The Law for Technology Class 1

• This is Class 1 of The Law for Technology, instructed by Scott Joachim.

Today's Agenda

• Introductions
• Overview of Modules
• Course Principles
• Grades
• Policies
• Definition of "The Law"
• Maslow's Hierarchy of Needs
• "Good to Great" concepts
• Mission Statements
• Core Values
• Wrap-Up of the class

Introductions

• Include introductions from Scott, Tamara/Tatum, and each of the students
• Each student introduction should cover:
  • Background
  • Objectives for the course
  • Career objectives
  • Superpowers
  • Personal interests

Overview of Modules

• Class 1 covers Foundational Elements and Principles at the Idea Stage.
• Class 2 addresses Formation, Company Structures, Constituents, and Corporate Governance.
• Class 3 explores Co-Founder Relationships and Capitalization.
• Class 4 is on Contracts 101.
• Class 5 discusses Compensation.
• Class 6 focuses on Raising Initial Capital.
• Class 7 covers Intellectual Property Law and Licensing.
• Class 8 explores Raising Venture and Growth Capital.
• Class 9 addresses When Things Don't Go According to Plan.
• Class 10 is on Employment Law.
• Class 11 covers Litigation, Negotiation, and Conflict Resolution.
• Class 12 discusses Mergers and Acquisitions.
• Class 13 is a Summary Session.

Grades

• "About Me" Presentation, Attendance, and Class Participation contribute 10% to the final grade.
• Quiz No. 1 is worth 10%.
• Quiz No. 2 is worth 10%.
• Weekly Reflections and Other Written Assignments are worth 20%.
• The Final Project accounts for 25% of the grade.
• The Final Exam contributes 25% to the final grade.

Policies

• Be on time for class.
• Respect classmates and associates.
• Learning is more important than grades.
• Students are responsible for all reading and homework materials, whether or not they are covered in class; all materials are fair game for tests.
• Office hours will be provided each week in class.
• Engage actively in the class.

"The Law"

• The law encompasses a system of principles and rules governing behavior.
• Rule of Law consists of principles ensuring that all members of society are equally subject to publicly disclosed legal codes and processes.
• Importance is placed on consistency and predictability in the law.
• Types of law include criminal and civil.
• Important applications include: intellectual property, employment, tax, contracts, and compliance.
• Sources of law are jurisdictional: federal, state, city/municipal, constitutional, statutory, regulatory, judicial.
• Relevant ABA link: https://www.americanbar.org/advocacy/global-programs/who-we-are/rule-law-initiative/what-is-rule-of-law/

Maslow's Hierarchy of Needs

• Physiological needs: food, water, warmth, rest.
• Safety needs: security and safety.
• Belongingness and love needs: intimate relationships, friends.
• Esteem needs: prestige and feeling of accomplishment.
• Self-actualization: achieving one's full potential, including creative activities.
• Hierarchy of Needs broken down into Basic, Psychological, and Self-fulfillment Needs

Business Parallels to Maslow's Hierarchy of Needs

• Basic Needs: Team, Idea.
• Evolution Needs: Strategy, Plan of Execution, Competitive Advantage, Capital.
• Fulfillment Needs: Revenue, Profitability, Growth.

"Good to Great" Team Members

• Co-Founders are crucial
• Advisory Board members
• Investors and other sources of capital
• Board of Directors + Committees
• Employees
• Independent Contractors
• Customers/Clients
• Strategic Partners - e.g., JV partners, licensors/licensees, etc.
• Lawyers
• Accountants and Tax Advisors
• Investment Bankers
• Mentors and Coaches

Key aspects of "Good to Great"

• Level 5 Leadership
• First Who...Then What
• Confront the Brutal Facts
• Hedgehog Concept
• Culture of Discipline
• Technology Accelerators
• Flywheel

The Hedgehog Concept Considerations

• What the team is deeply passionate about.
• The aspect of the company that can be the best in the world at.
• What drives the company's economic engine.

Mission Statements

• The North Star of a company
• HP's statement is "To engineer experiences that amaze each and every one of our customers."
• Amazon's statement is "To be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online."
• Google's statement is "To organize the world's information and make it universally accessible and useful."
• Apple's statement is "To bring the best user experience to customers through innovative hardware, software, and services”, “To challenge the status quo. To think differently"
• Nike's statement is "To bring inspiration and innovation to every athlete* in the world."
• Meta's statement is "Give people the power to build community and bring the world closer together."

Core Values

• Institutional character guides all decisions.
• Inconsistency causes confusion and creates discord.
• Purposeful inconsistency inspires dialogue and evolution.
• Alignment of core values to relationships is essential with a company's constituents like co-founders, employees, investors, boards, etc.
• Alignment to the Mission Statement

Company’s: Core Values

• HP's seven shared values are: Passion for customers, Trust and respect for individuals, Achievement and contribution, Results through teamwork, Speed and agility, Meaningful innovation, Uncompromising integrity
• Amazon's are: Customer Obsession, Ownership, Invent and Simplify, Are Right A Lot, Learn and Be Curious, Insist on Highest Standards, Earn Trust, Dive Deep, Bias for Action, Disagree and commit, Deliver Results
• Google strives: Focus on the user and all else will follow, It's best to do one thing really, really well, Fast is better than slow, Democracy on the web works, You don't need to be at your desk to need an answer, You can make money without doing evil, There's always more information out there, The need for information crosses all borders, You can be serious without a suit, Great just isn't good enough
• Apple's values are: Great products, Simple, not complex, Ecosystem, Collaboration, Say No, Excellence, Accept Mistakes
• Nike notes that: Our business is change, We're on offense, All the time, Make sure people keep their promises, Push yourselves push others, Stretch the possible, Live off the land
• Meta's values are: Be Bold, Focus on Impact, Move Fast, Be Open, Build Social Value

Workshop on Constructing and Aligning Core Values

• Breakout groups will share their core values completed for this class.
• Agree on 3 values from all collective values for the group.
• Presentations will cover:
  • Why those values were chosen.
  • Reasoning for choosing the top value.
  • Whether aligning core values was easy or difficult.