Blog
Rayner my parade! The importance of specialist advice.
Jemma Brimblecombe
Our investment and technology teams regularly advise tech startups as they progress from the initial pre-seed stage to being venture-funded enterprises on the cusp of an exit. Whilst the journey of every tech startup is unique, we’ve noticed that certain legal issues commonly crop up, and so we’ve created a case study to shed light on those issues and share our expertise on how to deal with them.
KNow Wear Limited has been going from strength to strength and is now looking to expand and market the product overseas. For our founders, this will mean significant time commitments over the next few years as they carry out their expansion plan. Chris has concerns about the business taking time away from his family and he is now looking for a less-demanding role. You, Chris and Sarah have an informal meeting to discuss Chris’ role in the business and the future of KNow Wear Limited.
The EMI share options which KNow Wear Ltd granted to Aggie and Edith in episode 12 have really worked to incentivise them; and thanks in large part of their efforts, the company is getting lots of advanced orders for the product. In order to ensure that the company has enough bandwidth to keep up with demand, you, Sarah and Chris have started to think about raising more funds. This is to ensure that the company can produce the number of units it needs to fulfil the orders, and then actually physically fulfil them.
In advance of trialling the product with a test group of 100 consumers you, Sarah and Chris are now turning your attention to compliance with data protection legislation, given that the trial phase will mark the commencement of the company processing a significant volume of consumer personal data. Users will need to provide their personal details in order to register an account with KNow Wear and reap the full benefits of the wellbeing wearable via the web-based platform which works alongside it.
KNow Wear Ltd is now starting to flourish. The sample products manufactured in Burnley have tested above expectations and the company is looking to take on new staff to build out the sales and development teams. It has a difficult task now however – how does it hire the best staff, when it can’t offer the best salaries?
Jemma Brimblecombe
Charles Richardson
Oliver Oldman
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