Frontier’s Innovative Pilot Project (Chimera)
Frontier has recently completed a series of consultations and technical assistance in supporting startup ecosystem building in Da Nang City by delivering needed professional services to startups. We organized a general open legal workshop, and delivered professional services, entailing free one-on-one consultations and technical support, that were outside the capacity of city’s incubators to Danang startup community in order to assist the growth of the City’s startup ecosystem.
The process was divided into the following three (03) steps:
- Application for consultation sessions — The Firm cooperated with the City Incubator to set up an online registration and shared information via social media platforms. We also shared an Information Packet in Vietnamese and English with all interested participants to provide more information about the process, technical assistance and available experts. Based on the specific legal needs of the startups, the Firm assembled an expert team and tailored consultations (below);
- Conducting consultation sessions — The Firm provided monthly open hours (over two consecutive days each month) for one-on-one consultation sessions with City’s startups (45 minutes per startup); and
- Follow-up Support — The Firm provided follow-up support to startups on a case-by-case basis.
The support included, among others, various matters e.g. advising startups in the formation of (social) enterprises, business registration and licensing, new business model development and implementation, commercialization of inventions, business structuring and shareholder agreements, market entry advice, investment structuring, corporate financing and private equity placement, HR & employment law, intellectual property rights related issues, marketing and advertising law, antitrust and competition, telecommunication and domain name issues.
The interest from startup community was much higher than anticipated. Over the course of the program, the Firm supported a total of 37 startups operating mainly in food & beverage, IT, agriculture, tourism, travel, education, e-commerce, home care, sports and medicine.
We carried out a feedback survey after each consultation session. These survey results reflected a very positive response to the support. The main conclusions from all survey results are brought out below:
- 72% found the legal advice received very helpful — indicating a clear need for provided professional services;
- 79% of startups rated the consultation sessions excellent (on a scale of 0-100% from poor, fair to excellent) — indicating a clear satisfaction with provided professional services; and
- 83% wished to participate again — indicating a clear demand for such professional services to be continued.
Participants found the advice useful. The consultation team consisted of experts with a wide knowledge base which enabled them successfully solve startups’ legal problems and provide useful information. Startups were surprised that lawyers can be so personable and engaging and that we managed exceed their expectations — by providing not just a legal team but a holistic team of experienced and creative experts with a strong desire to solve problems for their clients with an enthusiastic approach and by offering specific, clear and thoughtful advice.