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Ace — Free, fast and accurate answers to startup legal questions.
Ace is Chat GPT for startup law. Ace is more accurate than Chat GPT because it's trained on over 240,000 words of verified legal writing. He helps you get authoritative answers to basic startup legal questions instantly for free.
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Kyle Westaway
Maker
📌
I’m passionate about early stage founders. Over the last 15 years I’ve had the privilege to serve as legal counsel for hundreds of startups. Helping them go from concept to scale without going off the rails. I’ve also taught entrepreneurship at 2 of the best law schools in the nation - Harvard and Cornell.
But before all of that, I was a startup founder myself. I personally felt the frustration of trying wrap my head around basic legal concepts. I was scared to reach out to our very kind, but very fancy lawyers, because we were broke and I didn’t know how much it would cost to get an answer. But when I’d google there was so much conflicting information, I didn’t know who to trust. This is the tool I wish I had as a founder
So, now that the generative AI has improved, I wanted to build this tool to help the next generation of startup founders and operators.
I can’t wait for you to get your hands on Ace and put him to use for your startup. I’m looking forward to your feedback as you do. Most of all, I hope Ace will make your founder’s journey a little bit smoother.
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Maker
@sumukhsridhara The goal for Ace is that a founder can go from zero knowledge to pretty well informed quickly for free so that they can have a basic understanding of an issue before engaging counsel. Ace is great at basic legal questions, but is not going to run your M&A.
Here are some examples of questions:
1. Why do venture capitalists prefer Delaware C-corps?
2. What is the difference between single and double trigger acceleration?
3. How do I count shares in my startup? What is the difference between authorized, outstanding and fully diluted?
4. What happens to my equity when I leave a startup?
5. Can our startup raise money from people who are not accredited investors?
6. What is a 1X non-participating liquidation preference? Is that standard?
Great product, as a lawyer it's hard to find a way to find relevant answers with regular generative AI tools such as ChatGPT. Nice to finally have something affordable but trained on relevant data - Super excited to try this out, I think this will be game changer for most founders!
Maker
@nael_el_berkani Thanks! I hope so! It won't alleviate the need for lawyers, but it will help founders engage more intelligently and more efficiently with their counsel.
