Both Sides of the Table

SEPTEMBER 18, 2014

At an accelerator … Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago.

Venture Capital 417

Venture Capital Liquidation Preference Valuation Term Sheet 417

Gust

SEPTEMBER 17, 2014

Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. Objectively. Not in my experience. Employment.

Liquidation Preference 153

Liquidation Preference Valuation Term Sheet Stock 153

Both Sides of the Table

JANUARY 29, 2010

I ran a marathon with my colleague in 2003 – I’m still bummed that he beat me even though he was clearly more athletic. Company B had already lined up a significant funding round ($20 million) from some of the most elite VCs on Sand Hill Road but hadn’t signed the term sheet. For me winning IS the fun.

Entrepreneur 296

Entrepreneur Silicon Valley Term Sheet France 296