Democratizing Entrepreneurship: Online Documents, Tools, and Startup Know-How
Posted: 29 Mar 2018
Date Written: December 29, 17
New ventures are inherently cash strapped. The entrepreneurs who start them are typically doers — problem-solvers who will find a way within given constraints. For most entrepreneurs, the legal formalities of a new venture are low priority at best and unnecessary bureaucracy at worst. No startup wants to expend scarce resources on what it perceives to be legal formality. Whether a venture is a limited liability company, C-corporation, or S-corporation, it will not exist if it has no product, sales, customers, or strategy to compete in the marketplace. This is a truth across all new ventures whether community-based, socially conscious, or high-tech and high growth. Online tools have recently emerged that address this issue by making it easier for entrepreneurs to comply with formalities. These tools also democratize access to legal documents and startup know-how for all types of entrepreneurs. Maybe most significantly, open source startup documents allow ventures outside major metropolitan areas newfound access to the same documents used in entrepreneurial epicenters such as Silicon Valley, New York, and Boston.
Keywords: Startups, Venture Capital, Emerging, Online, Do It Yourself, Silicon Valley, Wizard, Legal Tech, Technology, Web, Portal, Automation, Formation, Forms, Document, Self-Help
JEL Classification: K12, K22, K19, O3
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