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Syracuse University’s Innovation Law Center hosted a symposium Tuesday afternoon featuring a panel of SU College of Law graduates who now work as entrepreneurs, financial investors and legal experts to discuss the intersection of law, technology, venture capital and private equity.

At “Venture to Victory: Pioneer Perspectives in Tech, Venture and Private Equity,” the five alumni panelists — Luke Cooper, Peter Alfano, James Kelly, Lon Levin and Kevin Whittaker — discussed their experiences working in finance, technology and entrepreneurship since graduating from the College of Law.

Cooper, a founding general partner and the managing director at Latimer Ventures, said lawyers “bring more to the table” than academic success — they also bring their backgrounds and personal experiences.

“As a kid that came from poverty and for the bulk of people who are not in this room today, the more that you can expand your perspectives to include the unique viewpoints of folks that don’t come from environments like you, the more successful you can be,” Cooper said.

The New York State Science and Technology Law Center, SU’s Corporate Law Society, SU’s Intellectual Property Law Society and the Blackstone LaunchPad at SU Libraries co-sponsored the panel, which covered challenges that privately held tech companies can face, how venture capital and private equity firms are structured and the role of in-house counsel in successful startups.

The event also included a Q&A session for the panelists and a mock transaction to showcase how a negotiation with a hypothetical company would work from the perspectives of a CEO, in-house counsel, a venture capital firm and a private equity firm.

Levin, a panelist and president of SkySeven Ventures, said the goal of the event was to help students not only understand venture capital and private equity but to feel like they can pursue it as a career.

“I remember being in law school and not knowing how (the industry) works … except from textbooks, this was an effort to do something different,” Levin said. “The goal is that people would actually walk away from this thinking that they do understand it and could be part of it.”

Throughout the symposium, panelists discussed their paths to becoming lawyers and entrepreneurs, highlighting specific challenges and successes they faced when trying to succeed in the industry.

Whittaker, a chief legal and compliance officer at Ripcord, described his experience trying to enter the industry post-graduation. Whittaker, who said he did not get good grades while studying at SU, struggled with his job search, receiving only one interview after sending out 409 resumes following his graduation in 2002.

Through networking and being responsive to any business opportunity presented to him, Whittaker said he was able to secure positions in the industry.

Cooper, echoing Whittaker, said aspiring venture capitalists need a “tremendous network” and private capital to succeed in the field. He said the wealth and connections required by the industry sometimes serve as a barrier for entrepreneurs from diverse backgrounds to enter the field, referring to them as a “wealth test.”

Cooper also emphasized the importance of supporting diverse entrepreneurs and managers, who are poorly represented in the venture capital field. He said in his position at a venture capital firm, he is aiming to increase diversity.

“(Of the) $86 trillion of capital that gets managed in this country, a very, very small portion of it is in the hands of managers who are diverse and come from non-traditional backgrounds,” Cooper said. “That is something about venture I hope to change dramatically.”

Throughout the symposium, panelists also shared insights on strategies to increase the likelihood of a successful exit strategy for startups, or a plan for startup owners looking to sell ownership to outside businesses or investors.

Whittaker said his biggest advice for a successful exit would be to establish a core team of individuals who are “all-in,” collaborate and have “radical transparency” with one another.

Kelly, a strategic advisor at DLA Piper, said it is important to plan for a successful exit strategy from a company before buying it. He highlighted how, in his position with private equities, he is always thinking about ways to mitigate the risk of not closing on a deal.

During a discussion, Whittaker emphasized the importance of conducting thorough “due diligence” while acquiring a company. He advised attendees that relying solely on law firms could lead to overlooking crucial factors such as debt and liabilities.

Throughout the symposium, panelists also shared advice they have for students who are hoping to become lawyers and entrepreneurs or broadly enter the fields of private equity, venture capital or technology.

Reflecting on his best investments in the past, Cooper said talking about his values and background allowed him to stand out, inspiring companies to come to him.

“This comes from incessantly and consistently … talking about your values, putting your values out there in a way that the world can understand who you are,” Cooper said.

Levin said that the most important thing for a lawyer to maintain is integrity, especially with how “crazy” the venture capital and investment banking field can become. He said people will remember the lawyer who brings people together and values those characteristics.

Alfano, a partner at DLA Piper, said young lawyers should gain as many diverse experiences as they can while figuring out what career path to pursue. He said if students are not yet where they want to be, creating a goal and working hard will help them get there.

Whittaker, similarly, said networking and “working hard” are critical in “opening doors” to a successful future.

“Sky’s the limit when you are coming out of law school,” Whittaker said. “Ultimately, it’s really about putting yourself in the place you want to be.”

Published on February 13, 2024 at 11:27 pm

Contact Samantha: saolande@syr.edu