ABI LEGAL Barristers & Solicitors

Ever heard the saying, "It's not what you know, but who you know"? In the startup world, it's often not about the product, but about the people behind it. Investor fit is the alignment between a startup's values, vision, and team with the investor's portfolio, expertise, and network. Why is investor fit so crucial? 1. Access to Capital: Investors with a strong belief in your vision are more likely to provide consistent funding, even during challenging times. This ensures your startup has the necessary resources to grow and scale. 2. Strategic Guidance: Investors often have deep industry knowledge and experience. They can provide valuable insights, advice, and mentorship to help you navigate complex business challenges. 3. Crisis Support: During tough times, a supportive investor can be a lifeline. They can offer practical solutions such as negotiating with creditors or exploring alternative funding options. 4. Exit Opportunities: A strong investor can facilitate strategic partnerships or acquisitions that can lead to significant exits. They can help you attract potential buyers or investors for a successful exit. While product-market fit is important, it's often easier to pivot or refine a product than to change a team or investor relationship. A strong investor relationship can provide the resources, guidance, and support needed to overcome challenges and achieve long-term success. In essence, a great investor can help you build a great product, but a great product can't necessarily attract a great investor. So, the next time you're pitching, remember: find the right investor, and the rest will follow. Happy Tuesday! #startup #venturecapital #investing #entrepreneurship #business

Are you a startup founder who is seeking funding? The first thing on your to-do list should be leveling up your startup’s credibility. As a startup founder, building trust and credibility is crucial. And guess what, we are here with the most helpful tips on this space. Below are 3 actionable tips to help you level up your credibility as a Nigerian startup: 1. Build relationships: Connect with industry leaders, mentors, and fellow founders. Their endorsement can significantly boost your startup’s reputation and increase your worth before prospective investors. 2. Launch, Don’t Just Pitch: Actions speak louder than words. Don’t just talk about your idea, bring it to life! Launching a product or service, even a minimum viable product (MVP), demonstrates your commitment and execution capabilities. This gives prospective investors the insight that you are worthy of their investment. 3. Share Your Knowledge: Become a thought leader by sharing your insights through blog posts, podcasts, or speaking engagements. This positions you as an expert in your field and attracts potential investors, partners, and customers. Oh no, you don't have to thank us 😉 We are always here for you. Happy Monday! #startup #founder #credibility

Dear you, What if we tell you that we love you... You better believe it because we do! It's been 12 whole months and you are still here🤗 You warm our heart with your consistency in trusting our brand. We value you💯. We appreciate you🙌. And more importantly, we will keep looking out for you❤️. Cheers to a December to remember😁. Happy new month! #newmonth #december #endoftheyear #happynewmonth

Dear Startup, The government doesn't particularly like you and that's why they want you to follow so many rules. What if we tell you that you don't have to follow those rules if you don't find it convenient 👀? Come with us, let's show you how to bring down your company in 7 steps: 1. Assume that legal requirements are a weapon fashioned against you and ignore legal and regulatory compliance. 2. Sign business contracts without getting it reviewed by your lawyer. Trust us, this is top tier business ruination tactic. 3. Refuse to have a company account. Merge both your finances and that of the company because why not. 4. Ensure that you do not comply with the principles of corporate governance. Afterall corporate governance isn't "that" helpful. 5. Constantly ignore legal requirements for the sector you operate in e.g as a company in the telecommunication industry, don't get a license from NCC. 6. Refuse to file tax returns and simply do not comply with extant laws on taxation. 7. Do not keep the necessary statutory books/record as required by CAMA. Afterall, why should you have a minute book, register of members, register of directors etc More importantly, act surprised when you actually get sanctioned for non-compliance. We wish you a weekend free of legal sanctions and unnecessary penalties. Happy weekend. #startupfounder #legaltips #startup #besmart #business #businesssuccess #Entrepreneurship

Dear Startup founder, You think you've got it all figured out? You think you have come up with a master plan to outsmart prospective investors? Sure, your product is good and of course, according to your analysis, the product will take the world by a storm. But then, you have assumed quite erroneously that having a good product is a enough to attract investors and secure funding. There are fundamental requirements for funding and a good product isn't even the top of the list. While it's important to have a scalable business model, investors will sweep you aside if your company is plagued by the obstacles below 👇 1. Lack of structure: this refers to an absence of clear definition in roles and responsibilities. This can lead to inefficiency, confusion, and stunted growth. Imagine a company where everyone has a say but no one is ultimately in charge. Sounds like chaos right? 2. Non adherence to the principles of corporate governance: there is a need to structure the leadership of your company in accordance with established principles of corporate governance. Failure to do this will present you to prospective investors as a red flag. 3. Non compliance with legal and regulatory requirements: it goes without saying that non compliance is tantamount to shooting yourself in the leg. Not only are you exposing your company to legal sanction, you also telling prospective I'm that your company is incapable of obeying the law. Do you know what your next step should be? It's getting in touch with a startup lawyer to optimize your structure and increase your chances of getting funding. Stop acting like you know it all. Get a startup lawyer on your team. Happy Thursday! #startuplawyer #startupfounder #StartupFunding

Dear Tech Startup, When it comes to handling personal data, there are certain rules that need to be followed. These rules ensure that personal data is treated fairly and transparently. Below are a few of the rules that regulate data processing; 🌀 Purpose Limitation: Personal data should only be collected for specific and legitimate purposes. It should not be used for any other purposes that are incompatible with the original intent of collection. 📍Data Minimization: The data collected should be adequate, relevant, and limited to what is necessary for the specified purposes. Only the minimum amount of data needed to fulfill those purposes should be collected and processed. 👉 Retention: Personal data should not be kept for longer than necessary. Once the lawful purposes for which the data was collected have been achieved, it should be deleted or securely disposed of. 💫 Accuracy and Updating: Personal data should be accurate, complete, and not misleading. It should be kept up to date to ensure its accuracy, taking into account the purposes for which it was collected. ⛓️ Security: personal data should be processed in a secure manner to protect it against unauthorized or unlawful access, loss, destruction, or damage. Data controllers and processors should implement appropriate technical and organizational measures to ensure the confidentiality, integrity, and availability of the data. Complying with the above rules is essential, it is sure to save you from the wrath of the law. Did you learn something new? Let us know in the comment section. #startup #dataprotection #privacyrights #datasafety #legaltips #DataPrivacy

Dear Startup Founder, Not all startup ideas will work, know this and know peace. Amazon started as an online bookstore in 1994. Today, they run one of the world's largest e-commerce companies, with a wide range of products and services, including cloud computing, digital streaming, and artificial intelligence. Apple started as a computer company in 1976. Today, they run one of the world's most valuable brands, with a focus on consumer electronics, software, and online services. Samsung started as a grocery trading store in 1938. Now, Samsung is a multinational conglomerate corporation that produces a wide range of products and services, including electronics, semiconductors, construction, and more. It's one of the largest companies in the world. I know you've been told to be resilient, not to give up, and to keep pushing despite the odds. But there are times when you really need to give up on what's not working. The ability to know when to pivot is your superpower as a startup founder. Know when to switch things up! Happy Tuesday! #startup #besmart #Entrepreneurship #businesssuccess #business

Dear Startup Founder, We realized that it's quite easy to mix up SAFEs and Convertible Notes so we have decided to come to your rescue by explaining both terms in simple English. Now let's break down these two common funding instruments: SAFE (Simple Agreement for Future Equity): is a legal agreement between a startup company and an investor. It's a popular tool for early-stage funding, particularly for seed rounds. It's is; 1. Simpler and quicker to negotiate. 2. Customizable with valuation caps and discount rates. 3. Best for seed rounds and early funding. 4. Not a loan, so no interest or maturity date. Convertible Note: A convertible note is a type of debt instrument that can be converted into equity (ownership shares) in a company at a future date. It's often used by early-stage startups to raise capital when they're not yet ready for a formal valuation. A convertible note; 1. Requires more legal work and negotiation. 2. Is a loan that converts to equity in a future funding round. 3. Typically includes interest and a maturity date. 4. Better suited for later-stage funding rounds. The best choice depends on various factors, including the stage of your startup, investor preference, desired level of control etc Regardless of your choice, always remember to consult with a startup lawyer to determine the best option for your specific situation. Happy Monday! #startup #funding #safenote #convertiblenote

Dear creative, We know you often face the frustrating reality of intellectual property theft, commonly known as piracy. It's disheartening to see your original ideas and hard work exploited without due credit or compensation. But guess what? We've got good news for you! The good news is that your work is automatically protected by Nigeria's Copyright Act from the moment it's created. This means you have legal rights to your creative output, and you can take action against those who infringe on them. Here are some steps you can take to protect your intellectual property: 1. Register your copyright: While not mandatory, registering your copyright with the appropriate authorities can provide additional legal protection and evidence of ownership. 2. Timestamp your creations: Use digital tools to timestamp your work, such as software that records the creation date and time. 3. Watermark your work: Add a visible or invisible watermark to your digital creations to identify ownership. 4. Use copyright protection softwares: Employ software that restricts unauthorized use of your digital files. 5. Create a website: Establish a personal website to showcase your portfolio and protect your intellectual property. 3. Take legal action: If you suspect infringement, seek legal advice and don't hesitate to take legal action. Remember, your creativity is valuable, and you have the right to protect it. Happy weekend! #intellectualproperty #YourRights #legalprotection #legalhelp #besmart

Did you know that tax incentive is a tool used by the government to encourage investment in Nigeria? Tax incentive is an aspect of a government's taxation policy designed to encourage a particular economic activity by reducing tax payments. Some examples of tax incentives include; • Tax holidays • Gas Utilization Incentives • Exemption from Value Added Tax (VAT) • Export incentives Tell you what, if your company qualifies for tax incentive, your next course of action shouldn't be a spending spree, rather embark on economic activities that will improve the state of your company and put you on the map for global recognition. You may; • Invest in a new market opportunity • Reinvest the extra income into the company • Save up the tax incentives Want to know if your company qualifies for tax incentives? Send a DM to get the clarity you need. #startup #tax #company