India, 30th October 2019: T-Hub, which leads India’s pioneering innovation ecosystem that powers next-generation products and new business models, today signed an MoU with NALSAR. NALSAR is research and consultative agency that uses the law as an instrument of social change and supports the creation of an ethical, legal culture. The MoU will be implemented by CLEAR, an entity of NALSAR that enables entrepreneurs to generate business models by providing a broad-based legal and commercial foundation.
Under the MoU, NALSAR will provide T-Hub startups with a legal and compliance framework. It will guide and support entrepreneurs in registering their entities in the initial stages, structuring transactions, complying with regulations, filing taxes, handling closures, entering into contracts and dealing with legal intricacies. Also, the startups will get advisory and consultancy services on a case-to-case basis from subject matter experts at T-Hub and NALSAR.
Ravi Narayan, CEO, T-Hub, said, “Entrepreneurs need to ensure that they invest enough time and resources at all times to eliminate avoidable legal risks to their promising startups. This aspect is as important as developing a viable business plan or hiring a great team. Ignoring it can lead to legal hurdles that can quickly derail a startup even before it starts reaches its full potential. T-Hub’s partnership with NALSAR will make sure startups get guidance throughout their journey from setting up the corporate entity, to setting up foreign entities, to creating the right relationships between those entities, to intellectual property rights (IPR) protection, and to putting the right shareholders agreements (SHA). We are excited that we can bring world-class experts from NALSAR to work with our startups.”
Professor Faizan Mustafa, Vice – Chancellor, NALSAR, noted, “The foundation of business is law. Startups are, in fact, legal entities just like any other business entity with identified purpose. It is important for businesses to understand and operate within the provisions of law to avoid losses. Be it contract or intellectual property, tax or consumer protection, law is an enabler of commerce. Through this partnership, both NALSAR and T-Hub, through this partnership, shall endeavor to provide startups, founders and entrepreneurs, a platform that is legally sound and commercially viable.”
Under this agreement, T-Hub will provide office space for CLEAR members to function a helpdesk out of T-Hub. Through this helpdesk, T-Hub will be able to provide a platform to startups that will engage with the NALSAR and CLEAR teams on business managerial, legal and regulatory matters.
T-Hub and CLEAR will organise seminars, workshops and interactive sessions for startups to train them in the following legal areas:
● Dealing with the protection of intellectual property rights for innovative solutions and associated technology
● Understanding the importance of data security and the implications of failing to protect data.
● Raising investment and understanding the legal, commercial, financial and strategic aspects of foreign investment in various sectors.
● Dealing with human resources-related issues arising within a business environment
● Raising investment and understanding the legal, commercial, financial and strategic aspects of foreign investment in various sectors
● Creating awareness of corporate/legal lifecycle issues
● Creating awareness of founder-related issues
● Creating awareness of sector-specific issues
The MoU was signed today by Ravi Narayan, CEO, T-Hub, Prof Faizan Mustafa, Vice-Chancellor, NALSAR and Member of Board of Directors at T-Hub and Dr Pinaki Nandan Pattnaik, Head, Centre for Management Studies, NALSAR.