Mentorship in Motion: Reflections from a Summer with Our Summer Associates

This summer, I’ve had the privilege of working more closely with the Lathrop GPM class of summer associates as one of the work coordinators. Having experienced a summer program disrupted by the COVID-19 pandemic firsthand, I’ve especially appreciated the chance to help this talented group navigate what is, in some ways, a two-month job interview—all while also exploring career paths, learning about different legal practices, locating the printers and bathrooms, and hopefully enjoying a bit of the beautiful Twin Cities summer in between.

Maybe it’s a bit of nostalgic projection for an experience I didn’t fully get to enjoy, but I genuinely hope our summer associates walk away feeling supported during this unique and formative stage of their legal journey. To me, that’s the essence of mentorship.

Tariffs and Trade Wars, and Taxes, Oh My!

Man your battle stations--it’s time for a trade war! If you’ve been following the news, it’s likely you have been bombarded with near constant updates about escalatory tariffs and the looming threat of trade wars as the new administration has been following up on its promise to impose tariffs of 10-60% of all U.S. imports. Within the first few weeks, we have seen the posturing with Mexico, Canada, and China. The Trump administration has now ordered 25% tariffs on aluminum and steel. But what are tariffs and how do they result in a trade war? And how might trade wars impact consumers, entrepreneurs and the economy?

Open AI Raises Record Capital

Venture capital is an industry fed by ambition and optimism. There is no better example than Open AI’s recent investment round which raised a record $6.6 billion, while also reportedly turning down billions in potential oversubscriptions.

To provide some context, $150 billion is approximately what the entire U.S. venture capital industry had under management in 1999 to fuel the internet bubble. Just ten years ago, the states of New York, Texas and Florida raised about $6.5 billion—combined.

Startups are Booming!

One of the many interesting side effects to the COVID-19 pandemic has been a reported boom in American startups.

On one hand, it makes sense. The world was faced with an almost unimaginable crisis that forced entire facets of society to pivot to new ways of operating. From zoom calls to facemasks, new needs required ingenuity and presented opportunities for entrepreneurs to answer the world’s problems. Many businesses repurposed themselves, adapting to the services they could and could not provide. And, of course, as social safety nets caught large droves of workers forced out, at least temporarily, from the workforce, it provided many people the space to reexamine their relationship with work, their families and the way they spend their time.

Updated Resource for Entrepreneurs and their Lawyers

The National Venture Capital Association (NVCA) sets the standards, quite literally, on the forms used by most emerging businesses looking to raise capital. Founded in 1973, the NVCA is a research, advocacy, and professional development network—a non-profit organization supporting the venture capital industry and the various players that make up the community.

One Toke Over the Line?

One Toke Over the Line?[1]

As the hazy post-legalization world of cannabis in Minnesota comes into focus—after it became legal to possess, use, and grow the plant on August 1, 2023—challenges and opportunities abound for business owners to take advantage of a new market worth potentially millions.

The trick will be figuring out how to turn the excitement into profits. Cultivators may learn that marijuana—like any cash crop—is subject to the same constraints and external variables that make agriculture an inherently difficult industry to master in general.

My Dog Ate My Balance Sheet

Recently, I was sad to say goodbye to my border-collie/heeler rescue mix of eight years, Trapper. Maybe a hazard of the trade being a lawyer, but I’ve wondered—even struggled—to put the appropriate value on his life the past few months as I’ve attempted to process his death and its impact on me.

Most pet owners would acknowledge that pets—like boats—are sunk costs, not useful investments. Special diet food, an endless stream of veterinary bills—Trapper, was, if anything, expensive. I like to think he just had lavish tastes.

That isn’t to say that dog ownership doesn’t have its measurable benefits. Numerous studies demonstrate that dog owners have a lower risk of dying, likely by reducing stress and anxiety. Employers with dogs present at the office found less absenteeism. As reported at Entrepreneur.com and Fast Company a recent survey of almost 900 CEOs revealed some interesting links between success in business and pet ownership. Not surprisingly, 93% grew up with a pet; more surprisingly, 78% partially attribute their career success in part to owning a pet. Also, nearly a quarter believed that pet ownership taught them more than their first internship!

But, of course—dollars and cents can’t fully capture the value of a dog.

The Minnesota Angel Tax Credit Program – good news for startups; good investment in Minnesota.

The Minnesota startup community received good news to begin 2023 as Gov. Tim Walz proposed $20 million in funding for the Angel Tax Credit Program in his biannual budget.

The Minnesota Angel Tax Credit Program, started in 2010, provides a refundable 25% tax credit to investors and angel investment funds that make equity investments in emerging—primarily high-tech—Minnesota businesses. The tax credit, worth up to $125,000 per individual or $250,000 for taxpayers filing jointly, incentivizes a rather low risk investment in capital-needy businesses, fueling their growth, and, in turn, creating more jobs, tax revenue, and vibrant Minnesota communities.