Feld Thoughts

JUNE 10, 2022

I like the quote she pulled out of me in our conversation. But if you can do a clean financing at a lower price, I always think that’s a better option for everyone (founders, employees, and existing investors.). I don’t respond to many interview requests these days, but I’ll always talk to her.

Down Round 162

Down Round Ratchet Liquidation Preference Participating Preferred 162

Both Sides of the Table

SEPTEMBER 18, 2014

At an accelerator … Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. Me: I know.

Venture Capital 417

Venture Capital Liquidation Preference Valuation Term Sheet 417

Gust

SEPTEMBER 17, 2014

Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. These are all real conversations. At an accelerator ….

Liquidation Preference 153

Liquidation Preference Valuation Term Sheet Stock 153

Tim Keane

JANUARY 12, 2010

Especially in situations where the founders have a large position and are key employees, it is not uncommon for investors to request that they agree to have some portion of their holdings vest on a schedule.

Term Sheet 68

Term Sheet Valuation Dividend Liquidation Preference 68

Startup Lessons Learned

MAY 7, 2009

He summarized that conversation well, so rather than re-tread that material, Ill quote it here: One thing that I was surprised to learn was that IMVU started out with continuous deployment. As the product matured, they were able to ratchet up the quality to prevent regression on features that had been truly embraced by their customers.

San Francisco 131

San Francisco Continuous Deployment Software Review Lean 131

Duct Tape Marketing

NOVEMBER 18, 2021

Success story features Q & A sessions with successful business leaders, keynote presentations, conversations on sales marketing. And that makes a lot of people nervous and anxious and uncertainty just ratchets up your portfolio is yours forever. It's one of the most useful podcasts in the world. April Rinne (14:19): That was easy.

Portfolio 87

Portfolio Software Review Framework Networking 87

The Startup Toolkit

JANUARY 10, 2017

Employees can blackmail or extort you. Investors can delay until you’re desperate and then ratchet the terms. I was once made to read a book called Crucial Conversations by a girl I was dating, which I’m sure was some sort of hint. It’s not just cofounders. Partners can break their contracts.

Cofounder 20

Cofounder Technical Review Vesting Ratchet 20