August 2003

Cortland BDC-IDA to Partner with Cornell to Offer Legal Help to Area Business Startups

The Cortland County BDC-IDA has become a new affiliate of the Cornell Entrepreneurship Legal Services (ELS) program, enabling area companies access to professional-quality legal services aimed at emerging growth-oriented businesses. The program is sponsored by the Johnson Graduate School of Management and Cornell Law School and affiliated with the New York State Science and Technology Law Center, a nonprofit organization that works to expand entrepreneurial resources. ELS-affiliated Cornell law students, working with established firms, including local attorneys, will begin serving businesses in late August.

The new program is an excellent addition to the cadre of services coordinated by the BDC-IDA through its other partner organizations: the Small Business Development Center (SBDC) based out of SUNY's Binghamton University; the US Small Business Administration (SBA); the Syracuse Chapter of SCORE; and the New York Business Development Corporation (NYBDC). The BDC-IDA will select companies to qualify for the Cornell program, based on recommendations from the SBDC, SBA, SCORE and NYBDC who conduct regular "Business Assistance Days" out of the BDC's office at 37 Church Street. "This is an excellent addition to our lineup of business assistance programs and clearly enhances our one-stop concept of service," according to Linda Hartsock, executive director of the BDC-IDA. "We are delighted to become a new affiliate of this Cornell program. It will provide Cortland area entrepreneurs exposure to the resources of the prestigious Johnson School and Cornell Law Center, and also expands upon our working relationship with Cornell across many engineering disciplines."

"Often entrepreneurs fail to seek legal counsel until after problems arise," says Zachary Shulman, executive director of ELS, a J. Thomas Clark Senior Lecturer of Entrepreneurship at the Johnson School and an adjunct faculty member at the Law School. "We will encourage interested clients to seek legal guidance from the beginning of their ventures and help them avoid common pitfalls." Shulman was a corporate lawyer for 12 years before joining Cornell. He also serves as general counsel and faculty adviser to BR Ventures, the Johnson School's student-run venture capital arm, and BR Incubator, the Johnson School's student-run consulting provider.

ELS will address business law issues that entrepreneurs typically encounter, including choosing an appropriate type of business entity, legal formation of the business entity, contract drafting, fund raising, employer-employee relations, and establishing equity incentive and related stock-based compensation plans. ELS will not represent parties in litigation nor will it practice before the US Securities and Exchange Commission or draft patent applications. Fees will be $25 an hour for student assistance; law firms affiliated with the program will provide mentoring pro bono.

Initial appointments to meet with ELS can be made through the Cortland County BDC-IDA at 756-5005.

For information on ELS, contact Shulman at (607) 255-3012, or via e-mail at zjs2@cornell.edu.

Additional information is available at the ELS Web site: els.cornell.edu.