Feld Thoughts

FEBRUARY 9, 2016

Mark Suster wrote a great post yesterday titled The Resetting of the Startup Industry. But, more importantly, is another point Mark buries later on, which includes an awesome post of his from 2010. I suffered through the next financing after implementing a complex structure, or a sale of the company, or a liquidation.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

Startup Company Lawyer

JANUARY 9, 2011

I started writing this post in September 2010, but only got around to finishing it.). Convertible debt with a price cap seems to be the preferred structure for early-stage financings. Paul Graham has sparked some discussion on the topic in August 2010 when he tweeted “Convertible notes have won.

Liquidation Preference 57

Liquidation Preference Finance Preferred Stock Common Stock 57

genylabs.typepad.com

SEPTEMBER 24, 2011

2010 Top 10 Small Business Trends. Planning, Startups, Stories. December 2010. I wont bother going into details on start-up financing terms ( see this post for an overview of typical VC terms) except to say if you dont know and understand: the firms cap table and valuation. Homepreneurs: A Vital Economic Force.

Equity 40

Equity Technical Review San Jose Stock 40

Altgate

DECEMBER 16, 2010

@altgate Startups, Venture Capital & Everything In Between Skip to content Home Furqan Nazeeri (fn@altgate.com) ← More on Liquidation Preferences Happy Holidays → Where Do Tech VCs Invest? The data set is about 1,200 rounds of financing for US tech companies that completed the 2010 CompStudy survey.

Liquidation Preference 59

Liquidation Preference Early Stage Venture Capital Later Stage 59

K9 Ventures

MARCH 23, 2011

The convertible note was really intended as an instrument for a “bridge financing” – when an equity round was imminent, and likely to occur, but the company needed some money in between. In that case, it made good sense to have a debt instrument, where the note holder then converted into equity when the financing occurred.

Pre-Money Valuation 132

Pre-Money Valuation Valuation Equity Liquidation Preference 132

www.mattbartus.com

DECEMBER 9, 2012

Perspectives on issues affecting founders, startups and investors from a veteran startup lawyer in Silicon Valley. Matt Bartus — February 9, 2010. I just worked on a financing for a company that received a term sheet from a group of VCs at a $7 million pre-money valuation. Home About Matt Client references Contact.

Warrant 40

Warrant Valuation Pre-Money Valuation Term Sheet 40

thestartuplawyer.com

FEBRUARY 24, 2010

Contact The Startup Lawyer: Home Page About Contact FAQs Glossary Ryan Roberts Law: Home Page Social Networks: Facebook Twitter LinkedIn Flickr Delicious Digg Last.FM He obviously never launched a startup and got shafted by a co-founder. He obviously never launched a startup and got shafted by a co-founder.

Cofounder 40

Cofounder Founder Preferred Stock Startup 40

dondodge.typepad.com

JANUARY 15, 2011

It isnt always possible to have a competitive bidding situation at each financing round so here are some guidelines for funding sources and percentages. Friends & Family can usually raise between $30K and $300K and usually take an interest bearing note that is convertible into stock at the next financing. 5% Managers -.25%

Equity 40

Equity Employee Dilution Valuation 40

Life Beyond Code

SEPTEMBER 27, 2011

Through the spring of 2010, we released four volumes of EJ books and continued to experiment with the roundtables, which became increasingly popular. Meanwhile, in January 2010 my New Year’s resolution was published. By April 2010, the One Million by One Million (1M/1M) global initiative had been formally named.

Programming 116

Programming Silicon Valley Bootstrapping Technical Review 116