by eclewis | Jul 15, 2015 | Business News
Business Innovation is About More than Looking Forward
When most people think about innovation, they picture headline-grabbing technologies: AI breakthroughs, cutting-edge gadgets, or the newest software platforms. While those advances can be game changers, true innovation is broader. Often, it means looking backward to proven methods and tools, then reimagining how they can solve today’s problems. Older technologies and processes come with a track record of reliability, user familiarity, and lower costs—assets that can be repurposed in surprisingly modern ways.
New Value from “Old” Tools
Consider Google’s phone service launched as Project Fi (now Google Fi Wireless). The idea was simple but powerful: let your smartphone make calls, send texts, and use data over Wi-Fi when available; if not, switch to traditional cellular networks (originally Sprint and T-Mobile). This approach didn’t require inventing a brand-new network. It recombined existing infrastructure—ubiquitous Wi-Fi and established carriers—to improve coverage, speed, and cost. Indoor cell reception can be spotty; Wi-Fi is often stronger. Cell data can be expensive; Wi-Fi is frequently free or included. The innovation wasn’t a futuristic antenna; it was a clever orchestration of what already existed.
Project Fi also reframed pricing: pay a modest base fee for talk and text, then only for the data you actually use, with credits for unused amounts. For years, “innovation” in mobile meant ever-faster networks and ever-bigger unlimited plans. Fi challenged that assumption, encouraging people to lean on a mature, reliable technology—Wi-Fi—to stretch budgets and improve performance.
Why “Retro-Fit” Innovation Works
Looking to the past to build the future works for several reasons:
- Reliability & Trust
Legacy tools have already passed real-world tests. Your customers, staff, and partners know how they behave. That makes adoption quicker and support easier.
- Cost Efficiency
Mature technologies are often cheaper to deploy and maintain. Repurposing them can deliver outsized ROI, especially for small and midsized businesses.
- Speed to Market
You can innovate faster by recombining known components than by inventing from scratch. This “Lego block” mindset reduces development risk.
- Resilience
Diversifying your tech stack with proven tools can improve redundancy and uptime. If one channel fails, the “old” one may keep you running.
Examples Beyond Telecom
- Retail & Restaurants:
QR codes—introduced years ago—surged again as a hygienic menu and payment tool. Combined with modern POS systems, they reduce costs and wait times.
- Email & SMS:
Despite countless “email is dead” headlines, email newsletters and SMS alerts routinely outperform many social channels for direct engagement. Pairing them with updated segmentation and automation revives a classic channel with modern precision.
- Manufacturing:
“Right-sized” automation using durable, older machines retrofitted with sensors can yield real-time insights without a full facility overhaul. Add low-cost IoT gateways instead of replacing entire lines.
- Content & Community:
Long-form blogs and forums—hardly new—are enjoying renewed relevance as brands seek owned channels that aren’t dependent on changing social algorithms.
- Payments:
ACH and bank transfers—older rails—are being re-imagined with modern interfaces to lower fees versus credit cards, improving cash flow for subscription businesses.
- Sustainability:
Refurbishing and re-deploying equipment reduces waste and capital expense. “Remanufacture + software” often beats “discard + buy new.”
A Practical Framework: Innovate by Recombining
You don’t need moonshot R&D to innovate. Use this step-by-step approach:
- Inventory Existing Assets
Catalog the tools, licenses, processes, and vendor contracts you already have. Include “retired” tools that could be revived.
- Map Pain Points
Where do customers wait, complain, or drop off? Where are your costs spiking (fees, uptime, staffing, vendors)?
- Recombine
Ask: What if we used channel X to support process Y? Could Wi-Fi backstop cellular? Could SMS augment app notifications? Could ACH complement card payments?
- Pilot Quickly
Run a narrow test with clear success metrics (conversion rate, cost per order, time to fulfillment). Keep documentation light but precise.
- Secure & Comply
Older systems can raise security or compliance questions. Patch, segment networks, and update policies. Make sure your innovations fit industry regulations.
- Scale with Guardrails
If the pilot works, expand deliberately. Train staff, update SOPs, and formalize vendor SLAs so “old-meets-new” runs smoothly at production levels.
Legal Considerations When You Reuse or Retrofit
Reimagining older tech is smart—but do it with legal foresight:
- Entity & Contracts
If you launch a new product line or service channel, review your operating agreement, bylaws, and customer/vendor contracts to ensure they cover the new model (billing terms, data handling, warranties, SLAs).
- Licenses & Permits
A “simple” channel change can trigger different licensing or permit requirements (e.g., food delivery, remote medical services, or new payment flows).
- Intellectual Property
Combining old tools in a novel way can create protectable IP (copyright, trade secret, sometimes patents). Likewise, confirm you’re not infringing on others’ rights when repurposing software, content, or designs.
- Privacy & Data Security
If you extend legacy systems to handle customer data, ensure your privacy policy, data retention schedule, and security measures meet current standards (encryption, access controls, vendor due diligence).
- Employment & Policies
New workflows (like remote field service with Wi-Fi-first apps) may require updated employee handbooks, device policies, and reimbursement practices.
Pro tip: a brief legal health check before rollout is far cheaper than unwinding a scaled mistake.
Culture: Celebrate Pragmatism, Not Just Novelty
Teams often equate innovation with “brand-new.” Reset that narrative. Celebrate outcomes—better service, lower costs, faster delivery—regardless of whether they came from a fancy new platform or a clever reuse of something you already own. Make “What can we reuse or recombine?” a standard agenda item in product and operations meetings.
Start Small: A 30-Day Innovation Sprint
- Pick one customer friction point.
- Identify two mature tools you already have that could help.
- Stand up a pilot with a single team or location.
- Measure two metrics (e.g., response time and cost per transaction).
- Document what worked, then either expand or sunset quickly.
In many cases, the fastest wins come from smart, humble changes, not massive overhauls.
Innovation isn’t only about chasing the newest technology. It’s about solving problems creatively, often by rethinking the value of tools that have been with us all along. If one of the most innovative companies in the world could lean on Wi-Fi—and pricing simplicity—to rethink mobile service, your business can absolutely find its own “old-meets-new” breakthroughs.
If you need legal advice on making a change to your business, or are ready to start a new venture of your own, don’t hesitate to reach out to the Law Office of E.C. Lewis, P.C., home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or Contact Us.
by eclewis | Jul 3, 2015 | Business News
CO Ranked #4 State for Business by CNBC
This year’s rankings by CNBC for best states for business are in, and Colorado has taken the #4 spot. This comes as a significant, but not surprising, improvement from last year, where we discussed CO’s position at #8 in the CNBC rankings. Take a look at a complete breakdown of the rankings by state and categories here.
The rankings are conducted by scoring each state on 10 key categories including the following (in order starting with the most valuable to the overall score): Workforce, Cost of Doing Business, Infrastructure, Economy, Quality of Life, Technology & Innovation, Education, Business Friendliness, Cost of Living, and Access to Capital. Colorado managed to snag top ten rankings in four categories including: Economy (3rd), Quality of Life (9th), Tech & Innovation (5th), and Access to Capital (8th). Colorado was noted for it’s strong economy with a low unemployment rate of 4.3% and its innovation.
I was surprised to see that the Centennial State only got 9th in the quality of life category, especially since it tied with Iowa for this position. There is so much great outdoor recreation to explore here in Colorado, but you can scrutinize the methodology and rankings yourself with the methodological breakdown available here.
Overall, this news comes as yet another of the growing number of reasons and reports demonstrating that Colorado is a great place to live and a great place to do business. Now could be a great time for you to get started and put your entrepreneurial spirit to work.
If you a ready to start doing business in Colorado, then don’t hesitate to contact the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | May 27, 2015 | Business News
Legal Due Diligence
Continuing as part of our series on Due Diligence, we have already outlined Financial Due Diligence, and this time we will take a look at due diligence regarding issues that are more legal in nature.
As part of the due diligence process, it is important that you have the legal documents of the business reviewed, just like you would the business’ financial statements. This can help identify irregularities or potential problems with the acquisition. In addition to documents to review, it may also be a good idea to interview the owners and employees of the company to see if what happens in practice with the business lines up with its legal documentation.
Some of the documents to review include:
- Articles of Incorporation/Organization, Bylaws/Operating Agreement, or any other equivalent document (like a Partnership Agreement)
- Minutes of meetings as well as any stock or other buy-sell agreements between owners regarding their ownership interests
- Documents showing capitalization of the company (meaning who are the stock or ownership interest holders)
- Major contracts the company has with its suppliers, distributors, etc.
- This can also include employment contracts
- Insurance policies benefiting the company
- Any intellectual property rights, licenses, trade secret information etc.
- Documents relating to any lawsuits against the company
These documents will indicate how the company has been formed, as well as who all of the owners are, what types of restrictions have been placed on the company or its owners, and other key legal issues. This can help determine if there will be any complications regarding the transaction, as well as if the business has been run properly and in accordance with the legal documents. Additionally, having this type of documentation reviewed can help understand the business better, which can also help in determining a good valuation of the company. Finally, having these legal documents reviewed can also provide insight into existing or potential liabilities the business is exposed to, so you can understand what you are getting yourself into by purchasing the business.
If you need assistance with legal help and/or document drafting for your business sale, please contact the Law Office of E.C. Lewis, P.C., home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | May 20, 2015 | Business News
Financial Due Diligence
Whenever you are thinking about buying a business (or selling a business) it is expected that you will perform your due diligence before the sale is final to help decide whether or not the purchase is a good idea by verifying the material facts related to the transaction. This post discussing financial due diligence will be the first in a series discussing the different aspects of due diligence that should be performed prior to finalizing a transaction.
The idea behind financial due diligence is to help determine the value of the company you are buying by reviewing their financial documents. These financial documents should be audited independently to determine their accuracy.
- Financial statements for the past few years
- Income statements for the past few years
- Tax returns for the past few years
- Balance Sheets for the past few years
- Description and valuation of significant assets (including real estate and accompanying title and tax information, as well as information of depreciation schedule)
- Any current budgets, revenue projections, or other similar documents
- Any loan or other promissory note documentation (as well as any security interests against the business or its assets)
You want to be sure that nothing in these documents is questionable or raises any concerns about the current and future value of the company or assets that you are purchasing. You want to be sure that you have all the right information so that you can negotiate in a fair and informed way. If the other party is unable to produce these documents, that may raise a red flag as well, and you will want to be sure that you raise these issues with your professional advisors (attorney, accountant, etc.) to determine what the next course of action should be.
Big purchases can be very emotional, whether it is buying a home or a car, it can be easy to get emotionally attached to the prospective purchase. However, you don’t want to let yourself get so caught up in the emotional excitement of taking over a business that you lose site that this is a business transaction. You need to independently verify that everything is what the current owners say it is with regard to the business you are thinking about buying.
If you need assistance with legal help and/or document drafting for your business sale, please contact the Law Office of E.C. Lewis, P.C., home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
by eclewis | Mar 18, 2015 | Business News
Consider Diversifying Your Business
Now that Spring is just around the corner, lets talk about one way of making an exciting new change to your business as part of some spring cleaning.
A while back there was some interesting speculation that turned out to become a reality, Google has launched a new program to comparison shop for auto insurance. The company set up an entity named Google Compare Auto Insurance Services Inc. and got licensed to do business in a majority of states (although they still appear to be working on their support for CO). Additionally, they built up relationships with several big-named insurance companies like MetLife, and Mercury Insurance. Google also appears to be working with CoverHound, an existing insurance comparison service. Google has already been offering insurance comparison shopping in the United Kingdom since 2012.
While Google is an enormous company, it is important to note how they have not lost their entrepreneurial spirit. Google has not been afraid to try new things and to diversify their company from everything from its search engine and web ads to developing cell phones and now getting into the insurance industry.
Understandably, smaller businesses may not have the resources or capital available to make big leaps or changes into other market sectors, but there are still important business principles and lessons to be learned. Fundamentally, that is that just like a good investment portfolio, diversifying may be key to your business’ long-term stable growth in the modern, dynamic economy. Even if you are not able to make big jumps into other business areas, you may be able to diversify in simpler or smaller ways that are less capital intensive and more closely related to what you already do.
Think about what your business does at its most fundamental level, then try to branch out into thinking about the areas that your does not do. Basically, what are your business’ current boundaries? Are there things that your business has to contract out to have done for it or that you have to refer your customers elsewhere to have accomplished? Remember that these areas can exist both vertically (such as part of your supply chain) or horizontally (such as related services). Try to evaluate practically what costs and concerns would be involved in branching out to some of these other areas. Which areas would be the easiest for you to try out?
After all, it was probably your entrepreneurial spirit that got you into starting your small business in the first place, and you should consider keeping that excitement alive by trying new things with your business. Nevertheless, it is imperative that you make these diversifying decisions carefully, after much thinking and discussion with your business partners, consultants, as well as legal counsel and other advisors, so you can get their opinions on the risks and other considerations involved.
If you are considering branching out to new areas with your business, do not hesitate to reach out for legal help and guidance from the Law Office of E.C. Lewis, PC, home of your Denver Business Attorney, Elizabeth Lewis, at 720-258-6647 or email her at elizabeth.lewis@eclewis.com.
