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Venture Deals 4e German Edition

Feld Thoughts

This third body is often referred to as an advisory board (Beirat), sometimes also as a supervisory board (Aufsichtsrat). 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. Hence, the negation is exactly in reverse.

Germany 165
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Cliff Notes S-1: Kayak ? AGILEVC

Agile VC

Only 7% of the search queries are performed by users referred by search engines, meaning Kayak’s brand is very strong and they continue to build it ($39M spent in 2010 on brand advertising, nearly $92M in total marketing spend). liquidation preference, 6% accumulated dividend (1). Series A-1 Preferred.

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Second-Class Investor Citizens: Facebook’s IPO and Dual-Class Equity Structures

Gust

As a quick review, most startups begin life as corporations with a single class of equity securities, referred to as Common Stock , issued to founders, employees, and outside service providers. Options and warrants, when issued, are also typically exercisable for shares of Common Stock.

IPO 159
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How do the sample Series Seed financing documents differ from typical Series A financing documents?

Startup Company Lawyer

The primary rights in these documents, ranked in order of importance in my opinion are: Non-participating preferred liquidation preference. The liquidation preference would not apply in this situation, and any distribution to stockholders would trigger the dividend preference. under $500K).

Finance 70
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How to Work with Lawyers at a Startup

Both Sides of the Table

If you don’t follow the image reference above or the tag line, “ You don’t need double talk; you need Bob Loblaw “ (try saying it out loud) , and if you care! You need to know how liquidations preferences work. the link is here. This all got me thinking about a post on how to best work with lawyers.

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In 15 Years From Now Half of US Universities May Be in Bankruptcy. My Surprise Discussion with @ClayChristensen

Both Sides of the Table

Back to Mr. Christensen, “We subsidize their education in fields for which there are no jobs” he said in referring to the fact that many courses at universities are still taught with skills that aren’t relevant to the 21st century needs of the US workforce. The numerator (return) encourages more sales, which is fine.

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A first-time founder’s guide to term sheets: Equity investments, continued

The Next Web

For a general introduction to term sheets and the trade-off between high valuation and complex investment structure, please refer to the introductory post to the guide. The terms Liquidation preference: a very important clause… This story continues at The Next Web.