Eaton Peabody’s Innovative Enterprise Program: A year later
February 22, 2010
BANGOR - It’s been just over a year since Eaton Peabody created its Innovative Enterprise Program (IEP) in order to open its doors to some of Maine’s most talented minds and creative startups. IEP is designed to help emerging technology companies overcome upfront legal fees by combining legal services in specialized areas as securities law and intellectual property protection with flexible fee arrangements. Participants accepted into IEP have access to a myriad of economic development and consulting services offered through the firm and its subsidiaries, Eaton Peabody Consulting Group, LLC and Eaton Peabody Patent Group, LLC
When IEP was established, it was known that there were a number of new technology startups in our state, but even Eaton Peabody did not foresee the number and quality of startups that would seek to participate.
Use your mobile phone to improve your golf game? Affordable commercial spacesuits? The ability to measure the amount of electricity it takes to make your morning coffee? Membranes that filter compounds at a molecular level? Current participants are working to develop these types of cutting-edge technology every day.
“Emerging companies create products like these right here in Maine,” said Jeff Spaulding, an Eaton Peabody attorney who works regularly with the Firm’s IEP clients. “It’s exciting to think that once developed, these products can be easily replicated at a low cost and sold to customers globally.”
IEP was designed to help these companies get around some of the problems that they face when they raise investment, structure strategic relationships, compensate employees and consultants, and protect fundamental intellectual property. Most technology startups are capital intensive and require investment, they need the advice of experienced securities counsel from the start. Most have intellectual assets—new technologies—that may need patent or copyright protection. IEP makes getting the advice that they need to get to the next level both affordable and flexible.
“We are excited to have a small part in helping these companies succeed,” stated Spaulding.
In the first year of the program, participants have raised substantial amounts of risk capital, despite a difficult fundraising environment. Several were able to file patent applications and protect critical intellectual property. Many developed products and several have already realized revenue from the sale of those products.
In the past year, Eaton Peabody’s IEP practice has received over fifty inquiries, reviewed numerous applications, and accepted several emerging companies into the competitive program, including AccelGolf, Flagsuit, LLC, PowerHouse Dynamics, Inc., and Zeomatrix, LLC.
“We’ve seen a steady flow of good quality startups,” said Spaulding. “Though our standards for selection are high, many companies have seen impressive growth, just in the past year. This was all the more exciting to see in a recession.”
For further information about Eaton Peabody and the Innovative Enterprise Program, please contact Jeff Spaulding at 1-800-564-0111 or visit eatonpeabody.com.
Courtesy of the BDN
