Posted 12 December 2016 8:00am
Australia’s largest firms appear to be capitalising on the emergence of start-ups. By rolling out specialist services that provide general advice at little to no-cost, firms such as Allens and Corrs Chambers Westgarth are seeking to provide through-life support for burgeoning entrepreneurs and develop partnerships with the next generation of Australian businesses.
By cleverly providing guidance and pro forma documentation to new businesses, programs such as ‘Allens Accelerate’ and ‘Corrs Edge’ establish early and productive relationships with organisations that have significant potential for growth. In a recent interview with Lawyers Weekly, Corrs CEO John Denton reflected these sentiments, ‘Corrs’ pioneering spirit positions us well to help take these companies to the next level.’
The provision of these services will allow start-ups to tailor their operations in a more legally conscious manner. Given that the majority of start-ups are technology or science based, this injection of expertise may prove invaluable. Both of these platforms provide significant step-by-step guidance around the execution of lengthy and complex documentation ranging from company constitutions right through to privacy policies. What may prove particularly useful for new start-ups is the guidance provided in relation to interactions with prospective investors. New businesses often find that at the time they need investment the most, they are the least prepared for it in terms of company structures and documentation.
By providing simple, substantive information, these programs will protect both the start-up and potential investors from problems stemming from a lack of legal documentation and advice. These programs may ultimately increase the viability of Australian start-ups and it is likely that other firms will soon follow suit. For the firms themselves the prospect of one of their start-up clients achieving significant commercial success is an inviting prospect. Even if only a handful of the participants succeed, it will provide the firms with the opportunity to develop longstanding and commercially successful partnerships with the next generation of innovative businesses in Australia.