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z2004-01-30- Bray On Vc
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Whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
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last edited
by BillSeitz
on
Sep 3, 2008 12:52 pm |
TimBray gives 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.
Bill Seitz, fluxent at gmail dot com, Weblog