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For someone who has limited (no) experience with VC term sheets this was a useful outline of what one can expect, which will no doubt stop me looking like a complete fool when the time comes for a deal
3 of 3 people found this review helpful
I found this book really helpful preparing for an up comming round of VC investment in my company. I thought I knew a lot already but I learned a great deal. The audio book version made it easy to dip in while driving.
What did you love best about Venture Deals?
Venture Capital has a lot of tricky names and concepts, they explain them well and clearly
Any additional comments?
There could be a PDF file along with the book with all the examples and numbers cited... not always you can write them all down, and to follow the thinking it could be easier than to copy them in a paper and follow the audio
17 of 17 people found this review helpful
Would you recommend this audiobook to a friend? If so, why?
Any additional comments?
As a former author (of legal, tax, financial, and business issues), I was impressed with Brad and Jason's crystal-clear writing style.
There were so many things I found insightful. Here are a few of their recommendations: 1. Select the right lawyer. The lawyer you pick is a reflection of you. If you pick a "lame" lawyer (my word, not theirs), your own credibility drops more than a notch or two. 2. Keep tabs on (and control of) the negotiation with the VCs. Do not just hand over the reins to your attorney. The way to stay involved and in charge is to understand what is important in the negotiations and what is not. This way you can prevent each side's lawyers from quibbling over unimportant points which only serve to run up legal bills...and/or so you can prevent your attorney from straining your relationship with your investors. 3. Understand that the early rounds of financing can have a big effect on the future of your company (and they explain why, what you need to know, and what mistakes you should not make). 4. Understand the concept of ANTI-DILUTION. It's very important! 5. Understand FOUNDER VESTING. For example, if one of the founders decides to leave after a year or two, you do not want him or her to walk away with a large ownership stake, while you remain at the company and continue to work (hard).
Brad and Jason also teach you that not all VC firms are the same. Different firms specialize in different types of startups or in different stages of the funding process. And some firms are much better at mentoring entrepreneurs than others. The authors also discuss the TIMING of the funds run by VCs (most funds run approximately 10 years, and they explain why this is important for you to know).
They also help you to understand things from the perspective of VCs and angel investors, so you can present yourself well to them.
And all throughout, they teach you how avoid mistakes and nasty pitfalls that could result in serious and regrettable problems. In short, this book is exactly what every entrepreneur, VC, and advisor needs.
Thanks Brad and Jason. Your book is so well done, and written in such a wonderful, kind spirit. You have made an important contribution. I am tremendously impressed.
Though I enjoyed this audio version very much, I do believe that it is important to have this in a book or kindle form, too, so that you can refer to it as needed.
10 of 10 people found this review helpful