Startups are often hard-pressed to navigate the legal labyrinths before them, but Dreamit has executed a partnership to change that.
The Philadelphia accelerator has teamed up with the law firm Cozen O'Connor to provide legal services for its recently tapped class of startups. Dreamit CEO Avi Savar said the move reflects Dreamit's philosophy of accommodating more later-stage companies than in the past.
"In the past, Dreamit has worked with legal partners to provide very early-process legal resources," Savar said. "Now we’re starting to get into deeper issues, like getting ready to raise a Series A round or convertible note structure. All the issues are different."
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Savar made some big changes with Dreamit, which had operated on a fixed cash-for-equity model before he took over a year ago. Instead of trading $50,000 for an 8 percent stake in health care startups and $25,000 for 6 percent in other startups, Dreamit is now more flexible on equity negotiations for later-stage companies.
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