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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 CEO and Founder of Smart Gladiator. Smart Gladiator is an ATDC Georgia Tech company, Smart Gladiator's award-winning product LoadProof (https://feature.loadproof.com/loadproof) is an Enterprise Photo Documentation System that is enjoying tremendous traction in the Supply Chain Community. LoadProof (https://feature.loadproof.com/loadproof) is a patent pending Centralized Cloud based Enterprise Photo Documentation System for Supply Chain. It is built on the premise that photos and videos are vital documentation serving as compelling proof of important operations performed in the supply chain within and across organizations. These operations may be related to fulfilling customer orders, meeting contractual obligations, or transferring merchandise across different parties taking part in the Supply Chain operations. LoadProof is as important for your organization as an ERP (Enterprise Resource Planning) which is an enterprise system of record for critical documents such as Purchase Orders, Sales Orders, Contracts between parties etc. that have tremendous legal ramifications, or a WMS (Warehouse Management System), that holds indispensable information related to orders shipment/fulfilment data. Just like Instagram, Facebook or Snapchat have evolved into platforms that enable individuals to showcase how pretty they or their clothes are, LoadProof is a similar Enterprise system of record that holds photos, not so much for show off, but to serve as compelling, unequivocal, thoroughly documented proof, even in the court of law when there is a dispute between organizations while they perform many facets of their functions/operations, as well as for increased visibility and transparency within the Supply Chain. The capabilities of LoadProof are discussed in detail in the next sections of the document below. LoadProof is live in 460+ Sites, 250+ corporates, 13 Countries.There are more testimonials in this link here also https://www.g2.com/products/loadproof/reviews. Learn more here on our YouTube channel,  https://youtube.com/@smartgladiatorloadproof  & also here in LinkedIn - https://www.linkedin.com/company/smartgladiator/

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