London-based Genie AI launches Startup Starter Pack, a free open source legal template library for startups
Genie AI, a machine learning company based in London, has launched Startup Starter Pack, a free open source legal template library with contract templates for small businesses and startups.
Genie AI’s data shows that small businesses typically spend £30k in legal costs between funding rounds up to Series A. The starter pack includes the most frequently required legal documents for SMBs to get their business from registered to Series A funding, including agreements regarding employment, investment, intellectual property, data protection and sales.
Isabelle Gough, CEO, Cercula: “Finding Genie's lawyer-drafted NDAs and Software pilot licence solved a painful issue for the business. Genie's UI makes it easy to put together the documents I need in the timeframe that I need them, and has saved me thousands in legal fees.”
The documents, free to use and accessible via Genie AI’s open source template library, were created by top lawyers such as Geoffrey Mead, former Employment Partner at a major law firm, and Szab Gall, former General Counsel of Tesco Central Europe, as well as synthesised from Genie’s database of hundreds of thousands of contracts. They are regularly reviewed and updated to new versions and display usage statistics so companies can decide which are most appropriate for them and their sector. Public discussions on each template provide a sense of community and advice, ensuring companies access the best in small business legal guidance.
Rafie Faruq, CEO, Genie AI: “It’s crazy that the legal industry is still repeating thousands of versions of boilerplate contracts. We have created an open source legal platform where founders and businesses can access high quality, peer-reviewed documents that can easily be tailored to their specific needs through variable clauses and guidance notes. If you don’t find your document on Genie AI, you can email us and we’ll prioritise creating that template for you within days. You can now rely on high quality open source and free-to-use contracts, rather than racking up legal fees on an hourly basis.”
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