Business Startups

Founder Institute Lagos – Legal Review: Founders Meet PAC Solicitors

It was another exciting evening, as Founder Institute, Lagos, First Cohort, enters the 7th week.

The 7th week witnessed Founders, meet up with Legal practitioners, to get themselves equipped, with legal backing, for all their business dealings.

To ensure that, all Founders have a legal coverage, Founder Institute Lagos entered into a partnership with PAC Solicitors, a law firm, which aims at building a corporate law practice, with competent and dedicated professionals, providing world-class legal services and efficiently, managing the legal risks of their clients.

Mentors for the day, were four representatives, from PAC Solicitors; Dr. Adebola Adeyemi, Partner, PAC Solicitors; Isaiah Oreweme, Partner, PAC Solicitors; Chidinma Onwubere, Associate, PAC Solicitors and Geoffrey Nwokolo, Contracts and IT Law, PAC Solicitors.

Founder Institute Lagos - cfamedia
Wande Adalemo, one of the Director’s of FI Lagos addressing the founders

After a brief introduction of the mentors, by Wande Adalemo, Director, FI Lagos, Founders placed on the hot seat, were given 3 minutes each, to pitch their business ideas, which was graded by the mentors.

After this exercise, the first mentor to give the Founders a lecture was, Geoffrey Nwokolo, Contracts and IT Law, PAC Solicitors, who gave a brief introduction, of what PAC Solicitors is all about and what Founders stand to benefit, from signing up with them.

“Our Fintech and IT Law unit is, made up of seasoned and experienced personnel, able to leverage on their wealth of practice experience, to provide cutting edge legal advice and support services, to our clients” Geoffery stressed.

He also said that Founders stand to gain access to premium legal services, at a discounted price, co-branding opportunities, work with the lawyers, deliver, not just legal services, but business solutions.

The second speaker was Dr. Adebola Adeyemi, Partner, PAC Solicitors, who talked about “Startups and the Law: Commercial and Legal Issues”.

He talked about the areas, where Founders needed legal help the most, which includes; Product conceptualization/development, negotiating deals, corporate structure, regulatory requirements, finance and funding, IP; how do sweat your IP assets? How do you protect your IP?

“Consider your product and where it is, most likely, to be successful, for example, something that deals with drones, or, high-frequency trading, (HFT), app, will not fit the Nigerian consumer. For HFT, the user will be located in a system, with a, highly, developed stock exchange and where the internet penetration service is very good. If you build something like this, you may want to seek collaboration, outside Nigeria. For this it is better to incorporate your business and register IP outside Nigeria”, he opined.

A cross section of the founders

The third speaker was, Isaiah Oreweme, Partner, PAC Solicitors, who talked about Contracts: Clarity and Safety.

He talked about, having a clear understanding, before signing any contract.

“Your Lawyer should be able to place you, at the most advantageous legal position, to achieve your objectives in the legal transaction”.

The fourth speaker Chidinma Onwubere, Associate, PAC Solicitors, talked about Incorporation Stage and Intellectual Property.

“By striking the right balance, between the interests of innovators and the wider public interest, the IP system, aims to foster an environment, in which creativity and innovation can flourish”, he maintained.

After the mentors ended their presentations, the Founders were given the opportunity to ask questions, of which, the mentors answered, satisfactorily.

Featured Image: L-R ( Ifedy Eze, Co-founder, Maisematrix Consulting; Isaiah Oreweme, Partner, PAC Solicitors; Chidinma Onwubere, Associate, PAC Solicitors; Ayowande Adalemo CEO, Wave3 Wireless; Dr. Adebola Adeyemi, Partner, PAC Solicitors; Chukwuemeka Fred Agbata Jnr. “CFA”, Co-founder, Godo Hub & Presenter, Tech Trends on Channels TV)

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