Apr 21, 2020
Startup LAWnchpad is the podcast that educates
entrepreneurs about forming, growing and protecting a startup.
Startup LAWnchpad is produced by the Entrepreneurial Law
Clinic at Fordham University School of Law in New York City.
Episode Description: William de Wolff
(Fordham Law ‘20) and Kei Komuro (Fordham Law ‘21) interview Robert
B. Nolan, Jr. (Fordham Law ’77), Managing Partner at Halyard
Capital about various stages of capital raising including seed
capital, venture capital, and private equity; how to attract
investors; and how to raise money for your business.
- [:30] William de Wolff and Kei Komuro introduce themselves and
Robert B. Nolan, Jr, who shares the beneficial role that legal
training played into his transition from law to private
- [5:06] The spectrum of funding within the world of seed
capital, venture capital, and private equity, and key
characteristics of each stage.
- [11:04] At what stage do investors want to see a profit from
- [12:35] The importance of receiving operational expertise and
guidance, in addition to financing.
- [14:50] Common concerns of investors regarding practical,
legal, market changes, and management issues, and how investors
evaluate the profitability of a startup.
- [20:10] Advice regarding the concerns of entrepreneurs seeking
capital through private equity.
- [27:14] Why investors need to be kept well informed by
- [29:34] The value of social innovation and positive
environmental, social, and governance (ESG) factors in the
- [38:42] Options beyond certified B corps or benefit
corporations that companies can take advantage of to incorporate a
- [42:18] A look at the future of capital funding supporting
- [44:54] Mr. Nolan’s recommendations for entrepreneurs who are
attempting to become investors or to get access to pools of
capital, and the importance of intellectual property in attracting
- “Seek more than capital when talking to investors — seek those
with expertise who can help you penetrate or disrupt a
marketplace.” — Robert B. Nolan, Jr.
- “Always remember the first and foremost rule with a venture
capital or private equity professional is that they believe
management can deliver its promise…. It’s usually based on an
entrepreneur’s vision and their perception of how they will make a
difference in the marketplace.” — Robert B. Nolan, Jr.
- “Investors don’t expect you to be profitable from day one, but
you do need to ultimately figure out a path to profitability.” —
Robert B. Nolan, Jr.
- “The best thing an entrepreneur can do for its investors is to
be transparent. Be open with information and tell them in advance
if you see a problem coming.” — Robert B. Nolan, Jr.
- “The opportunity to have a dream developed and nurtured is the
greatest reward one can have in the business world.” — Robert B.
- “One of the most attractive elements for an investor is the
potential — let alone the realization — of intellectual
property that is derived from the business idea being touted by the
individual entrepreneur.” — Robert B. Nolan, Jr.
Mentioned in This Episode:
The information contained in the Startup LAWnchpad podcast and
any materials associated therewith (the “Podcast”) is for
educational, informational, and entertainment purposes only. It
does not constitute legal advice or tax advice with respect to any
particular circumstance. The Podcast is not a complete overview or
analysis of the topics presented and may contain information that
varies in different jurisdictions and is subject to revision,
interpretation, or nullification after the date of recording. The
transmission of information to you does not create a lawyer-client
relationship between you and any host, guest, or their respective
employer, including but not limited to Fordham University School of
Law and Lincoln Square Legal Services, Inc. None of these parties
shall be liable for any loss that may arise from any reliance on
the Podcast. You should not rely upon the Podcast or treat it as a
substitute for legal advice. You should consult a lawyer familiar
with your particular circumstances and licensed in your
jurisdiction for legal advice