Feld Thoughts
FEBRUARY 28, 2023
Conversion right: In Germany, there is generally no conversion right entitling the holder of preferred shares to convert them into common shares at any time. This may not seem like a big deal at first glance, but it has extensive implications under various aspects, such as the structure of the liquidation preference.
Agile VC
APRIL 17, 2011
At the end of the day Kayak’s playing a key role in the online travel process, but it appears more of the revenue comes from filling top of the conversion funnel rather than the middle or bottom of it. 5) High Productivity: Kayak had 148 employees at the end of 2010. liquidation preference, 6% accumulated dividend (1).
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Feld Thoughts
JUNE 10, 2022
I like the quote she pulled out of me in our conversation. But if you can do a clean financing at a lower price, I always think that’s a better option for everyone (founders, employees, and existing investors.). I don’t respond to many interview requests these days, but I’ll always talk to her.
The Equity Kicker
OCTOBER 22, 2012
Many of the conversations and talks there revolved around the importance of having big ambition and of doing quality work. That’s exciting and motivating for founders, and makes it easier to enlist support for your mission from investors, new employees and customers and will get you talked about on blogs and at cocktail parties.
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.
abovethecrowd.com
FEBRUARY 24, 2015
Lost in this conversation are the dramatic differences between a high priced private round and an IPO. Conversely, these late stage private rounds have no such pageantry or process. Most private company financings involve the use of preferred stock with liquidation preferences.
Both Sides of the Table
JANUARY 21, 2010
You never got around to agreeing exact equity splits but you had many conversations about it. Forget to get around to setting up that Employee Stock Option Plan and want to be able to give the early guys their options at a low strike price? You need to know how liquidations preferences work.
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