January 6, 2017

This article was first posted on the Cisco Entrepreneurs in Residence blog.  

The startup community in London is a vibrant one. New technologies which are set to positively impact almost every facet of society are being developed every day. Legal teams like Wiggin’s are an important part of the ecosystem, helping entrepreneurs and start-ups to set the foundations to scale and be successful.

As a corporate partner at Wiggin LLP, I have witnessed firsthand the extraordinary development of London’s very active technology scene for startups and high-growth enterprises. Wiggin specializes in the tech and media sectors and I, personally, specialize in investments and mergers and acquisitions. We also regularly tap our network to introduce clients to investors actively seeking new opportunities.

We’ve had the pleasure of partnering with like-minded brands and individuals who match our level of passion for burgeoning members of the startup community. Wiggin has worked with Cisco over the years and through their deep investment in London’s tech scene, we were connected with Tom Yoritaka, Founder and Global Managing Director of the Cisco Entrepreneurs in Residence (Cisco EIR) program. Our relationship with the Cisco EIR team has aligned us with an amazing brand with expert technology and one working alongside the most promising of startups.

There is a lot of advice and support available for startups these days in the London ecosystem but startups need to be careful that they are getting the kind of support that will benefit them in the long term, that is certainly what we look to provide. I wanted to highlight some common issues for startups to consider.

Guard Your Ideas/Data

Intellectual property protection and ownership is absolutely key for most tech startups but is not necessarily at the top of the agenda for all tech entrepreneurs, given the other challenges they contend with. Data privacy is another key consideration for most startups now, especially as they work to build their market reputation and grow their business internationally. Both of these areas merit a conversation with a specialist legal team in the early days of a startup’s life.

Stay Excited, But Be Aware

It’s easy to overlook legal responsibilities when you’re excited about the business opportunities that lie ahead. Thankfully, many startups are becoming increasingly more sophisticated about the ramifications if they do not legally protect themselves or their intellectual property. It can be dangerous, however, when startups seek legal guidance from the internet. There are some helpful online resources available but problems often arise if those resources are used in isolation and without specialist guidance. This is where we would get involved.

Startups and entrepreneurs availing themselves of outside support at an early stage are also often taken as a sign of good business management by potential investors and commercial partners. It also means that our team can focus on helping the startup to scale and grow rather than fixing historic problems.

Stay Ready

As a firm making potential introductions, we want our clients to have the solid foundation that attracts investors and helps them grow. Because in the end, we’re both looking for the same things: industry traction, business relationships with prestigious organizations and a successful business.

I encourage startups and entrepreneurs to place themselves in the best position possible to be ready to hit the ground running when the right commercial partners and investors appear on their radar.

Because we pride ourselves on having an entrepreneurial spirit, exemplified by our own brand protection and copyright enforcement start-up called Incopro, we think we have a better understanding of where startups are coming from. In a converged world being transformed by technology, we take our role in making this technology readily available very seriously, because even those on the cusp of an unchartered journey of startup innovation will find themselves in need of legal support at some point.