Live and learn (hopefully!) ...

Lute Olson was a very popular basketball coach at the University of Arizona.  He had many of his players move on to great careers in the NBA and other professional basketball leagues.  This quote is a good summary of his philosophy for sharing and teaching how to be a better player.  It works well for innovators and entrepreneurs, too ... let's do what we can as best as we can and learn and iterate and pivot as we go.  But, let's try hard to learn from what didn't go well, and not do the same thing again the next time around.

Ten Legal-Issue Mistakes That Entrepreneurs Make

1. Failing to incorporate early enough.
2. Issuing founder shares without vesting.
3. Hiring a lawyer not experienced in dealing with entrepreneurs and venture capitalists.
4. Failing to make a timely Section 83(b) election.
5. Negotiating venture capital financing based solely on the valuation.
6. Waiting to consider international intellectual property protection.
7. Disclosing inventions without a nondisclosure agreement, or before the patent application is filed.
8. Starting a business while employed by a potential competitor, or hiring employees without first checking their agreements with the current employer and their knowledge of trade secrets.
9. Promising more in the business plan than can be delivered and failing to comply with state and federal securities laws.
10. Thinking any legal problems can be solved later.

[Thank you, Connie Bagley]

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