(2004-01-30) Bray On Vc

Tim Bray [gives](http://www.tbray.org/ongoing/When/200x/2004/01/29/Termsheet Bounce) an excellent intro to the vocabulary of VC deals: ratchet, liquidation preferences, etc. I don't know if I'll ever go after VC funding again; I've nothing against the idea in principle, although the practice is often unpleasant. But if I do, and if I get a term sheet, and if we manage to negotiate away the differences, I'll say something like this: "OK, it says here that you give us the money and you get this many points in the company plus your terms. How's this: I'll give you ten more points for the same money, but you take common shares and we'll really be partners. Deal?" Then you'd find out if they were really entrepreneurial.