Feld Thoughts

OCTOBER 28, 2016

The first, on crowdfunding, covers both product and equity crowdfunding, and has an analysis on the good, bad, and scary around crowdfunding. We added a section on Corporate Venture Capital, as there has been a Cambrian explosion of CVCs over the past few years, even though the concept of a CVC is not a new one.

Term Sheet 70

Term Sheet Cofounder Venture Capital Equity 70

Feld Thoughts

NOVEMBER 24, 2016

NetGenesis got some of eShares equity, eShare got the net.Thread product, and I joined the eShare board. I eventually co-founded SoftBank Technology Partners (which became Mobius Venture Capital) and SoftBank (the corporation) became a 50% LP in Flatiron with Chase. Jerry had just invested in eShare.

Non-Compete 70

Non-Compete LP Venture Capital Affiliate 70

Feld Thoughts

JUNE 14, 2017

At what point do you flip from being a buyer of equity to a seller of equity? Are you going to try to have any impact on the VCs who lead the next round? How do you want downstream VCs to think about you, or do you even care? If I give you $1, are you going to invest $0.85, $1 (meaning you recycle), or $1.10 (meaning you recycle 110%)?

Differentiation 147

Differentiation Later Stage Equity Founder 147

Feld Thoughts

JULY 14, 2015

Assuming equity is raised at or above that cap, the total dilution, before the new money, is 16.6% (equivalent to an equity financing of $1m at a $6m post money valuation. The new money comes in at a pre-money valuation of $100, but includes a complete refresh of founder equity to 40% of the company. Here’s the scenario.

Recapitalization 70

Recapitalization Pre-Money Valuation Post-Money Valuation Angel Investor 70

Feld Thoughts

DECEMBER 9, 2015

For the past 13 years, Lindel Eakman has been the head of UTIMCO’s private equity group. He’s created an incredible portfolio of investments in venture capital funds, including Union Square Ventures, Spark Capital, True Ventures, IA Ventures, Techstars Ventures, and Foundry Group.

Later Stage 70

Later Stage Early Stage Advisory Board Deal Flow 70

Feld Thoughts

MARCH 30, 2017

I don’t know which VC or Private Equity firm first came up with this list of questions, but like many elements of a term sheet, they seem to have been passed down from generation to generation. Would you hire Person X again? If so, what size company? What other questions should I have asked?

Hiring 70

Hiring Private Equity Term Sheet Equity 70

Feld Thoughts

AUGUST 2, 2010

But before Foundry Group, my partners and I were involved in many seed investments, both at Mobius Venture Capital. Specifically, our seed investments are not “options on the next round.&# We price our seed rounds as equity investments, always lead or co-lead (as Fred describes in ?

Angel Investor 152

Angel Investor Cofounder Syndicate Syndication 152

Feld Thoughts

JULY 25, 2011

How Much Equity Should an Early Stage COO/CFO Get? We did this for a while, getting to most of the questions which has created a very nice corpus of answers to several hundred questions easily searchable by Lijit. For example: How Did We Get Our Idea For Our Startup? How Do You Negotiate a Carve Out With Investors?

Early Stage 124

Early Stage Equity Entrepreneur Startup 124

Feld Thoughts

JUNE 2, 2015

Or, if you just want the paragraph, it’s: “If this note converts at a price higher than the cap that you have been given you agree that in the conversion of the note into equity you agree to allow your stock to be converted such that you will receive no more than a 1x non-participating liquidation preference plus any agreed interest.”.

Liquidation Preference 70

Liquidation Preference Cap Table Angel Investor Post-Money Valuation 70

Feld Thoughts

DECEMBER 31, 2015

If you are in any kind of investment business (including Venture Capital) you should read this book right now. However, we own plenty of public equity through the various mutual funds (managed and index) that we own. I should have read this book when it first came out.

Angel Investor 70

Angel Investor Investment Bankers Term Sheet Texas 70