Startup Law Clinic Update
The students at the Startup Law Clinic continue to serve and represent entrepreneurs of technology startups with corporate formation, founders' stock issuances and capitalization, corporate governance, tech transactions, early stage angel investor financings and venture capital transactions.
This semester, the students were divided into teams representing a group of startups involved in various technology sectors. The spectrum of technology created by these startups ranged from power beaming (space-based solar power) to legal aid software for pro se individuals to a fabric technology company converting plant-based materials into clothing.
The teams of students worked with the Delaware Secretary of State to successfully incorporate their clients. They also advised their clients and drafted the necessary documents to adopt bylaws, complete the board consent in lieu of initial meeting, and execute restricted stock purchase agreements. The students took the lead on conference calls with clients answering questions relating to the state of incorporation, issuance and sale of stock, composition of board of directors and executive officers, and establishing an advisory board. As part of the corporate formation, the students subsequently qualified their clients in various states in order to conduct business pursuant to state law. In addition, the students conducted blue sky state securities law research in each of those states to make the necessary state filings to obtain an exemption from securities registration.
This amazing group of students are carrying on the tradition of students in previous semesters that have represented numerous startups involved in various sectors including artificial intelligence, drone technology analyzing soil samples, employee recognition and reward platform, and health care technology. Some of the startups the students represented have obtained funding and closed deals from some of the top venture capital firms in Los Angeles and Silicon Valley with multimillion-dollar valuations.
For our students, the Startup Law Clinic exists to bridge the gap from law student to a practicing transactional attorney in a law firm. As these students graduate to attorneys, they will have to learn very quickly how to convert their head knowledge of legal concepts to the practical execution of representing technology clients, drafting documents, redlining agreements and closing transactions. The aim of the Startup Law Clinic is to give them the competitive advantage so that they can hit the ground running.
Professor Sam Wu directs the Startup Law Clinic and supervises students' work.
For more information, visit: https://law.pepperdine.edu/palmer-center/startuplawclinic.htm