Today, we’re talking about the basics of company setup and administration.
1. First and foremost, you don’t need an established organization to start talking to customers. Don’t let admin tasks slow down the much more important work of figuring out what people need you to build.
2. Keep the setup process simple. Make use of online resources like Stripe Atlas or Clerky to establish your corporate structure in a standardized manner. Try to avoid using lawyers for this, as it usually causes problems later, even if the lawyer is a trusted friend with extensive experience.
3. The “Move fast and break things” philosophy may have worked 20 years ago, but nowadays, if you behave that way in some industries, like fintech or healthcare, you might be in serious trouble. So get advice from other founders to strike the right balance for your market.
4. Lastly, please do not spend time on filing patents until you have 7 figure revenue. Even if you believe patents are essential in your chosen market, the reality is that for the vast majority of businesses, patents do not help you get customers, and that’s what matters.
Best of luck out there.
Sterling Road invests in idea stage and pre-seed B2B startups based in the US, Canada and UK.
