1997 and Pay to Play - StartUpRoar

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1997

Pay to Play

Founders – Use Your Down Round To Clean Up Your Cap Table

Feld Thoughts

FEBRUARY 9, 2016

I started investing in 1994 and while there was some bumpiness in 1997 and again in 1999, the real pain happened between 2000 and 2005. I’ve seen every imaginable type of liquidation preference structure, pay-to-play dynamic, preferred return, ratchet, share/option bonus, option repricing, and carveout.

Cap Table

Cap Table Down Round Liquidation Preference Founder

What Most People Don’t Understand About How Startup Companies are Valued

Both Sides of the Table

FEBRUARY 14, 2016

I’d like to explain as best I can my opinion on what is going on because most of what I hear from entrepreneurs is not only wrong but is reminiscent of what I heard in 1997-2000. What is the True Sentiment of VCs? Call it high-stakes chicken. Those with money don’t want to bail out those who don’t have it.

Valuation

Valuation Down Round Startup Later Stage

Founders – Use Your Down Round To Clean Up Your Cap Table

What Most People Don’t Understand About How Startup Companies are Valued

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