Accelerant (n.): a A substance that is used as a catalyst to increase the speed of or to cause sooner than expected.
In an effort to better support Minnesota innovators and entrepreneurs, Minneapolis Law Firm Robins, Kaplan, Miller and Ciresi (RKMC) has developed and launched a suite of targeted legal resources specifically for the “sophisticated pre-money start-up”. The Accelerant program, which is generally limited to highly-skilled entrepreneurs with high-growth business models, aims to provide entrepreneurs with a systematic and cost-effective approach to the necessary legal componentry of their venture. As RKMC Partner and Accelerant initiator Kevin Spreng describes:
“The idea behind Accelerant is simple: to provide an affordable means for early stage companies to make sure they get the right documents they need to get things in order from the get go. On one side, you’ve got the boilerplate sources which (on the surface) have commoditized legal documents, but in many cases provide a disservice to inexperienced entrepreneurs. On the other side, you have professional counsel that is accustomed to $100’s of dollars per hour and high level business transactions that can exceed $10,000 per engagement. Accelerant is new and we’re still refining some aspects, but there’s a need for this type of “meet me in the middle” service model here in Minnesota’s entrepreneurial climate.”
For a one-time fee of $750, entrepreneurs can meet with RKMC to discuss the appropriate legal entity for their venture and file the necessary organizational documents (Articles, Bylaws, Stockholder Agreement, Minutes, etc.). Following this initial meeting, they will have one year of access to the Accelerant FAQ’s and other form documents within the portal, currently pegged at around 40 different templates.
For an additional $3,250 ($4,000 cumulative), entrepreneurs will receive a year of access to the online answer center and resource vault. What makes the online answer center so valuable, we wondered? “The answer center is a means for an entrepreneur to communicate online with their RKMC attorney in a personalized format about issues that are relevant and unique to their needs. It’s a structured approach to the relationship that provides timely turnaround (1 week) to custom counsel without having to pay top dollar for the typical call anywhere anytime relationship. Again, Accelerant is designed to provide for a middle ground between nothing and the typical barrier to entry which entrepreneurs face,” says Mr. Spreng.
Additionally, the resource vault is a digital repository for organizing all the company’s vitals and appropriate documentation, pictured below:
The RKMC Accelerator program was brainstormed and brought to life by Partners Ryan Miest and Kevin Spreng – both of whom have significant experience with startups, corporate finance and growth. Notably, Mr. Spreng is becoming increasingly well-known for his presence within the Minnesota tech startup community, including: Co creating the Minneapolis Bootstrappers Breakfast, influencing Speedy Lemur and most recently starting the KickStart meetup group.