In growing a startup, entrepreneurs must choose among a plethora of potential advisors and mentors from various disciplines. Instinctively, many new entrepreneurs turn first to seasoned serial entrepreneurs for advice, but may seek attorneys slightly later in the game. Building a broad spectrum of advisors is crucial, however, to the early success of your company. Engaging lawyers sooner can give you a more holistic approach to both the common and nuanced issues facing your company.
MassChallenge recently posted on its blog about the necessary relationship between startups and lawyers, found here. Nick Dougherty, CEO of Verbal Applications, intuitively acknowledged the need for legal advisors among other mentors at the early stages of founding a company: “I realized that as an entrepreneur, you are a rock climber. . . Do not climb without a rope. The jump from the rock face must be calculated.” Thanks to MassChallenge for the insightful post: we’re glad to see all the progress of this year’s participants as the competition continues.