Coffee and Jam #178
First speaker: Dan Khan from ZeroPoint Ventures
ZeroPoint Ventures, the founder friendly support for new entrepreneurs, is the culmination of Dan and his co-founder Sam’s learnings in the startup world.
The goal of ZeroPoint venture is to offer a clear pathway to build sustainable software businesses, allow them to grow organically from the start with the milestone of reaching 1 million dollar revenue within two years.
How are they doing this?
Their virtual program offers step-by-step assistance to get you and your idea going, so you won’t need to quit your day job just yet. They also offer one-on-one coaching and seed funding without taking away your control over your business and idea and only ask for it back, once you hit the target revenue of 1 million dollars.
If you think, that this sounds like a great way to get started, make sure that you have solid industry experience in the domain you want to realize your idea in and ideally your idea also involves building a software platform.
Second Speaker: Paul Brown from Lexington Legal
As a partner at Lexington Legal, Paul deals with employment law and his love for difficult and complex arguments led him to be part of the dispute tribunal.
He shared with us the number one reason why people end up at the dispute tribunal and what you should do to avoid spending the great profits of your startup on lawyers at the dispute tribunal when things go sour.
Problem: No one ever puts anything down in writing -especially in early stages- and then ends up at the dispute tribunal!!
Paul knows how exciting it is to have this great business idea and feeling the need to share it with everyone. BUT, when you have conversations with people who may or may not end up helping you in some form with your idea, have a think about confidentiality and how much you want to share about your idea. To protect your idea at that early stage, all you really need are a few written lines or bullet points in a Memorandum of Understanding (MoU) signed by everyone. This can be as informal as the back of an envelop as long as you keep it for future reference and it also does not need to involve lawyers at this stage as you know best what your business is about.
Once you are thinking about the next step and going into partnership or joint ventures with someone, you really need to have a written agreement to avoid horrendous lawyer bills to settle your disputes. All this early agreement needs are the core details of your business, e.g outlining who does what and how pay is distributed, otherwise your venture might be destined for disaster. Again, there is no immediate need for a lawyer here and it can be as simple or complicated as you want it to be.
One last tip, templates for agreements of all sorts can be downloaded from anywhere in the world wide web, if you decide to use a template, do sit down with your business partner and go through it, take out all that does not apply to your business and just leave what you really need.
And if you decide you would like the assistance of a lawyer or need more info, get in touch with Paul here.
- Big shoutout to Steampunk Laboratory for bringing in samples of ‘Awesome Korean Food to go’ to share with the Coffee and Jam community. Check out their Facebook page and be sure to pay a visit to taste some of that goodness when they open tomorrow.
- Jennifer from FrauCoach.com still has some tickets left for her workshop tomorrow (7th Sept. 5pm to 8.30pm) learning about yourself and how to make your best decisions, be more productive and find your purpose. If you are keen, get your tickets here.
- Toastmasters are meeting in the BNZ lounge tomorrow (7th Sept) at 12.15pm. Come along if you are interested and want to know more about them.
- Join the XCHC for a session with the CCC candidates answering your questions with regards to arts and social enterprises this Friday. For more information check out the link here.