Feld Thoughts

FEBRUARY 9, 2016

” Many companies have hired ahead of their growth rate because they had the cash to do so. In our portfolio, we generally don’t have this problem because we aren’t big fans of either (a) overfunding companies or (b) escalating burn rates based on headcount.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

View from Seed

OCTOBER 15, 2014

Examples of housekeeping include the following list, though not every item will appear every time: Finance: Cash out date, burn rate, 409A valuation, cap table, common/preferred stock dashboard. Team: Hires, fires, departures, responsibility changes, major promotions, and your org chart.

Seed Stage 331

Seed Stage Cap Table Metrics Burn Rate 331

abovethecrowd.com

APRIL 20, 2016

The pressures of lofty paper valuations, massive burn rates (and the subsequent need for more cash), and unprecedented low levels of IPOs and M&A, have created a complex and unique circumstance which many Unicorn CEOs and investors are ill-prepared to navigate. Layoffs have also become more prevalent.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

www.paulgraham.com

APRIL 28, 2010

For example, a seed firmshould be able to give advice about how to approach VCs, which VCsobviously dont need to do; whereas VCs should be able to giveadvice about how to hire an "executive team," which is not an issuein the seed stage. You dont have to spend time on bureaucraticstuff, because you havent hired any bureaucrats yet.

Technical Review 76

Technical Review Startup Software Review Angel Investor 76