Practical guides and insights on fundraising, term sheets, and startup legal matters. No fluff, no legalese.
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Side letters can add valuable protections to your SAFE—or create headaches down the road. Here's what experienced founders negotiate and what you should skip.
January 6, 2025
Raising a seed round costs more than you think. Here's a realistic breakdown of legal fees, hidden costs, and how to minimize expenses without cutting corners.
January 4, 2025
Liquidation preferences determine who gets paid first when your company exits. Here's how they work and why getting them wrong can cost you millions.
January 2, 2025
Anti-dilution protection can save investors millions in a down round—at your expense. Here's how the two main types work and what to negotiate.
December 30, 2024
Investors often require founders to "re-vest" their shares after raising. Here's how it works, what's negotiable, and how to protect yourself.
December 28, 2024
Drag-along provisions give investors the power to force all shareholders to sell. Here's how they work and what protections you need.
December 26, 2024
A no-shop clause locks you into exclusive negotiations. Here's what's standard, what's aggressive, and how to negotiate.
December 20, 2024
In 2018, YC updated the SAFE from pre-money to post-money. This seemingly small change has big implications for how much dilution you take.
December 18, 2024
The decision between a SAFE and convertible note isn't just legal boilerplate—it affects your cap table, investor relationships, and future fundraising. Here's what matters and what doesn't.
December 15, 2024
Pro-rata rights sound investor-friendly, but they can have surprising implications for your future rounds. When to grant them, when to push back.
December 10, 2024
Get our Term Sheet Red Flag Checklist—25 clauses to scrutinize before signing anything.
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