Summits, Conferences and Competitions

25 11 2009
A few upcoming events that entrepreneurs, start-ups and other people in the VC/start-up area may want to keep on their radar:
  • Early Stage Venture Fair hosted by Connecticut Venture Group will be held on December 9, 2009 at the New Haven Lawn Club in New Haven, CT (registration info here).
  • 2010 Alumni New Venture Contest was announced by the Harvard Business School’s Arthur Rock Center for Entrepreneurship and Alumni.  It is a business plan competition for Harvard Business School alumni with a $25,000 cash prize to the winning team.
  • 2009 New England Venture Summit will be held on December 8, 2009 at the Hilton Boston Dedham in Dedham, MA.  The conference is presented by youngStartUp Ventures, which is a company that assists companies in finding/accessing angel and venture capital investments.  According to the Summit’s website, it “is the premier industry gathering connecting senior executives of early stage and emerging growth companies, venture capitalists, angel investors, technology transfer professionals, university researchers, incubators, successful entrepreneurs and premier service providers”.  Registration info can be found here, and an agenda for the event can be found here. 

Below is a video highlight of the 2008 New England Summit:

 

more about “Summits, Conferences and Competitions“, posted with vodpod

   - Gregg J. Lallier 

 


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Universal Broadband on the Horizon?

19 11 2009

Most of the political talk lately has centered on the Obama administration’s attempt to provide universal healthcare.  However, if the new proposals being floated by the FCC are any indication, it seems that a focus of the Obama administration will also be universal broadband.  The Wall Street Journal has an article explaining this at Feds Mull Rules, Fees to Spur Net Access.  According to the article, the FCC is considering whether the government should take greater control over expanding the accessibility to broadband coverage, and is looking at three different options to pay for the $20-350 billion (that’s right…billion) of costs that the FCC estimates it will take to accomplish this goal:

1.  Increase the $7 billion federal phone-subsidy fund (the Universal Service Fund) which comes from charges added to consumer phone bills….which, of course, is a fancy way of saying a “tax”.

2.  Revival of open access rules requiring Internet providers to lease their networks to others at rates regulated by the government…which, of course, is being opposed by large phone and cable companies.

3.  Reclamation of airwaves from TV station owners in order to auction them off to wireless companies who could provide high-speed wireless broadband….which, of course, broadcasters and station owners aren’t too happy about.

According to the WSJ article, although no options have been recommended to, or approved by, the FCC Board, FCC officials plan on presenting possible solutions in December 2009 with formal recommendations in February 2010 in conjunction with its release of the National Broadband Plan.  Earlier this year, Congress had asked for such a plan from the FCC about improving broadband speed and access.

The News Hub Digital Desk discusses these FCC plans in this video:

This probably is good news for e-commerce, media and other types of internet-centric businesses, as such will expand the marketplace of consumers with access to their products/services. 

In any event, as the WSJ article points out, these ideas of the FCC under the Obama adminstration are a reversal from the FCC policies under the Bush administration, when government control of Internet and telephone service was curtailed.

Something to keep an eye on.

-Gregg J. Lallier


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High Court Punts Washington Redskins Trademark Case

19 11 2009

The Washington Redskins have finally prevailed in a decade-long legal attack upon its nickname and logo.  In the case of Pro Football v. Harjo, the US Supreme Court chose not to review a lower court’s decision that the plaintiffs’ claims were barred by the doctrine of laches  – a common law remedy that operates similar to a statute of limitations.  In other words, the plaintiffs waited too long to challenge the trademark.

Gene Quinn of IP Watchdog has posted an excellent summary of this case, and its long history.  Attorney Quinn explains why the Supreme Court took a pass on hearing this appeal:

It is impossible to know why the Supreme Court did not decide to hear this case, that information is known only to the Justices on the Supreme Court. What is known, however, is that there were not 4 Justices who wanted to hear the case, which is why it was not accepted by the Supreme Court. I do still continue to believe that the right legal decision has been reached here in this case. There simply was no evidence to support the challenge and the [Trademark Trial and Appeals Board] should never have ruled as they did. While we can argue over whether the term “Redskin” is disparaging, and it almost certainly is disparaging, in order for the plaintiffs to prevail the law would have had to be ignored, and evidence from years after the fact would have needed to be relied upon in exchange for evidence in existence at the relevant time, namely the time or registration.

Click here to read Attorney Quinn’s article in its entirety.

This article is cross-posted at Connecticut Sports Law.

-Dan Fitzgerald


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Categories : Intellectual Property

Obama Administration’s Developing Intellectual Property Policy

17 11 2009

As everyone knows, with each new presidential administration, comes new policies with new focuses over a variety of issues.  As everyone also probably knows, the Obama administration’s policies on Iraq, Afghanistan and healthcare have dominated the public’s attention for most of the past year.  However, there are other policies to be revealed and developed, including intellectual property policies.  Over recent weeks, the administration has given inventors, developers and holders of intellectual property (and, in particular, patent holders) some reason for optimism about the Obama administration’s IP policy.

Most recently, Gene Quinn of IP Watchdog posted in No Climate Deal in Copenhagen Good for Green Patent Rights that:

It had been feared that in order to obtain an international agreement the Obama Administration would broker the patent rights held by US concerns and give them to third world and developing nations in exchange for them taking steps to curb carbon dioxide emissions

The IPWatchdog post goes on to say that, as reported in the Wall Street Journal, it seems unlikely that the United Nations Climate Change Conference in Copenhagen (December 7-18, 2009) will result in a binding international treaty which “can allow patent and intellectual property advocates breathe a sigh of relief, at least for now”.

This comes on the heels of the November 6, 2009, recorded video of Commerce Secretary Gary Locke announcement to the Independent Inventors Conference at the United States Patent and Trademark Office, as reported in the same IPWatchdog post, that “the Obama Administration pledges to continue to provide full support to all inventors and to continue to support the strongest intellectual property protections in the world.”  (See also IPWatchdog Secretary Locke Promises Strongest IP Protection in the World)

These are encouraging signs of the Obama administration’s commitment to IP, which is good news for the business community, and entrepreneurs and start-ups in particular.

-Gregg J. Lallier


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UTC Purchasing GE Security Division

13 11 2009

United Technologies Corp, of Hartford, CT, has announced that it will acquire General Electric Co‘s fire detection and security business (based in Fairfield, CT) for $1.82 billion.  Read more about it in the Hartford Courant and Hartford Business Journal.

-Gregg J. Lallier


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Global Entrepreneurship Week (November 16 – 22, 2009)

13 11 2009
Monday, November 16 marks the beginning of Global Entrepreneurship Week.  The annual event was founded by is the Kauffman Foundation, a leading foundation for entrepreneurship, and Make Your Mark, the UK’s campaign to “give young people the confidence, skills and ambition to make their ideas happen”.

For one week, millions of young people around the world will join a growing movement of entrepreneurial people, to generate new ideas and to seek better ways of doing things. Countries across six continents are coming together to celebrate Global Entrepreneurship Week, an initiative to inspire young people to embrace innovation, imagination and creativity. To think big. To turn their ideas into reality. To make their mark.

From 16 – 22 November 2009, Global Entrepreneurship Week will connect young people everywhere through local, national and global activities designed to help them explore their potential as self-starters and innovators. Students, educators, entrepreneurs, business leaders, employees, non-profit leaders, government officials and many others will participate in a range of activities, from online to face-to-face, and from large-scale competitions and events to intimate networking gatherings.

As part of Global Entrepreneurship Week, the Collaborative for Entrepreneurship & Innovation at Worcester Polytechnic Institute will host many events.

Below is a video highlighting the 2008 Global Entrepreneurship Week, and promoting this year’s event.

 

- Gregg J. Lallier

 


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Twitter Security

13 11 2009

Renee C. Quinn has written an informative blog entry at IPWatchdog about the various security issues associated with Twitter accounts (Twitter Faces Security Issues Again and Again).  This quote was pretty interesting:

In fact some think that Twitter is so simple to hack into that you can find instructions on how to do it online.  In an article on HomeBiss.blogspot.com you can find instructions on “How to Hack Twitter” who they describe as probably being the most unsecure micro-blogging platform in the World Wide Web today.

Twitterors Beware!

-Gregg J. Lallier


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Web Resources for Start-Ups

12 11 2009

One of the advantages of starting companies in this day and age is the plethora of resources out there on the web.  Blogs (like ConnTIP, LaunchCapital blog, CT Innovations blog), as well as publications (like Xconomy), can help “lift the curtain” on the complex world of start-ups, and venture investment.  A few interesting recent articles/blog entries to check out:

  • David B. Lerner blog:  David is a self-described “Serial Entrepreneur, Angel Investor” and is Director of Columbia University Venture Lab/Spin-Off program.  He has some great info and tips.  His continuing series of entries entitled Getting from Zero to One in Your Startup is a must-read for anybody thinking of starting up (or, for that matter, who have already started up).  I especially liked his mapped out org chart in his second entry (Getting from Zero to One in Your Startup (2) Map it Out!) detailing the important players that a start-up has to begin assembling:

- Gregg J. Lallier


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Hollywood East Tax Credits A Hot Topic at CT Digital Media Business Conference

12 11 2009

Connecticut’s “Hollywood East” tax credits program played a prominent role in the 2009 CT Digital Media Business Conference, which was held on November 11 at UConn’s Stamford Campus.  Here are a few interesting notes on the State’s film and digital media industry and the controversial tax credit:

  • Various speakers stressed that the State must be consistent in its message and approach to attract film and digital media businesses to Connecticut.  The debates in the General Assembly over whether the tax credits are working as intended and changes to the credits appear to have left some uncertain as to whether State is committed to the incentives that were first enacted in 2006.
  • On the other hand, the current economic climate in Connecticut and throughout the country was discussed as a factor that caused the tax credits to be scrutinized more closely.
  • Building infrastructure to support the film and digital media industry is still a priority, and a necessity.
  • The video game industry was mentioned more than once as a segment that could be important to the State’s economy.  To this end, see Gregg Lallier’s post Connecticut Video Game Industry – Promise and Pitfalls.
  • Governor Jodi Rell’s announcement that she would not run for reelection did not go unnoticed.  First, Stamford Governor Dannel Malloy, who has designs on running for Governor, delivered the keynote address.  Second, the issue of jobs in the upcoming election could provide an interesting tie-in with the tax incentives for the production of film and digital media.

-Dan Fitzgerald


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Categories : Connecticut News, Entertainment Law, Legislative Affairs, Technology

Tax Implications When Taking Venture Money

11 11 2009

Any start-up/high growth companies that have taken, or are in the process of taking, venture debt or equity investment are familiar with the following customary forms of investment:  debt that is convertible into common stock; preferred stock that is convertible into common stock; and warrants to purchase common stock.  Depending on certain features of these types of investment, the value of these types of investment may need to be separated and classified in both the equityand liability sections of a company’s balance sheet, under Financial Accounting Standards Board’s consensus paper EITF 07-05, “Determining Whether an Instrument (or Embedded Feature) Is Indexed to a Company’s Own Stock,” which applies to financial statements issued for fiscal years beginning after 12/15/08.

Frank Milone, a partner at the accounting firm of Fiondella, Milone & LaSaracina LLP, has a nice summary of this issue on the Connecticut Innovations blog (Presenting Financing Instruments in Financial Statements – a New Twist).  According to Frank, the particular terms within these investments that will likely preclude equity treatment, or will require a portion to be classified as a liability, include:  conditional exercise provisions where the conditions are not based upon the performance of the company’s stock or operations, and price protection provisions (i.e. anti-dilution or full-ratchet provisions) that adjusts the exercise price or conversion price after subsequent at-market issuance of equity below the investment’s original exercise/purchase price.

The bottom line is that equity classification for many of these instruments will be harder to conclude going forward, and derivatives liabilities, and their requirements to mark-to-market, will become more frequent in company financial statements. And remember, as the requirement for fair-value accounting increasingly impacts your financial statements, you will need to ensure that the valuation of such derivatives and the inputs and assumptions into valuation models like Black-Scholes (i.e., common stock valuation) are being properly supported.

Important considerations for companies with existing venture investment and who may be seeking venture investment.  And, another reason why having tax counsel who has some experience in the venture-backed company world is important.

-Gregg J. Lallier


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