Locke Lord is a proud sponsor and Kathleen Swan and Ben Sykes will attend the OnRamp Insurance Conference on April 11 at the Target Center in Minneapolis-St. Paul. OnRamp is one of the leading conferences for insurance innovation. If you are planning to attend, please stop by Kiosk #21 or contact one of our attendees to set up a meeting. For more information, click here.Read More
You have now raised capital initially using a Convertible Promissory Note and soon, your Series A Preferred Stock; you now have a Board of Directors with three members – and there may be five including one or more Independent Directors; you are further expanding your management team – and have established an Option Plan under which you can issue both ISOs and NQSO.Read More
You are executing on your strategic plan; you have a fully developed product; you have expanded your team; you have deployed ALL the proceeds from your initial Convertible Notes; and you need additional capital to further scale the Entity.Read More
What Every InsurTech Entrepreneur Should Know About Convertible Promissory Notes and SAFE Agreements
You have a strategic plan; You have an MVP; You have a Team; and You have an Investor!
Both you and the Investor believe in the potential of the Entity. What the exact “potential” is, however, still a matter under discussion.
You hope that the Entity will grow quickly and you will need to sell less equity for the cash you need to scale; the Investor wants to maximize its return – including being well compensated for investing early on and providing essential early-stage funding and support.
However, the truth is that you need money NOW!
What to do?Read More
You have a strategic plan, an MVP (minimum viable product), a management team, a place to work, and your first investor. But before you take that investment, there are some key legal issues you may want to consider before formally launching your InsurTech company.Read More