Both Sides of the Table

JULY 22, 2010

Back in 1999 when I first raised venture capital I had zero knowledge of what a fair term sheet looked like or how to value my company. I told them that True Ventures had stuck to their brand name and submitted a totally clean term sheet. If I get demand from people after this video to do a deeper dive on term sheets we will.

Valuation 405

Valuation Liquidation Preference Pre-Money Valuation Term Sheet 405

Ben's Blog

MAY 24, 2021

Second, by better matching supply and demand, direct listings have generally mitigated the magnitude of IPO Pops, thus engendering better overall price discovery. Among the findings are: SPAC dilution amounts to roughly 50% of the cash ultimately delivered to the companies brought public. 1999-2000 51.6% 1990-1998 13.3%

SEC 36

SEC Accredited Investor IPO Technical Review 36

Both Sides of the Table

FEBRUARY 22, 2011

You may feel as I did in 1999 that the more smart people around the table the more intros you’ll have, the more sage advice you’ll receive and the more impressive you’ll seem to outsiders. So in order to get a two-handed deal you need to dilute by 40% which is an awful lot at the start of your company.

Dilution 314

Dilution Cap Table Due Diligence Option Pool 314

abovethecrowd.com

APRIL 20, 2016

In 1999, record valuations coexisted with record IPOs and shareholder liquidity. If 1999 was a wet (read liquid) bubble, 2015 was a particularly dry one. Back in 1999, if a company raised $30mm before an IPO, that was considered a large historic raise. It will also minimize future dilution. 2015 was the exact opposite.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40