We had a session on Legal Issues in our Launching New Ventures class, and, like all other lectures, it was surprisingly useful! I have always been skeptical of teaching Entrepreneurship in a classroom, but this course has been a delight.
It has touched up so many entrepreneurial mistakes which you can gladly avoid – you do not need to commit them and learn from them the hard way. At the same time, it has provided a lot of practical and easily actionable ideas – like getting better at customer discovery, how to make an MVP – stuff which can also be easily applied to other aspects in life.
The Legal session, in particular, opened up my eyes to a whole new set of things which I had never thought of before! Important issues like number of co-founders and their share and control, correct team composition, importance of written contracts and VESTING! I have to admit, I had never heard of vesting before this course and I feel stupid that I didn’t, because it is so obviously important.
We also ended up doing a role-play on negotiating (and in some cases actually negotiating) company share and ownership between co-founders and had an expert on venture law come up and discuss it. Amazing learning!