Throughout human history especially after the industrial revolution, the inception, growth and success of many business corporations were the results of innovations that subsequently become of the foundations of the global economy. Today’s rapid advances in the field of digital and information technology in spite of changing and giving birth to new centers of economy dominance and power along with enhancing independency among countries around the world is also the result of such innovations. In fact, many people around the world are entering into the realm of entrepreneurship and innovations to seek answers to today’s social, economic and political challenges in almost all parts of the world.
Importance of Law in Modern Entrepreneurship
JD Dukes explains that the legal profession plays a critical role in this highly complex world where innovations are constantly giving rise to new products, services, thoughts and ideas. Large corporate enterprises along with many large and prominent law firms need to formulate and implement new strategies of conducting their business activities within the framework of intense and stringent regulations. Many enterprising entrepreneurs who are contemplating ideas of establishing their own start-up business enterprises need to consider a number of important legal issues. These issues relate to areas concerning funding, finance, intellectual property rights, licensing, taxation, risk management, technological transfer and so forth. In many aspects the potential risks, strategic planning, dynamics, recruitment, staffing and scale of operations of a start-up business enterprise is different from a large and prominent corporate enterprise.
Role of the Legal Professionals in Start-up Businesses
Legal professionals and lawyers are often prominent members of the inner circle of leadership team in such start-up businesses. In almost all corporate and business enterprises, the relationship between an entrepreneur and his/her lawyer is interdependent, compatible and harmonious. As such, it is imperative for a proficient legal expert worth his/her salt to know and understand the intricacies of business and corporate world as it is for an ambitious entrepreneur to understand and appreciate the intricacies of the law. The new Law and Entrepreneurship LLM program that Duke University offers to students is a unique opportunity for them to distinguish themselves in the legal profession and the corporate world. The program gives student a rare insight in the complexities, dynamics and intricacies of the legal profession relating to the working of start-up business enterprises and corporate enterprises. This is the reason why many students from Duke University who graduate to become competent professionals in the legal profession become an integral part of many innovative ventures in the form of advisers, executives or chief executive officers.
JD Dukes further explains that building on Duke University’s existing expertise, strengths and knowledge in realm of intellectual property rights, corporate and business laws, law relating to innovative policies and its relationship with many entrepreneurial business enterprises, this unique program provides a distinctive learning experience for its students. This experience helps the students to become competent experts within both the business community and the legal profession as they provide valuable consultancy services for innovative entrepreneurs of today and tomorrow.