Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist
(Adobe EPUB eBook, OverDrive Read)
Get the inside scoop on what venture capitalists want to see in your startup as you hit the fundraising trail.
This is the highly anticipated third edition of the best-selling book which has become the definitive resource for understanding venture capital fundraising. Whether you are an entrepreneur, lawyer, student or just have an interest in the venture capital ecosystem, Venture Deals is for you. The book dives deeply into how deals are constructed, why certain terms matter (and others don’t), and more importantly, what motivates venture capitalists to propose certain outcomes. You’ll see the process of negotiating from the eyes of two seasoned venture capitalists who have over 40 years of investing experience as VCs, LPs, angels, and founders. They will teach you how to develop a fundraising strategy that will be a win for all parties involved.
This book is designed to bring transparency to the venture capital funding process and includes such topics as:
And as in the previous editions, this book isn’t just a one-sided opinion from venture capitalists, but also has helpful commentary throughout from a veteran CEO who has raised many rounds of financing from many different investors.
If you are ready to learn all the secrets and ins and outs of fundraising, Venture Deals is an essential read.
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Brad Feld. (2016). Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. 3 Wiley.
Chicago / Turabian - Author Date Citation (style guide)Brad Feld. 2016. Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. Wiley.
Chicago / Turabian - Humanities Citation (style guide)Brad Feld, Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. Wiley, 2016.
MLA Citation (style guide)Brad Feld. Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. 3 Wiley, 2016.
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BRAD FELD has been an early-stage investor and entrepreneur for over twenty-five years. Prior to co-founding Foundry Group—a Boulder, Colorado-based venture capital firm—he co-founded Mobius Venture Capital. Brad also founded Intensity Ventures, a company that helped launch and operate software companies. Prior to this, Brad founded Feld Technologies. He is also a founder of Techstars and has been active with non-profit organizations, including acting as chairperson for the National Center for Women in Technology.
JASON MENDELSON has 20 years of experience in the venture industry. Prior to co-founding Foundry Group, Jason was a Managing Director and Chief Administrative officer at Mobius Venture Capital, where he also served as the firm's general counsel. Besides his experience as a venture investor, Jason has also been a software engineer, startup lawyer, and a co-founder of SRS | Acquiom. He is an adjunct at the University of Colorado Law School where he co-teaches a course on venture capital and entrepreneurship.
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Get the inside scoop on what venture capitalists want to see in your startup as you hit the fundraising trail.
This is the highly anticipated third edition of the best-selling book which has become the definitive resource for understanding venture capital fundraising. Whether you are an entrepreneur, lawyer, student or just have an interest in the venture capital ecosystem, Venture Deals is for you. The book dives deeply into how deals are constructed, why certain terms matter (and others don’t), and more importantly, what motivates venture capitalists to propose certain outcomes. You’ll see the process of negotiating from the eyes of two seasoned venture capitalists who have over 40 years of investing experience as VCs, LPs, angels, and founders. They will teach you how to develop a fundraising strategy that will be a win for all parties involved.This book is designed to bring transparency to the venture capital funding process and includes such topics as:
- How to raise money;
- What terms matter and which ones don’t;
- How to negotiate a fair deal for everyone;
- What makes venture capitalists tick, including how they are compensated and motivated;
- How companies are valued by venture capitalists;
- How all current structures of funding work, including convertible debt, crowdfunding, pre-sales and other non-traditional methods;
- How these particular issues change through different stages of financing (seed, early, mid and late); and
- How to avoid business and legal pitfalls that many entrepreneurs make.
And as in the previous editions, this book isn’t just a one-sided opinion from venture capitalists, but also has helpful commentary throughout from a veteran CEO who has raised many rounds of financing from many different investors.
If you are ready to learn all the secrets and ins and outs of fundraising, Venture Deals is an essential read.
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As each new generation of entrepreneurs emerges, there is a renewed interest in how venture capital deals come together. Yet there is little reliable information focused on venture capital deals. Nobody understands this better than Brad Feld and Jason Mendelson. For more than twenty years, they've been involved in hundreds of venture capital financings, and now, with the Third Edition of Venture Deals, they continue to share their experiences in this field with you.
This reliable resource skillfully outlines the essential elements of the venture capital term sheet—from terms related to economics to terms related to control. In addition to examining the nuts and bolts of the term sheet, Venture Deals, Third Edition is:
- Fully updated to reflect the intricacies of startups and entrepreneurship in today's dynamic economic environment
- Offers valuable insights into venture capital deal structure and strategies
- Brings a level...
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Foreword xi
Preface xiii
Acknowledgments xix
Introduction: The Art of the Term Sheet 1
1 The Players 5
The Entrepreneur 5
The Venture Capitalist 6
The Angel Investor 8
The Syndicate 10
The Lawyer 11
The Mentor 13
2 How to Raise Money 15
Do or Do Not; There Is No Try 15
Determine How Much You Are Raising 16
Fund-Raising Materials 17
Due Diligence Materials 23
Finding the Right VC 23
Finding a Lead VC 25
How VCs Decide to Invest 26
Closing the Deal 28
3 Overview of the Term Sheet 31
The Key Concepts: Economics and Control 32
4 Economic Terms of the Term Sheet 35
Price 35
Liquidation Preference 41
Pay-to-Play 47
Vesting 50
Exercise Period
Employee Pool 54
Antidilution 55
5 Control Terms of the Term Sheet 61
Board of Directors 61
Protective Provisions 63
Drag-Along Agreement 68
Conversion 70
6 Other Terms of the Term Sheet 73
Dividends 73
Redemption Rights 75
Conditions Precedent to Financing 77
Information Rights 79
Registration Rights 80
Right of First Refusal 83
Voting Rights 84
Restriction on Sales 85
Proprietary Information and Inventions Agreement 86
Co-Sale Agreement 87
Founders’ Activities 88
Initial Public Offering Shares Purchase 89
No-Shop Agreement 90
Indemnification 93
Assignment 93
7 The Capitalization Table 95
8 Convertible Debt 99
Arguments For and Against Convertible Debt 100
The Discount 102
Valuation Caps 103
Interest Rate 104
Conversion Mechanics 105
Conversion in a Sale of the Company 107
Warrants 108
Other Terms 110
Early Stage versus Late Stage Dynamics 111
Can Convertible Debt Be Dangerous? 112
9 How Venture Capital Funds Work 115
Overview of a Typical Structure 115
How Firms Raise Money 117
How Venture Capitalists Make Money 118
How Time Impacts Fund Activity 122
Reserves 124
Cash Flow 126
Cross-Fund Investing 127
Departing Partners 127
Fiduciary Duties 128
Implications for the Entrepreneur 128
10 Negotiation Tactics 129
What Really Matters? 129
Preparing for the Negotiation 130
A Brief Introduction to Game Theory 132
Negotiating in the Game of Financings 134
Negotiating Styles and Approaches 136
Collaborative Negotiation versus Walk-Away Threats 139
Building Leverage and Getting to Yes 140
Things Not to Do 142
Great Lawyers versus Bad Lawyers versus No Lawyers 145
Can You Make a Bad Deal Better? 145
11 Raising Money the Right Way 149
Don’t Ask for a Nondisclosure Agreement 149
Don’t Email Carpet Bomb VCs 150
No Often Means No 150
Don’t Ask for a Referral If You Get a No 150
Don’t Be a Solo Founder 151
Don’t Overemphasize Patents 152
12 Issues at Different Financing Stages 153
Seed Deals 153
Early Stage 154
Mid and Late Stages 154
Other Approaches to Early Stage Deals 155
13 Letters of Intent—The Other Term Sheet 157
Structure of a Deal 158
Asset Deal versus Stock Deal 161
Form of Consideration 163
Assumption of Stock Options 164
Representations, Warranties, and Indemnification 167
Escrow 169
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