Quarles & Brady creates venture fund for startups
The national law firm of Quarles & Brady today announced the creation of a Time Venture Fund (TVF) to provide startups with the crucial legal advice needed at the formation stage while also providing a social benefit to the startup and entrepreneurship communities. The goal of the program is to attract top startups and help entrepreneurs grow their businesses through bespoke and innovative engagements at the most crucial time for the startups.
TVF was created in response to an increasingly innovation-focused economy and is one of the initiatives of the firm’s Innovation Committee, chaired by Brad Vynalek, a member of the firm’s Executive Committee and partner in the Phoenix office.
Vynalek shared, “It’s no secret that startups have radically changed the global economy in large ways. We want to be involved with the entrepreneurs from the beginning where we can have the most impact. We see it as an obligation to our communities. We want to accelerate the innovation ecosystem and have the awesome expertise and connections to do so.”
TVF is led by a small group Quarles & Brady attorneys — both associates and partners and across all practice areas and offices — who have united to lead the important mission of fostering success for start-ups. They consider proposals from startups and then engage in “shark tank” debate to come to a consensus on which startups to support. TVF is an allocation of hours the firm has committed to the startup community; the firm is not taking equity in the companies. Six proposals have already been approved.
Chicago-based attorney Adam Falkof is leading the TVF team. “Many startup companies are either under-advised or have no legal counsel at all, “said Falkof.” Also, many startup incubators have a strong social purpose, such as veterans-led startups, early-stage energy companies, and social impact startups. We want to support the companies in this space and take them to the next level.”