In order to simplify the life of aspiring entrepreneurs and save costs, Startup Estonia, in collaboration with Sorainen and other leading Estonian law firms, has created samples of legal documents.
Assistance for aspiring entrepreneurs and startups
Entrepreneurs who want to attract investors, share options, protect intellectual property and trade secrets, or expand their teams can benefit from the free sample documents available on the Startup Estonia website. The package of sample documents contains 25 basic contracts and documents that entrepreneurs and startup founders mostly need in the beginning.
For example, the package of model documents includes a sample founders’ agreement to help aspiring entrepreneurs consider founders’ roles, determine ownership percentages, and outline what happens if a founder leaves the company. It also includes samples of employment and option agreements, an intellectual property transfer agreement tailored for technology companies, and a sample confidentiality agreement. In addition, there are documents that assist in attracting investments, both in the form of a convertible loan and equity issuance.
Seeking legal assistance poses challenges for aspiring entrepreneurs
“The idea of creating model documents arose from the feedback of the founders of start-up companies that, although setting up a company in Estonia is easy, early-stage technology startups struggle with the drafting of contracts and documents, and seeking legal assistance is often beyond their means,” said Eve Peeterson, the head of Startup Estonia.
Peeterson advised aspiring companies to join the Estonian startup community, as building contacts and finding partners creates the necessary conditions for success. “The local startup community is very supportive – knowledge, best practices, and experiences are gladly shared. It is definitely worth making yourself known by adding your company’s information to the Estonian startup database.”
Startup Estonia is a national program for the development of the Estonian startup ecosystem, providing impetus for the emergence of startups and their international success stories. The first package of sample documents was created under the leadership of Startup Estonia in 2017, and the documents were last updated in 2020.
Our team members who contributed to the project include partner Toomas Prangli, senior associates Mirell Prosa (project manager on Sorainen’s side) and Olivia Kranich, councels Lauri Liivat and Pirkko-Liis Harkmaa, associates Vladislav Leiri, Kristi Tammiku, and Kevin Piho.
