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Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist
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Wiley 2016
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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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    Format:
    Adobe EPUB eBook, OverDrive Read
    Edition:
    3
    Street Date:
    06/13/2016
    Language:
    English
    ISBN:
    9781119259800
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    APA Citation (style guide)

    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.

    Note! Citation formats are based on standards as of July 2022. Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy.
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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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    Venture Deals
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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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    tableOfContents

    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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        • description: Business & Economics / General