In Taiwan, for startups to enter into the market and operate their business models continuously, talent, capital, and technology are three important elements. In the past few years, the promotion of innovative entrepreneurship has become a trend. The attraction of investment to connect with local talents and the offering of various coaching services have boosted the momentum of startups. Nevertheless, it is not adequate. Entrepreneurs still need legal consultation and management strategies. Willbang Startup Law Firm in the Startup Terrace Linkou is the one to offer such services.
Yi-Fan Zhuang, the attorney-in-charge of the Willbang Startup Law Firm, said that the first day of entrepreneurship is the start of the game in entering into market. Those without fully understanding the rules of the game will be eliminated by the market. The service most needed by startups is legal consultation. Many startups thought that legal consultation is not important because they are small companies. However, they do not realize that legal consultation is analogous to the health care system for your physical body. It is essential to build a healthy and strong body when you are still small in order to face the upcoming challenges in different environments and different markets.
Named Willbang (which Means to Protect and Change), Using Laws to Protect the Original Intention of Changing the World
Willbang Startup Law Firm is the first law firm stationed in the Startup Terrace Linkou, committed to protecting the value of "change" in many startups. It is not easy for startups to grow, not to mention the challenge of facing world-class competitors. The competitors are likely to have abundant capital and legal resources to maintain their competitive advantage. In order to minimize such unbalanced power, startups need an expert who can act as a legal advisor of a company and a litigation lawyer.
The team of Willbang Startup Law Firm is specialized in various fields, including culture and education, biotechnology, communications, tourism development, and engineering disputes. Its lawyers have at least five years of practical experience in corporate legal affairs or litigations. For example, Yi-Fan Zhuang is familiar with legal strategy and communications, and is majored in life sciences; Zhu-Jun Zhang is is specialized in public construction procurement and consumer protection law; Yun Ye is good at business non-contentious cases and labor law; Ying-Shun Huang is majored in cultural and education law; Shu-Ying Zhang is familiar with real estate and business disputes; and Yi-Ling Xiao is specialized in intellectual property (IP), all of which are essential for startups.
Yi-Fan Zhuang explained that Taiwan's startups are good at technology-based entrepreneurship, and the related intellectual property law, patent and technology transactions, and corporate law are all areas that are concerned by startups. Since companies in Taiwan pays less attention to intellectual property rights, he suggested that startups should avoid stepping into the patent minefield. In addition, they should also protect the company’s intellectual properties through patent application. By doing so, no matter the startups are merging with large companies or entering into the international market in the future, they can be well protected. It is particularly essential for startups who offer cutting-edge technologies such as biotechnology and AI.
Stationed in the Startup Terrace Linkou, Serving as the Best Think Tank for Startups
To assist startups in connecting with the needed legal services, Willbang Startup Law Firm stationed in the Startup Terrace Linkou last year, serving as the legal advisor for startups. Through the location advantages of the Startup Terrace Linkou, every lawyer can act as a chief legal officer for several startups during the the early period of their entrepreneurship. Through participating in the company's decision-making and management meetings, the lawyers can provide the needed legal strategies and solutions. Every Friday, Willbang will organize a legal consultation session to help startups solve different problems in each stage of their entrepreneurship, including investment, technology and overseas markets.
For example, when signing a cooperation contract with a big company, startups should protect their own interests by maintaining the required technologies and equity. In angel or series-A round funding, how does startup balance equity and allocate stock prices? Some startups participate in public procurement projects; the penalties involved in government procurement are numerous. How does startup become familiar with all regulations after winning the bid? Of course, trademarks and IPs are the most controversial. In addition to one-on-one legal consultation, Willbang Startup Law Firm also offers law courses in the Startup Terrace Linkou.
This year, Willbang held a series of lectures on "Making the Reading of Business Contracts Easy" in the Startup Terrace Linkou, starting from the most basic concepts of contract and the internal legal affairs that may be encountered by companies. The lectures explained step-by-step the wide range of business contracts in a systematic and organized way to the audiences. Lawyer Yun Ye started the lecture by explaining the requirements of contract, the types of business organizations, and the impact of shareholder's shareholding as well as business management, etc. All the audiences have learned a lot from the speaker's in-depth explanation and experience sharing.
Startups Need a Starting Pitcher to Reduce Operational Risks
Yi-Fan Zhuang said that during the consultation, the question often asked is whether a startup needs to establish a legal department or sign a legal consultation contract with a law firm. Taking baseball as an example, the legal department of a company is like a "starting pitcher". Through the process of reviewing legal documents and participating in decision-making for the company over a long period of time, the legal risks of the company’s operations can be reduced, making the ball to be thrown easily into the strike zone.
Litigation lawyers on the other hand play the role of a "relief pitcher". When the batter makes a hit, it symbolizes that the company's legal risks in operation have been realized. In the litigation process, company should rely on lawyers with higher psychological qualities to perform damage control. "Starting pitcher" is different from "relief pitcher". This seemingly simple truth is not understood by every entrepreneur. Therefore, in the initial stage of starting a business, Willbang will act as a starting pitcher to help startups strengthen their capability in predicting legal risks.
Yi-Fan Zhuang said that Willbang Startup Law Firm provides not only legal consultation, but also overall business strategy planning. In the course of growing from 0-100, different legal and business resources must be invested. Although Willbang regards itself as a startup, it is supported by a powerful legal think tank. To activate startups, in addition to receiving favor from the capital market, making use of the law is also essential. The use of laws to provide the overall operating strategy and reduce the risks of startups will also increase the chance of success.
Written/Photographed by: Startup Terrace Editorial team