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Question answered in Quora - For setting up a startup is it better to engage a lawyer on his hourly


I would work to get into an incubator. If you get into an incubator through a referral you may be able to get a prestigious law firm to help you with your IP and also get a deferral until you hit a certain milestone, which is usually the first $500K fund raising round or hit $1 million in revenue or something along those lines.

From what I have seen, not all IP law firms take shares, so your options are limited. I think the best way to do this is get into an incubator, every incubator will have a set of criteria, it could be showing a working prototype or having one or two customers or having a solid analysis/report done on why your idea is going to take off big time, for example get some kind of a customer commitments saying they will buy the product or at least use the product for free and will pay upon realizing the value your product offers.

Another way is winning one of the Startup competitions where the prize is $50K worth of free services from an IP law firm.

Good luck.


ABOUT THE AUTHOR 

Puga Sankara is the co-founder of Smart Gladiator LLC. Smart Gladiator designs, builds, and delivers market-leading mobile technology consisting of Smart Gladiator Wearable Scanguns, Tablets, Mobile Tech & Apps for retailers, distributors, and 3PL service providers. So far, Smart Gladiator Wearables have been used to ship, receive, and scan more than 100 million boxes. Users love them for the lightweight, easy-to-use soft overlay keyboard, texting&video chatting ability, data collection ability etc. Puga is a supply chain technology professional with more than 17 years of experience in deploying capabilities in the logistics and supply chain domain. His prior roles involved managing complicated mission-critical programs driving revenue numbers, rolling out a multitude of capabilities involving more than a dozen systems, and managing a team of 30 to 50 personnel across multiple disciplines and departments in large corporations such as Hewlett Packard. He has deployed WMS for more than 30 distribution centers in his role as a senior manager with Manhattan Associates. He has also performed process analysis walk-throughs for more than 50 distribution centers for WMS process design and performance analysis review, optimizing processes for better productivity and visibility through the supply chain. Size of these DCs varied from 150,000 to 1.2 million SQFT. Puga Sankara has an MBA from Georgia Tech. He can be reached at puga@smartgladiator.com or visit the company at www.smartgladiator.com. Also follow him at www.pugasankara.com

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