Marketing Preferred Stock Sales Syndication 
Tim Keane
APRIL 12, 2006
When they discuss market size, do they distinguish between current and addressable markets? This whole topic is of interest to investors for a number of reasons beyond the logic of market dynamics. We don’t like them and would prefer not to be involved. Preferred Stock is the most usual form of investment today.
www.paulgraham.com
APRIL 28, 2010
As a company gets more established,its valuation gets closer to an actual market value. Some angel investors join together in syndicates. For example, VCs generally write it into the deal thatin any sale, they get their investment back first. If someone pays $20,000 for 10% of a company, the company isin theory worth $200,000.
www.paulgraham.com
APRIL 28, 2010
You give a startup money and they give you stock. Youllprobably get either preferred stock, which means stock with extrarights like getting your money back first in a sale, or convertibledebt, which means (on paper) youre lending the company money, andthe debt converts to stock at the next sufficiently big fundinground. [
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