The latest news and information for entrepreneurs from across the web universe, brought to you by the Report on Small Business team. Follow us on Twitter @GlobeSmallBiz
Vancouver company is on cloud nine
Cloud-based management business Clio announced Monday at LegalTech New York that it has raised $6-million in financing, led by Munich-based growth equity firm Acton Capital Partners, and existing investors such as Point Nine Capital.
The Vancouver company focuses specifically on tools for solo legal practitioners and small to medium-sized law firms, a size the American Bar Association says represents more than 80 per cent of the market.
“The legal space is ripe for disruption,” Boris Wertz, Acton’s Vancouver-based venture partner and a member of Clio’s board of directors, said in a press release. “Although this industry has traditionally been regarded as slow to adopt technological changes, recent investments show it’s now ready to benefit from technological innovations like cloud computing.”
Clio will use the Series B funding to try to extend its product position, aggressively developing new functions, and support its growing customer base. The company also wants to expand beyond the United States, which represents 95 per cent of its sales, and into Europe, Canada and Australia.
“Clio has seen incredible growth since our launch nearly four years ago because legal professionals have recognized that, through the cloud, we can deliver unprecedented levels of mobility, security and efficiency to their practices,” says Jack Newton, who founded the company with Rian Gauvreau in 2007.
When the fees are worth it
In a blog post, Jacoline Loewen, director of Loewen & Partners Inc., asks: "Should I hire a broker or investment banker to help me sell my company?" The answer, she says, is "maybe." The fees charged by intermediaries are significant, she points out, but there are scenarios when they can add significant value. If your company has performed well for the past two to three years, for example, and you want to sell most or all of it, a sale process run by an intermediary can generate a much higher value. And if there is a risk to your business if word leaks out you are selling, you are likely better off working with a smaller exempt market dealer than a transactional lawyer. To save on legal fees, a good exempt market dealer will make sure the bulk of the work is done before calling in lawyers.
Pinterest sparks lots of interest
Pinterest, a social bookmarking site that lets users collect and share stuff they like online, is driving "significant amounts of traffic" to retailer websites, Mashable reports. Pinterest is particularly popular among women, who account for 58 per cent of its traffic, according to data from Experian Hitwise. Figures from Compete show that use of Pinterest’s services increased more than fourfold between September and December of last year, with 7.5 million unique visitors in December alone. More significantly, Pinterest has become a top-five referrer for several apparel retailers, according to internal data from Monetate. But search still dominates, and the site has yet to prove itself as a potential sales channel because not enough data exists to pinpoint the social network’s conversion rates. One to watch.
EVENTS AND KEY DATES
Good health is good business
The 2012 Business of Aging Summit presents experts, discussions and strategies to improve health and increase productivity for aging employees and those caring for aging parents. Chronic diseases cost more than $50 billion in lost productivity in Canada in a given year, a figure that will continue to grow unless without proactive steps. The summit will offer key insights and tools for leaders in industry, human resources, health care, government and academia. It takes place in Toronto on April 30, from 8 a.m. to 6 p.m. Early bird price of $179 available until Jan. 31.
Protect your cyber assets
