Pascal's View
JULY 9, 2017
The most serious unintended consequence occurs from “note waterfalls”— converting multiple notes that have multiple valuation caps. Many entrepreneurs lose track of what they have been cooking up in the cap table. They do not recognize that they may have already contractually sold a meaningful portion of equity in their company.
Haystack
AUGUST 18, 2019
You lose influence as larger investors come into the cap table and start throwing their weight around. 1/ Bottoms-Up Competition – Seed funds are getting scooped by the well-heeled alumni of today’s web scale companies. We know the web and mobile internet have hit critical mass and embedded into our lives.
www.paulgraham.com
APRIL 28, 2010
Some angel investors join together in syndicates. If you get a call from a VCfirm, go to their web site and check whether the person you talkedto is a partner. Odds are it will be a junior person; they scourthe web looking for startups their bosses could invest in. Startups valuations aresupposed to rise over time.
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