Raising money is a difficult and often expensive process for startups and founders. The process is one that’s typically left up to attorneys ( and should be ) and startups simply have to foot the bill to ensure language is accurate, legal, and enforceable.
Cooley, one of country’s most innovative law firms, has open sourced the legal documents that they use themselves in hundreds of transactions each year to help their startup clients obtain initial seed funding.
Releasing these fully customizable documents with an open source license ( available on GitHub ) is such an instrumental step to further evolve the startup world, enabling the venture community and entrepreneurs to work with, refine, and improve how companies are funded, grown, and exited.
I love seeing innovation in the legal industry, and I’ve strong admiration for Cooley and Cooley Go. Hopefully this effort will inspire more firms to follow suit and truly open up the community.