It is an exceedingly rare successful startup that gets to where it is without having made a few potentially fatal mistakes early in its life. Some are business-related missteps, such as rushing out to market with a flawed product concept or targeting the wrong audience. The startups that weather these business flubs have to learn from them and eventually pivot their way to success—success that, in many cases, would not have been possible without learning from those early failures. Hence, the Silicon Valley mantra “fail early, fail often,” which celebrates these mistakes as hallmarks of the process of innovation.
Legal mistakes, on the other hand, typically lack that sort of silver lining. On the contrary, certain avoidable legal mistakes that many startup founders make early on are hard to overcome and can lead to a startup’s premature demise.
Mistake No. 1: Waiting too long to seek out experienced legal advisers.
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