What is StartupDocs?

I, Erik Byrenius, took this initiative to help entrepreneurs focus on running their businesses, instead of spending time and money on unnecessary legal paperwork and negotiations.

As a seed investor, I see many term sheets. Quite often, they are written with primarily the interests of the investors or the founders in mind. This is not the best starting point for a successful relationship! Why not start negotiations based on a fair and balanced term sheet instead? I’m convinced that this approach long-term will benefit both the company and all shareholders.

The Swedish site startupdocs.se was first launched 2015 and now, 2018, this Icelandic version is released. The documents are based on the established Swedish documents, but adapted to Icelandic law by Lagahvoll.

In addition to the investment documents (term sheet, subscription agreement and shareholders’ agreement), I have also created a founders’ agreement and employment agreements.

It’s all free – this is my way of giving back to the Nordic startup community. You are free to use, modify and share the documents, but you may not commercially exploit them.

Documents

  • Term Sheet

    Balanced and standardized, for seed round. Both VC firms, angel investors, entrepreneurs and lawyers have been involved in the process. Use this term sheet as the starting point for negotiations in your seed round.

  • Subscription and Shareholders’ Agreement

    Based on the term sheet. Everything you need for your seed round.

  • Founders’ Agreement

    Similar to the shareholders’ agreement, but adapted to a company without any investors, i.e. an agreement only between the founders.

  • Employment Agreement

    Standardized employment agreements for permanent and probationary employments, as well as for temporary employments with hourly wage and for managing directors.

     

Heroes

Many people have helped me making this initiative a reality. Thanks to everyone who has engaged in discussions and helped out in creating this new standard.

There are a few people who have put some extra effort into this:

  • First and foremost, huge thanks to my Icelandic legal partners Daði Bjarnason and Jóhann Tómas Sigurðsson at Lagahvoll for making this possible by adapting the documents to Icelandic law. If you have any legal questions, don’t hesitate to contact them for consultation.
  • Also thanks to my Swedish legal partner Mattias Larsson for working really hard on developing the original Swedish versions of these documents, on which these Icelandic agreements are based.
  • Thanks a lot to Kiddi for helping out with the Icelandic launch.