is at
3:10
my biggest compliment is when someone
3:14
comes to me and says that I really
3:16
helped them feel better about what they
3:18
were doing what's the path they were
3:19
going on my biggest kind of when I feel
3:22
like I haven't done a good job as if
3:24
someone still is feeling afraid I'm
3:26
moving forward and so I think as both as
3:29
a business attorney and someone who is
3:31
very conscious of intellectual property
3:33
and works closely with people like JD
3:36
who share the same values core values
3:40
and how we approach the law and how we
3:42
approach the client that's a huge
3:44
difference when you are trying to be a
3:47
trusted advisor for people who are
3:50
putting who are coming to you with less
3:54
knowledge in a particular area than
3:56
maybe what they know about their
3:58
business they know the product they made
4:00
why they made it what's behind it and
4:02
then our job as trusted advisors is to
4:04
come in and help them grow it find the
4:09
right path forward keep them safe and
4:11
what they're doing and being conscious
4:13
of the rights that they can invest in to
4:15
protect all the work that they put in up
4:17
until that point
4:18
so our my collaboration with JD is
4:20
really strong in that I bring I work on
4:23
the business side of
4:26
for inventors and entrepreneurs and he
4:28
works exclusively on getting those
4:30
rights to be protected for those same
4:33
individuals you know that's very well
4:37
put the good the great part about what I
4:39
think what you said is that when you
4:41
know it seems like you're kind of on on
4:44
the side of the I don't want to say the
4:47
fun part but the getting wedding
4:49
business organized and getting them to
4:50
feel better about their business and
4:52
helping them grow their business is one
4:53
of those things that you know people are
4:55
are scared to do but they're happy to go
4:57
to somebody like you who is going to
4:59
give them that direction that progress
5:00
that process and how to do it I mean
5:03
paperwork to me and and this is how
5:06
someone businesses that I have started
5:08
back that I didn't put the right
5:09
processes and the right paperwork's and
5:11
the agreements in place when I first
5:13
started and it seems like it always came
5:15
back to bite me is that something that
5:17
you know you have a we agree with that
5:19
you know everything should be in place
5:21
before you really start getting that
5:23
business going so it's kind of tricky
5:26
balance so you do want things in place
5:29
to get things going to you on a very
5:32
solid foundation but I realize things
5:34
that are still evolving but you don't
5:37
want to spend so much time going one
5:39
direction on your business and forget to
5:41
go back and maybe take the time to fix
5:43
things and that's where the people get
5:44
hung up I'm actually meeting with a
5:46
client later today who called me about a
5:48
year ago to put a partnership agreement
5:50
in place and then never followed up with
5:53
me and now he's calling me today because
5:55
you need advice because they're all in a
5:57
dispute so now they're going to have a
5:59
distr all in a dispute there's no
6:01
agreement to reflect on on how they
6:03
would have agreed should there has been
6:05
at this you know what to do and now
6:06
we're either we're basically going to be
6:08
backpedaling or we could where they
6:09
started with let's put the right
6:11
foundation if you're by yourself it's
6:13
kind of hard it's much easier because
6:15
you're like do I really need all these
6:17
documents to govern myself and how I
6:19
conduct my own business they're like
6:20
okay maybe Matt but you do need a
6:22
company to operate under you want to
6:23
limit your exposure if you want to have
6:26
like a you know an entity crazy
6:28
Jeannot is a separate from your personal
6:30
assets but beyond that and then Henry's
6:33
one things if you have any partners
6:34
anyone you are like here I'll give you
6:37
this much equity for show you being my
6:39
anything get those agree with the place
6:41
because the time that comes up after
6:43
that is when something is not going
6:45
right and when something's not going
6:47
right it's not the time to be
6:48
negotiating like a positive agreement
6:50
with someone it doesn't generally always
6:53
backfires in that scenario yeah that's
6:56
some good advice and you know when
6:58
people's you know tensions are high and
7:02
people just don't have all the
7:04
information it seems like like you said
7:06
it's not really the time to say hey
7:08
let's get an agreement going it's got to
7:10
be done way prior it really needs to
7:13
does it seem like and and I like what
7:16
you said about not overwhelming
7:18
companies with paperwork unless they
7:19
need it I mean that's a great piece of
7:21
advice does it seem like and here at the
7:25
inventors launch pad and a lot of our
7:26
listeners are new business owners or
7:28
their inventors and at some point
7:30
they're they may be starting a business
7:32
or they're bringing on partners or maybe
7:34
even bringing on investors is that
7:37
something that you can help them with if
7:39
they're looking for investment money
7:41
should they have some kind of paperwork
7:42
prior to really going out those
7:45
investors so they can say oh you want to
7:46
invest here's the documents or the
7:48
should they kind of wait until they have
7:50
somebody who's interested and then come
7:52
see you for the documentation that's a
7:56
great question and I think a lot of
7:57
entrepreneurs and venture struggle of
7:59
that because there are a lot of mixed
8:00
opinions whether it be from people you
8:03
trust or online about how to go about
8:05
that process
8:06
my advice to entrepreneurs and inventors
8:09
is to have a really great pitch deck and
8:11
have one side in a fish tank that kind
8:14
of outlines your broad terms of what
8:17
you're looking for like for example you
8:19
might have a slide that says I'm looking
8:20
to raise five million dollars and it's
8:22
going to go towards these like two or
8:24
three different things and that's what
8:25
it's for and we're doing it on either
8:27
convertible nodes and we're doing it on
8:29
equity whatever it is you've decided or
8:31
if you're still deciding to canoe and
8:33
say you know suggests that you're open
8:36
to option but that would be about it
8:39
very often people use term sheets
8:41
internships are great if you get to kind
8:44
of the next level with an investor where
8:45
they want to see what types of things
8:46
you're offering but there's two separate
8:49
those another becoming rather standard
8:51
if you go through some of the more
8:52
popular
8:53
startup blogs like our organization like
8:56
techstars or y combinator they have some
8:59
great samples you can take a look at to
9:01
get yourself kind of familiar with the
9:03
language and the terminology that people
9:05
are using but what it's helpful to kind
9:09
of have a sense of what the relationship
9:11
is like with the investor before you
9:13
invest in getting paperwork I've done
9:15
this a number of times with people one
9:16
face will eyes know we don't want to
9:19
wait we want to be ready so the
9:20
investors and illegals to put all the
9:22
documents together and for convertible
9:24
notes for example and a convertible note
9:27
for those you don't know it is kind of
9:29
similar to a promissory note where
9:31
someone is going to give you X amount of
9:33
dollars in exchange for a promise for
9:35
you to pay them back but in the
9:37
convertible note situation instead of
9:39
paying them back that dollar amount that
9:42
they gave you the accrued interest
9:43
converts into equity of your company so
9:48
that's that's one way you do it and then
9:52
it turns out the investors like no we
9:54
want to do this other way and then I
9:55
kind of feel bad as we've spent all this
9:57
time and money on this set of documents
10:00
they're not going to be using so I try
10:02
to be cautious of where entrepreneurs
10:05
are because you only have a limited
10:07
budget so kind of taking this kind of
10:10
beautiful approach where you are have
10:12
enough information to feel empowered to
10:14
negotiate with investors and as soon as
10:16
that they say yes we want to do with
10:18
this thing make sure the person that's
10:20
not the time to go and find in a tree
10:21
you should already have a relationship
10:23
with an attorney who is ready to go and
10:25
get you those documents the same week
10:27
there shouldn't be like oh we'll be next
10:29
month because when investor is hot and
10:31
ready to write the check you want that
10:33
check set you don't want to wait two
10:35
weeks from now and then to wire the
10:37
money because there are clarification
10:38
yeah somehow investors are always going
10:41
on vacation as soon as they cut a deal
10:43
does it make sense yeah no that is so
10:46
funny you say that several of the times
10:49
we've had investors come in one invest
10:51
in products for our clients there in
10:53
Switzerland skiing or there in London or
10:55
there somewhere they hurt their leg they
10:57
stubbed their toe and you know and again
10:59
the investors I understand it they're
11:01
getting hit all the time with people and
11:03
there's a lot of things always going on
11:04
and you know they've got to be careful
11:06
too but it is
11:07
it's funny that you say that that the
11:09
investors are always somewhere where
11:12
they're not supposed to be but you and I
11:13
both know that I mean you can transfer
11:15
money from their phone exactly and so
11:19
it's kind of funny but that's what I
11:21
mean like you you want to have these
11:23
people like an attorney lined up on the
11:27
side before you go on and have these
11:29
conversations and it is also good to
11:31
have I would also recommend that you
11:33
have some tax guidance along the way
11:36
because questions might come up for you
11:38
your business and as well as the
11:41
investors just so that you are feeling
11:43
confident in the lives that you're
11:44
making yeah that's that's really good
11:47
it's so so great as you're talking my
11:49
mind is just coming up with all these
11:51
things because again a lot of our
11:53
clients and a lot of our listeners when
11:55
when I speak with them they're always
11:56
looking to ask me note sometimes they
11:58
don't haven't didn't have a business
11:59
starter they're just having an idea they
12:02
just have an invention they haven't
12:03
really thought to get to the business
12:05
side yet and that's kind of good in a
12:07
way because they haven't made a misstep
12:09
is there a better entity if you're
12:13
starting a business if say you're on
12:16
your own you have an invention you want
12:18
to start a business but you're going to
12:19
look for investment money is there
12:21
better if it's an LLC if it's a c-corp
12:24
what is a better for like a person who
12:27
just wants to you know start a company
12:29
but later might be looking to get some
12:30
investment money yeah that's a great
12:33
question I probably answer that question
12:35
on the daily I there's a couple of
12:38
different factors that come into play
12:40
one you kind of noted is you know how
12:43
many people are above another is maybe
12:45
where you're located in terms of which
12:47
state in the country you're located and
12:50
your operations are going to be and then
12:52
for me the biggest one is what your
12:54
goals are for your company if your goals
12:56
are simply to like I need a company to I
12:59
need my goal is to build a product and
13:02
license it or build a product and
13:04
partner with a manufacturer to do this
13:07
then I would recommend a limited
13:09
liability company
13:10
most states have similar laws about this
13:12
they're generally pretty straightforward
13:15
to set up and the admin and the
13:17
corporate upkeep is quite minimal
13:18
there's a few best practices ation
13:20
so and you should check with your local
13:23
attorneys in your local area to confirm
13:25
what that is for your particular state
13:27
laws but that generally is a favorable
13:30
entity or that type as those are your
13:33
goals if your goal however is I'm
13:36
building this product we're going to be
13:38
disputes our goal is to be how to
13:40
company we're going to take on investors
13:41
organ and manufacture product we're
13:43
going to put it out there ourselves then
13:45
very commonly investors prefer and
13:49
generally invest in incorporation and
13:51
single gratias or you know the different
13:54
type of entities they're similar to
13:56
LLC's and they both provide legal
13:58
liability protection but in C
14:00
corporation there's more there's a
14:02
different level of corporate government
14:03
and you're dealing with shares and
14:05
things like that
14:06
I'm very often the most popular state
14:09
that especially venture capitalists want
14:12
to invest in it is a Delaware C Corp and
14:14
so Delaware probably comes up as a state
14:17
for a lot of people if they're going and
14:18
getting advice or you're looking online
14:20
I but I the reason I brought up earlier
14:22
that states matter is I'm out here in
14:25
Washington state and Washington stays
14:26
for the optional friendly and is known
14:28
for investors to make investments in
14:30
Washington companies however if we were
14:32
sitting in my home state of Kansas we
14:35
probably would not be incorporating any
14:37
washing Kansas State businesses I do
14:38
incorporating primarily Delaware based
14:41
businesses before the reality that
14:43
invest like there isn't a lot of startup
14:46
and and like a product investment
14:48
happening in that part of the question
14:50
that people say that I know about and so
14:53
Delaware's population is a rich history
14:55
of corporate law is where it was founded
14:57
its popular as a shareholder friendly in
15:00
terms of case decisions of people like
15:03
it and it's also positive because people
15:05
are comfortable with what they're
15:06
comfortable with
15:07
they're not even though LLC's have been
15:09
around for probably close to 15 years
15:11
now they're still not comfortable making
15:13
the switch even though LLC's in my
15:15
opinion would probably be better for a
15:17
lot of people but there we are and then
15:20
the cooperation that others value of it
15:23
allows you to have different levels of
15:25
shares you can have common shares
15:26
preferred shares sheer is a short you
15:29
know like it goes on bears if you do
15:31
become an S corp which many of you may
15:33
have heard of
15:34
is mainly a tax election and it only
15:36
allows one category of shares one class
15:39
and so that while as an owner when you
15:42
start off that tax collection might be
15:44
very beneficial to you and you might be
15:46
that way for a long time it is likely
15:48
you'll have to change to a c-corp status
15:50
as soon as you bring on incentives
15:52
because investors generally want shares
15:55
with additional preferences like
15:57
preferred shares so based on this answer
16:00
alone you could see there's a lot of
16:01
different layers that go into making
16:03
this giving the type of advice to folks
16:06
and so I encourage you that you're kind
16:08
of feeling in flux about what to do is
16:11
to talk to an attorney but I will leave
16:13
you with this in that none of these
16:15
decisions are final like if you chose
16:17
one path and you've heard this you're
16:19
thinking oh I should have been a speaker
16:21
that's okay don't worry about it you can
16:24
always change your S you can do go
16:26
through a conversion process you can
16:28
shut it down and start over some people
16:30
set up an LLC to own the intellectual
16:34
property for their like for example the
16:37
patents maybe a JD helps you file they
16:39
own sale Co set and then they set up a
16:42
separate corporation to run the business
16:44
and have investments instead of
16:46
agreements but the reason I'm sharing
16:48
all of these options with you so that
16:50
you feel you realize that whatever
16:53
decision you have made so far might be
16:55
great for you and if it's not it can be
16:56
dealt with it's going to be a bit of an
16:58
administrative hassle but it can be done
17:00
and it's not going to really impact you
17:02
as a business owner that much it is
17:04
going to be more of like a one-time
17:06
switchover hassle and then you'll be set
17:09
so what Madhu's saying is go see her
17:14
if you're not sure wow I did it you know
17:18
that's it it's so great that you gave
17:20
all that information because you're not
17:21
trying to make it sound like it's hard
17:24
or it's a big deal but people really
17:26
need to think about what they want to do
17:27
for the future
17:28
they're not locked in they're not you
17:30
know it's not written in stone but it is
17:32
something that they'll have to change so
17:34
they should really think about it before
17:36
they do it if you were if you have an
17:39
attorney if you are looking for one in
17:41
your state and if they don't ask you
17:43
what your goals for your business
17:46
to help you make that decision then go
17:49
talk to someone else yeah because it
17:51
really at the end of the day if they
17:53
don't know what your goals are for your
17:54
business they're not going to be good
17:55
advisers to you upfront in terms of
17:58
choosing the right entity but then also
18:00
down the line in terms of helping you
18:03
negotiate or think of forward thinking
18:04
about how to grow what you put your
18:07
heart and soul into into something to
18:09
materialize for your commercial and for
18:12
your family or community whatever it is
18:14
that's really important that that's a
18:17
part of that conversation you have what
18:20
I love about what you said is that it's
18:23
all about doing the right thing showing
18:25
a potential investor or a potential
18:27
partner that you have thought it through
18:30
and making it attractive to them you're
18:32
not tricking anybody you're not fooling
18:34
anyone but you're trying to make it
18:36
attractive to that investor or or be
18:38
able to move things a little along
18:40
faster so doing a Delaware corporation
18:42
or doing doing your corporate corporate
18:45
docks in a company that is is liked I
18:48
guess by investors is kind of a smart
18:50
thing to do if that's what you're
18:51
looking for
18:54
definitely so that's what you're looking
18:56
for a better plan in the next year or
18:58
two to raise money for your work then
19:00
definitely go down I would recommend you
19:02
go down that path and and you know it's
19:05
it's kind of weird it's something I
19:07
didn't realize too much is that all the
19:10
states seem like they have different
19:12
ways of handling corporate laws I guess
19:15
and and is that what makes some states
19:18
more attractive than others I mean
19:21
what's what makes those though but makes
19:23
it more attractive why is Delaware like
19:24
you said I know it's familiar and things
19:26
like that but is there some kind of
19:27
corporate laws that make its lot
19:29
stronger it's the thing is the dollars
19:34
basically where corporate law was
19:37
founded at the end of the day and so it
19:39
has a really strong and rich history of
19:43
having a lot of legal opinions on
19:47
various aspects of the law like they had
19:50
a lot of you know you know they're dealt
19:52
with a lot more shareholders view so
19:53
maybe most other states in the country
19:55
and things like that so but the thing is
19:57
a lot of other states in the country
19:58
hold the value
20:00
Delaware's decisions as president in
20:02
their own state and so while like other
20:05
states follow a here it it still doesn't
20:08
change the fact that this is what's
20:10
happening in Delaware and the thing
20:12
about Delaware is like yes you can
20:16
incorporate there and you can have your
20:18
company there because the base minimum
20:20
to have a company in Delaware has
20:22
registered Asia but it also doesn't mean
20:24
that you don't also need to get a
20:27
business license to operate in your home
20:29
state and you will have to have a
20:31
business license up in your home state
20:33
and you also will likely use your home
20:35
state as maybe the governing law for
20:37
your contracts or your relationships
20:39
with employees etc so like Delaware
20:43
becomes your home state for
20:44
incorporation purposes and very options
20:46
for working with investors but for
20:49
everything else it's still likely tied
20:51
to your home state and what you're
20:53
working on and so understanding where
20:56
you stand kind of in both arenas is
20:58
important for making decisions for your
21:01
company but you know in the ones that I
21:03
do very often almost exclusively the
21:06
only reason we ever set up a Delaware
21:07
corporation is only because the person
21:10
who came to me told me their goal is to
21:11
raise money and the next one to two
21:13
years if they're like well we may raise
21:16
money in five years if we absolutely
21:18
need it or you know somebody wants to
21:20
write us a check sandy I'm gonna have a
21:22
different connotation because that's a
21:23
lot of investment to manage an escheat
21:27
in Delaware as well is in your home page
21:29
hmm that's good to know I mean again
21:33
it's uh it's so much to think about but
21:35
you're not trying to make it where as
21:37
confusing but you want your client that
21:40
comes into you to really think about it
21:41
to have this information before they
21:43
come see you so you can help them a lot
21:44
quicker a lot faster you get some people
21:46
that come in to you is like hey listen I
21:48
need to get this done right away because
21:49
I had this person who wants to invest
21:50
and you're like hey hey let's slow down
21:52
a little bit exactly we still got a
21:57
little bit but it doesn't have to be
21:59
like we're not second weeks like it was
22:01
a bit of a thought as to what you're
22:03
doing for your set up set it the right
22:06
way as well as a little bit of struggle
22:08
when someone comes to me and said like
22:10
well I already formed the company on
22:12
LegalZoom
22:13
right so now we are like backtrack a
22:16
little bit not that there's anything
22:17
wrong with LegalZoom it serves a purpose
22:19
in terms of what it offers but I think
22:23
that if you are looking to kind of
22:26
really what am I said not that I think
22:32
that you're not taking your business
22:34
seriously if you do you do this and have
22:37
this thing that you're missing an
22:38
opportunity to build a relationship with
22:40
someone even if you decide even if you
22:43
hire me and use LegalZoom for one or two
22:45
things this thing is I will still be
22:47
able to tell you what was worth
22:49
purchasing on there because I understand
22:51
that people are in a budget and I'm
22:53
conscious of that but I also don't want
22:56
people to I'd rather take a loss to make
22:59
sure people are on the right foot
23:01
then to just say oh usually goes and I'm
23:04
not working with you you know like
23:05
that's not the right thing to do but you
23:08
know invest in who you want to be as
23:11
your company and make sure that even if
23:13
you do decide using online tools
23:15
whatever the online tool is Clerke
23:18
illegals or whatever it is that you have
23:20
also taken a ten to build a relationship
23:23
with someone who can actually be there
23:24
because there's a lot of value in being
23:27
able to pick up a phone and talk to your
23:30
advice yeah and as you know I mean it's
23:34
it's okay to do a few things but any
23:36
successful business any growing business
23:38
at some point they're going to have to
23:40
bring on a corporate attorney or
23:43
somebody like you know obviously like
23:44
yourself that's gonna have to be able to
23:46
lead them if you put in those documents
23:47
in place make sure everything is in
23:49
place so as they grow that again as we
23:51
talked about for earlier in a day it's
23:53
early in the conversation it's not
23:55
something you want have to worry about
23:56
you know you don't want to have to worry
23:58
about something three years ago that you
24:00:00
spent you know twenty dollars on the
24:02:00
side try to save money he's gonna come
24:04:00
back to get you because it's really how
24:06:00
one of the things that holds companies
24:08:00
back and you probably see it you know
24:10:00
you're probably like listen remember
24:12:00
this document you did you know you save
24:13:00
five dollars and and now it's costing
24:15:00
you hundreds of thousands yeah exactly
24:19:00
yeah you know the unfortunate part but
24:22:00
I've learned also
24:25:00
that a lot of I'm really involved in the
24:28:00
community here in Washington I do a lot
24:30:00
of work with microfibers nonprofits and
24:32:00
the Small Business Administration
24:35:00
but those organizations are making a
24:37:00
huge effort to empower entrepreneurs
24:39:00
inventors with this type of information
24:42:00
and was setting up with the right people
24:44:00
so the SBA is located in every state as
24:49:00
far as I know and I also know most
24:51:00
universities have an entrepreneurship
24:53:00
Center where they're trying to connect
24:54:00
with local communities and very often if
24:57:00
you go to those centers they will catch
24:59:00
you with students who can actually help
25:01:00
you handle with law students and MBA
25:04:00
students can actually help you with your
25:06:00
business that's actually how JD and I
25:09:00
got to know each other and I teach an
25:11:00
entrepreneurship program at Yale
25:13:00
University and he was a law student at
25:16:00
the time and he participated in the
25:17:00
program and we set him up with a few
25:20:00
clients and he had a partner and the two
25:22:00
of them went to work in-house they're
25:24:00
quite a small business clients one of
25:28:00
them was like making was actually making
25:31:00
a product it was really interesting
25:33:00
product which is a kind of memoir
25:35:00
product for if you had dealt with a lost
25:39:00
one or someone you know and so they so
25:43:00
they put helpless with a big plan
25:45:00
together and they kind of did wonder all
25:46:00
those wee little to give them confidence
25:47:00
and on the back end is called professors
25:51:00
like myself and my colleagues make sure
25:52:00
these students are given the right
25:54:00
advice along the way and learning how to
25:55:00
be his consultant and so a lot of
25:58:00
universities have these programs where
26:00:00
inventors match for her as much many of
26:03:00
them who are probably listening to your
26:04:00
show can apply and get some of these
26:07:00
like if you are on a budget like go to
26:09:00
these places that are willing to help
26:11:00
you out either a very cost or on a free
26:15:00
basis because they care they want to
26:17:00
make sure that people are set up kind of
26:19:00
early on in my experience almost every
26:21:00
state has some variation of these these
26:24:00
types of opportunities is another taking
26:26:00
some time to look for them that's great
26:29:00
that's great information I thank you for
26:31:00
helping out - I mean we try to give back
26:33:00
to the community here in the Tampa area
26:36:00
also it's so much fun to go back and and
26:39:00
and teach some of the courses and and
26:41:00
helped and I don't even want to say kids
26:43:00
but they're you know they're they're
26:45:00
learning so much and they have so much
26:47:00
knowledge and they want to go so fast
26:49:00
but you want to give them that the right
26:50:00
information before they get out there
26:52:00
but they have some great ideas I mean
26:53:00
some of the classes that we go and sit
26:55:00
in and help teach I mean I'm astounded
26:57:00
by the ideas and the drive that's that
27:00:00
some of these students in the colleges
27:01:00
have they're really really good yeah
27:04:00
like you know when they get an
27:06:00
opportunity work with someone who's
27:08:00
building something that real life
27:11:00
experience is better than any case study
27:14:00
they could read about in their classes
27:16:00
so you're also like thousand of us are
27:18:00
contributing to their learning by being
27:21:00
in deed for defending in these processes
27:23:00
we're really big on kind of social
27:25:00
living for everyone here at Seattle
27:28:00
University here in Washington State
27:30:00
please feel free to reach out to me and
27:32:00
I'll connect you with that program but I
27:33:00
know many other universities around the
27:35:00
country are big on also how they all
27:38:00
have an entrepreneurship Center they're
27:40:00
all opposing events and programs for
27:42:00
inventors and business owners et cetera
27:44:00
it's amazing the Entrepreneurship
27:46:00
programs and how they're grown in the
27:48:00
innovation at the colleges I just when I
27:51:00
was going to college
27:52:00
Bowens go I it was it was unheard of
27:54:00
it's just so great to me that they have
27:56:00
these entrepreneurship programs because
27:59:00
some of these some again kids or the
28:02:00
young adults they really have somewhere
28:04:00
to go and learn and again with bolting
28:06:00
on experience of people that are out
28:08:00
there in the market it's a great feeling
28:10:00
to see that it is because I believe that
28:15:00
like you know with all the technology
28:16:00
the barriers for like getting started on
28:19:00
a business or an idea are dramatically
28:22:00
lower than even just like five years ago
28:24:00
for that matter or ten years ago and
28:26:00
what that comes a lot of really
28:29:00
surviving ideas or things like that I
28:31:00
started my law firm back in 2009 and in
28:36:00
that year alone because after the
28:37:00
financial crisis is amazing how many
28:41:00
people like just what a set up shop and
28:44:00
like how these really interesting ideas
28:46:00
because they needed them you know they
28:48:00
lost their job or whatever it was they
28:49:00
needed to consult and keep that we're
28:52:00
going or they're like
28:53:00
we pick up that side business I left for
28:55:00
all this time and I can focus on it and
28:57:00
they really came up with some really
28:59:00
unique things as even bent like it's not
29:01:00
how he not want to go like social media
29:03:00
was just getting sorry and all these
29:04:00
people really coming up with ways to
29:06:00
like beat the algorithm and made a whole
29:08:00
business out of helping people with
29:10:00
their social media oh it's just like
29:11:00
amazing that only so many times you like
29:14:00
trend more like brand new industries
29:15:00
like forming every day like social media
29:19:00
even in cannabis like there's all of
29:21:00
these people who are can entrepreneurs
29:23:00
that are and making inventions as that
29:26:00
is it's like pretty it's really amazing
29:28:00
to see how much has happened in just
29:30:00
such a short period of time making this
29:33:00
is much easier than ever to you know get
29:36:00
started on a business like I talked to
29:39:00
someone today who wants to be a
29:41:00
modern-day blacksmith and I'm like oh
29:43:00
I'm so great it's bringing it back and
29:46:00
you found this like shared spaces every
29:48:00
day so it's gonna be like pretty
29:50:00
straight over an easy person to get
29:52:00
going or is if you think if you wanted
29:54:00
to start a blacksmith business like 20
29:56:00
years ago
29:57:00
that would be like it easily like you
30:00:00
know a couple hundred thousand dollar
30:01:00
endeavor to get the capital you needed
30:03:00
to go oh yeah it's so cool that you went
30:06:00
yeah it's so cool because you know the
30:10:00
younger generations or the people
30:12:00
starting businesses now they're meshing
30:14:00
all that they've learned and they're
30:15:00
utilizing technology in the internet and
30:17:00
social media to basically really
30:20:00
kickstart their business and then as you
30:22:00
said using shared space and all the
30:24:00
co-op's type things I mean it's just so
30:26:00
much fun to be a business owner or an
30:29:00
entrepreneur now that with all the
30:31:00
obviously with all the information
30:32:00
that's available it's just a great time
30:35:00
I just love seeing all the cool ideas
30:37:00
that come out of it you know even when
30:38:00
you like you said when somebody says I'm
30:40:00
gonna be a miner Foxman you're like what
30:42:00
but then you're like wait you could
30:44:00
probably do that
30:49:00
that's the best part of what I feel like
30:52:00
I do is you know a business owner
30:54:00
entrepreneur myself I love this law firm
30:56:00
and have a couple of other things that I
30:58:00
do but like when people beginning to
31:01:00
hear the ideas and what people are up to
31:03:00
is it's really really amazing and then
31:05:00
being able to be just
31:07:00
part of that is the health and get going
31:10:00
feels really good about the practice
31:12:00
that I do very often people you probably
31:14:00
you know everybody here some lawyer job
31:16:00
nobody is like oh you're they have this
31:18:00
like perception of what it's like but
31:20:00
I've gotta lay on the water like I keep
31:22:00
said earlier and share positive fun kind
31:24:00
of things than what people are doing
31:25:00
yeah you know and again you do kind of
31:29:00
get the short end of the stick and I
31:31:00
don't think it's right because what
31:32:00
you're doing that's what I think your
31:34:00
side of the business is more of if you
31:37:00
just people come to see you you know
31:39:00
they're moving forward they're learning
31:40:00
things obviously there you have to kind
31:41:00
of sometimes help them smooth out bumps
31:44:00
but that happens in almost every
31:45:00
business but again it's the business
31:48:00
side of it I mean you if you choose to
31:50:00
be a business or an entrepreneur you
31:52:00
have to choose the right things to do
31:54:00
and going to see a very a good attorney
31:57:00
getting that paperwork in place is super
31:59:00
important very important to do okay
32:02:00
thank you so we're gonna kind of wrap up
32:06:00
the show today I just want to check one
32:08:00
thing with you now some of our listeners
32:09:00
obviously aren't on the west coast are
32:12:00
they able to still utilize your services
32:14:00
in most cases yeah I can help them in
32:19:00
most cases and if they're something more
32:21:00
specific in the network with other law
32:25:00
firms smaller law firms like myself to
32:28:00
refer them to so they have a local
32:30:00
counsel which is really which I think
32:32:00
it's important to just have someone
32:34:00
nearby but I would encourage people to
32:37:00
think about the perspective that comes
32:39:00
with working with an attorney who owns
32:40:00
their business versus someone maybe was
32:44:00
working for my realizes support other
32:45:00
attorney to have gone out on their own
32:47:00
also of building something as well they
32:50:00
they know generally bring a lot of
32:51:00
business perspective to what they're
32:53:00
doing they are there you will find them
32:57:00
there's so much in the over luring
32:59:00
category as they are trying to fill ours
33:01:00
you'll find them in the category of
33:02:00
trying to be conscious of what they're
33:06:00
offering what their suggestions are so
33:08:00
to the extent that you are able to
33:10:00
support other small businesses as a new
33:13:00
business owner I would encourage you to
33:15:00
do so yeah you you want to build a
33:17:00
relationship up with the
33:19:00
so nor so as they grow you grow I mean
33:21:00
that's kind of how it works I mean you
33:23:00
probably have some some business owners
33:25:00
that came to you when you first started
33:26:00
your firm and you're watching them grow
33:29:00
it's probably a cool feeling yeah it's
33:31:00
really great in being able to actually
33:34:00
was kind of comical is more reason I'm
33:37:00
working with this company that they they
33:39:00
had some internal troubles and they
33:42:00
basically turned over everybody and now
33:45:00
I have the longest tenure for their
33:47:00
company like I want who is bring the
33:50:00
history like this is what you guys did
33:52:00
four years ago these are the contracts
33:54:00
this is why we change this and it's like
33:56:00
how does that how does that even happen
33:58:00
but then I thought that was kind of
34:00:00
interesting because now I realized to
34:01:00
some degree it it is possible that I'll
34:03:00
have like some history for this company
34:06:00
that I could share with them if these
34:08:00
things were to happen but yeah I didn't
34:12:00
expect that part they're lovely
34:14:00
so you're the Lord then can you tell us
34:16:00
all what okay yeah well you know like
34:19:00
you said you just never know what you're
34:21:00
gonna run into me today and that's what
34:23:00
I love about business and I love about
34:24:00
the invention industry and the people in
34:26:00
it it's just you just don't know and
34:28:00
that's what kind of keeps us all going
34:31:00
but yeah so we're gonna wrap up the show
34:33:00
by the way round relog group calm I love
34:36:00
your website it's really laid out nice I
34:38:00
took a look at a while we were talking
34:40:00
and I wanted to see if there's any info
34:41:00
to you know to pass out but I mean you
34:44:00
you kind of covered most of the things
34:45:00
that our listeners are interested in I'm
34:47:00
sure there's some more stuff but I asked
34:49:00
any of our listeners go on out to you
34:51:00
know fram foundry law firm do it is a
34:53:00
family law firm group or a family law
34:55:00
firm that children Law Group are great
34:57:00
yeah
34:59:00
asaji loggers calm where I was you
35:02:00
initial counsel so if you just want to
35:04:00
check in or ask a quick question feel
35:07:00
free to give me a call let me know you
35:08:00
heard the show and your local I'm happy
35:12:00
you know we will definitely need a copy
35:14:00
and get to know each other if you're not
35:16:00
local still talking if I can help you I
35:18:00
will
35:18:00
otherwise I'll set you up with someone
35:20:00
great in your particular state we're
35:23:00
also on Twitter at Memory law and then
35:25:00
they focus all the other good stuff
35:27:00
you have to be these days so no thank
35:30:00
you so much for being on the show today
35:31:00
I mean this kind of information to me is
35:34:00
priceless a lot of people they get a
35:36:00
little wheezy when they're gonna go
35:37:00
visit an attorney but I beg you go ahead
35:40:00
it's not as bad as you seem you know go
35:42:00
and ask the questions get things in
35:44:00
place put that paperwork in place it'll
35:45:00
really help you in the long run and you
35:48:00
know again I thank you for getting on
35:49:00
the show and given of our listeners a
35:52:00
little bit of information on the law and
35:55:00
what they need to be doing before they
35:56:00
start their companies I really
35:57:00
appreciate it thank you thank you for
36:00:00
having me and for jumping in and big by
36:02:00
interviewer will miss Katie help me
36:05:00
catch them next time
36:06:00
but I appreciate the opportunity to get
36:09:00
to know more about inventors
36:10:00
large-minded what your listeners are
36:12:00
about and what they're doing so I hope
36:14:00
everybody has a really successful time
36:16:00
and a good rest of the week thank you
36:18:00
thank you so much for being on and we'll
36:20:00
catch you next time on you venez launch
36:22:00
pad network you all take care

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