Startup attorney Omeed Tabiei discusses public founder mistakes regarding intellectual property and open-source licensing compliance.
Assertion Partly supported
Fred Wilson Used AI on Seed Deal After $50K Legal Quote
“The lawyers quoted him 50,000 dollars, and he was like, I think you should do it for less than five, and when they said no, he took his entire history of his closing binders, uploaded them into his, ah, you know, AI knowledge base, and had the AI essentially f…”
Assertion Not checkable as stated
Omeed Tabiei: AI Gave Client Completely Wrong QSBS Advice in Buyout
“We were just advising a client on a buyout yesterday and the AI is just like feeding him completely wrong information about qualified small business stock. And how to structure the deal, which is actually like a huge pain as a lawyer when people, you know, bri…”
Assertion Not checkable as stated
Omeed Tabiei: YC SAFEs Erased Lawyers From Pre-Seed Funding Rounds
“I think that lawyers have been removed from the angel pre-seed you know, since quite a long time now. You know, for those 250,000 dollar, 500,000 dollar rounds, most founders, when I talk to them, they're like, I don't think I need a lawyer. I just use this Y …”
Insight
Omeed Tabiei: Venture Debt Fits Proven Unit Economics, Equity Fits Uncertainty
“Well, I think venture debt. Or any sort of debt works really well when you figured out your unit economics around customer acquisition. If you haven't necessarily figured out your unit economics around customer acquisition, I think it can be a bit daunting for…”
Assertion Partly supported
Omeed Tabiei: Pension Fund Tax Liabilities Prevent VCs From Investing in LLCs
“The two primary reasons are most VC funds have pension funds, and those pension funds have tax liabilities that LLCs impact, and so VC funds cannot risk impacting their VC fund LPs.”
Assertion Supported
Omeed Tabiei: Startup Formation Costs $2,500 via Lawyers or $800 via Clerky
“2500 bucks. That's what it costs to get it from a lawyer. Or you could go to Clerky and get it for like 800.”