"It gives students practical experience they can use and rely on when they start their careers as corporate attorneys or entrepreneurial attorneys.”—Corey Zarse, JD’06
The Elmore Entrepreneurship Law Clinic (EELC), jointly sponsored by the IU Kelley School of Business and Indiana Law, gives third-year law students and fourth-year joint degree students the opportunity to help new high-growth potential ventures become more operational and sustainable. The clinic provides students with more exposure to business clients and business issues while helping the community. Students advise entrepreneurs who otherwise might not be able to afford their expertise.
In many ways, the clinic operates as a small, business-focused law firm that provides business planning and legal services. In this setting, legal issues include:
Students involved in EELC will:
With offices in both the Johnson Center for Entrepreneurship & Innovation in the Kelley School of Business and in the Law School’s Lewis Building, the clinic is tightly connected to both schools, both physically and in its curriculum.
Students meet for class one hour each week, and with the director, Mark Need, for an additional hour each week to review experiences and client concerns. Students are also expected to spend one full day each week working on client matters. Occasional travel to Indianapolis may also be required.
Enrollment is limited to eight students. It is a year-long commitment, and participating students receive 3 credits each semester. Prerequisites for clinic participation include Corporations, Corporate Taxation, and Business Planning (or their equivalents), and the The Legal Profession. The clinic is designed primarily for JD/MBA students, but JD students who have completed the course prerequisites may also participate. Before you enroll in the Elmore Entrepreneurship Law Clinic, you must first obtain permission from Mark Need, clinic director.
On Saturday, January 22, the Elmore Entrepreneurship Law Clinic held the third annual Internal Venture Capital Competition at the law school.The competition continues to grow, and interest from more than fifty students led to our largest contest thus far.After three rounds of training and a “VCIC Lite” competition on Wednesday night to narrow the field, six teams of five received competing business plans on Thursday evening, worked diligently through the next two nights, and competed on Saturday. The teams heard pitches from two competing entrepreneurs—a local medical device company seeking 3 million dollars in funding and a local alternative energy startup seeking just under 5 million dollars.
After a day of due diligence interviews, term sheet drafting, and live negotiation with the entrepreneurs in front of the judges, Team Woodlawn (attached, l. to r., 2nd year MBAs Michael Petersen, Steven Anderson, Erika Vanover, 2nd year JD Josh Lipton, and (unpictured) 3rd year JD/MBA Michael Haanpaa) narrowly edged out the competition.
Congratulations to the winners, who will represent IU at the national VCIC competition in February, to be held at Carnegie Mellon University in Pittsburgh. Special thanks to our judges, including Brian Broughman, who helped with both team training and judging.
Clinic Director: Mark Need
E-mail: needm [at] indiana [dot] edu Phone: (812) 856-2809
Fax: (812) 855-5128
Room: Lewis 302