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Venture Briefing: Indiana’s Tax Amnesty Program – Coming this Fall

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Startup Activity Sees Biggest Increase in Two Decades
Even though American politicians like to praise small business as the job-creating machine, research shows that it's the startups that expand employment, and these new entrepreneurs are now back on the rise, according to a report by Kauffman Foundation, which studies entrepreneurial activity. The Kauffman Index of Startup Activity, which is an indicator of new business creation, had the biggest increase in 2015 over the past two decades, reflecting an increase in the share of new firms as well as more serious intentions behind the projects.
(Source: Bloomberg, 2015-05-28) Read the full article
States Move to Take Action on Crowdfunding Rules
Entrepreneurs are still waiting for federal regulators to finish drafting the long-overdue rules that would let that part of the JOBS Act take effect, so state agencies and lawmakers -- tired of waiting -- are taking action, passing crowdfunding laws and regulations to let local businesses raise money from local residents. Twenty-two states and the District of Columbia have enacted such rules, nine of them in the last six months.
(Source: The New York Times, 2015-06-03) Read the full article
SEC Moves Closer to Figuring Out Median Pay Ratio
The 2010 Dodd-Frank bank reform law mandated the agency make a rule to require public companies to disclose the ratio of CEO pay to the median paid employee. The SEC staff has now published an analysis by the agency's Division of Economic and Risk Analysis that considers the impact of various methods of calculating the required disclosures.
(Source: MarketWatch, 2015-06-05) Read the full article
Private Equity Firms Still See LBO Model as Alive and Well
Despite the near disappearance of large-scale, take-private transactions from the deal-making landscape, the "death of the LBO model is greatly exaggerated," said Boon Sim, who heads the markets group for Singapore's state-run investment firm Temasek Holdings Pte., borrowing a phrase from Mark Twain. Mr. Sim, speaking during The Wall Street Journal Private Equity Analyst Conference in New York, pointed to the vast amount of capital raised by private equity firms in 2014 as a sign that investors still had faith in the private equity model.
(Source: The Wall Street Journal, 2015-06-02) Read the full article
Risk Managers Push for Data Security and Breach Notification Act
Worried about reputation risks and the fines their companies could be hit with if they fail to properly notify regulators of a data breach, risk managers are pushing a Congressional bill that would streamline the current 47-state notification system under a single federal regulator. The bill, called The Data Security and Breach Notification Act of 2015, would pre-empt all state notification laws, set up a time frame for notification, establish the content that notification would require, and identify who must be notified.
(Source:, 2015-06-03) Read the full article
Majority of Board Members Concerned About Cybersecurity
Security vendor Veracode and NYSE Governance Services released a study that examines the role of cyber-security in the boardroom. Over the course of the last year, cyber-security has increasingly become top-of-mind for many, including corporate boardroom executives.
(Source: eWeek, 2015-05-28) Read the full article
Corporate Boards Deal with How to Handle Successor Process
When American Express President Ed Gilligan died suddenly on a business trip to Japan, the company's board of directors faced two problems: mourning the unexpected loss of a colleague who had given 35 years of service, and finding a new successor to a longtime chief executive. The question of who will lead the company next is a process, not an event that occurs on the day the chief executive leaves.
(Source: Bloomberg, 2015-06-03) Read the full article
Venture Investors Say Late-Stage Financing Has Extra Protections
The recent proliferation of unicorns -- start-up technology companies valued at more than $1 billion -- has been greeted both as a sign of healthy innovation and an indication that valuations have become dangerously overheated. Increasingly, venture investors say, late-stage financing terms include extra protections, like a discount to the price of any eventual initial offering, a minimum return on investment or extra shares if the company later raises money at a lower valuation.
(Source: The New York Times, 2015-06-07) Read the full article
Venture Firms Offering Their Own Technology to Growing Startups
Venture firms, institutions at the vanguard of innovation, are often slow to embrace technology for their own use. But some firms now want technology that helps them stand out in a market awash in capital, and want to offer services to growing portfolios of startups that sometimes measure in the hundreds.
(Source: The Wall Street Journal, 2015-06-05) Read the full article
Indiana’s Tax Amnesty Program – Coming this Fall
Mark J. Richards Matt Ehinger

As part of the 2015 budget bill, the Indiana General Assembly authorized and directed the Indiana Department of Revenue, for the first time in over a decade, to implement a tax amnesty program. Read full article online.

Supreme Court Rules Regarding Patents


Kevin O'Shea


The Supreme Court has ruled that an accused infringer’s good faith belief that a patent is invalid is not a defense to an induced infringement (and presumably contributory infringement) charge. See Commil USA, LLC v. Cisco Sys., Inc., No. 13—986. This ruling will have a significant impact on how accused infringers respond to an allegation that they have induced, or contributed to, the infringement of a patent, in litigation as well as in responding to cease-and-desist letters. Read full article online.

By The Numbers

According to CB Insights, tech startup deal activity by insurance companies and their corporate venture arms rose 460% YoY in 2014.
Source: - Insurance Industry Ramps Up Startup Investing – Jumps 5x in 2014


Services Group

Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies. In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

Read the complete profile of the Business Group.

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James Banister
Richard Barnhart
Samuel Beavers
Edward Braum
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Timothy Capen
Joshua Christie
Ryanne Bush Dent
Dustin DuBois
Stephen Edwards
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Steven Humke
Michael Jordan
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Brent Showalter
Scott Snively
Dale Stackhouse
John Thornburgh
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Kristina Tridico




This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

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