Innovative Enterprise Program
Legal services for promising Maine ventures
Your startup or emerging company has serious potential. You have the invention, the plan and the vision, but are having difficulty gaining traction. Like most such companies, you probably can’t afford the legal services that you need to successfully finance and grow your business. Eaton Peabody’s Innovative Enterprise Program (“IEP") recognizes these fundamental challenges and addresses a key component in the growth of emerging companies: the cost-effective provision of legal services.
“I have noticed an energy and vitality in this group which comes just from working with the startups we serve. Entrepreneurs have a passion for what they do, and it is amazing to be able to contribute to the success of their ventures.” - Jeff Spaulding
The IEP helps participant companies by minimizing legal costs without compromising legal counsel or future opportunities. For example, within a month of accepting our first applicant, we provided securities, corporate and intellectual property services to assist this promising early-stage company in raising over $400,000 in angel capital.
Since that time several participants have used the Program as an effective tool in their overall strategy to take their companies to the next level of growth.
“Our IEP is just one more commitment to working with these types of emerging companies. It is uniquely gratifying to see these businesses grow and succeed, and to watch the resulting impact on our local communities and our State” – Jeff Spaulding
Successful applicants to the IEP include startup and emerging companies that can demonstrate significant expansion potential in the following high-growth sectors: biotechnology, composite materials, energy, green/clean technology, information technology, precision manufacturing, and innovative wood products.
IEP provides legal services to startups in a novel and innovative way. IEP is premised upon the reality that most early-stage businesses have difficulty raising the capital needed to succeed in today’s world of business. Legal expenses are often one of the most significant costs incurred by a start-up or emerging company. Promising ventures can falter for lack of access to affordable legal expertise that could otherwise help to allow them to realize their full potential.
We meet this need by providing the type of core legal and business development services that are crucial to the success of scalable companies. We offer these services to qualified program participants on a reduced fee basis and defer payment of most fees until the occurrence of certain designated events, such as a significant debt or equity financing. In addition to legal services, we have joined with several partners who share our commitment to providing these businesses the tools they need to move forward in today’s marketplace.
The Program is open to scalable startups and emerging companies that can demonstrate significant expansion potential. Applicants must qualify in order to be eligible to participate in IEP. Participation is competitive and applicants are evaluated based on an analysis of risk-based factors in the venture, sector, and marketplace. We select applicants with an expectation that they will utilize our services to develop into successful later-stage growth companies.
We focus on early-stage companies that seek to raise capital and have the type of cash flow needs that the IEP is intended to address. Pre-revenue start-ups should be able to demonstrate a solid founding team and significant market potential for their product. Emerging companies with a committed customer base, early revenues, and large addressable market will receive preferential consideration.
Historically, participants have been drawn traditionally high-growth sectors, such as consumer internet/web 2.0, biotechnology, advanced materials, and clean technology. Similarly, dynamic Maine growth sectors such as biotechnology, innovative wood products, composites, precision manufacturing, and aquaculture are preferred.
An application process has been established in order to evaluate applicants seeking to participate in IEP. Interested applicants should submit a Preliminary Conflict Application to Jeffrey W. Spaulding by email at email@example.com or by mail to the Eaton Peabody Innovative Enterprise Program, Attn: Jeffrey W. Spaulding, P.O. Box 1210, Bangor, Maine 04402-1210. Preliminary Conflict Applications will be accepted on a rolling basis and reviewed periodically by the IEP Steering Committee. The Preliminary Conflict Application will contain information necessary for us to determine whether a conflict of interest could arise if we were to represent your venture. Unless a conflict arises, applicants will be notified directly and asked to submit a Supplemental Program Application containing detailed business information. Applicants that show promise for significant expansion potential will be interviewed directly by the IEP Steering Committee and if approved will be accepted into IEP by receiving and signing a formal engagement letter from Eaton Peabody.
We collaborate on an ongoing basis with organizations which share a similar founder-centric vision for fostering the next generation of growth companies. IEP is intended to complement, not displace, the services that these organizations provide. Where possible, partner with organizations that are flexible enough to address the unique needs of startups by providing cost-effective or reduced cost services.
Related professionals:David M. Austin
Christopher E. Goodwin
Dennis R. Haszko
Jeffrey W. Spaulding