This document discusses various aspects of fundraising and venture capital investing. It covers topics like valuation, term sheets, board control rights, preferred stock, negotiation tactics, and the roles of different types of investors like angels and VCs. The document emphasizes that valuation is a negotiation tool, term sheets contain important legal agreements, and it's important to negotiate unimportant details but concede on what really matters. It also notes the importance of having a competent lawyer represent the startup's interests during fundraising.

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TheFamily
valuation

2. Yes! valuation...
...it’s a non-problem
FUNDRAISING

3. valuation
it’s a negotiation tool
FUNDRAISING

4. the Term Sheet
a pact with the devil
(wake up! it’s technical)
FUNDRAISING

5. • Stock price x nbr of stock = valuation
• Liquidation preference
• Anti-dilution
• Vesting (bad leaver / good leaver)
• Employee Pool
valuation
FUNDRAISING

6. Board
control
Special
Rights
Drag-along / Tag-along
FUNDRAISING

7. • Dividends
• Preconditions
• Milestones
• Information Rights (don’t be casual)
• Preferred stock
• Exclusivity
other clauses
FUNDRAISING

8. Fonds
Les acteurs de l’investissement
Angels
SeedVC VC
FUNDRAISING

9. negotiation tactics
NEGOTIATE the unimportant stuff AND CONCEDE
in order to get what’s really important
FUNDRAISING

10. if YOU’re not desirable
IT’S JUST A WASTE OF TIME!
FUNDRAISING

11. • ATTENTION! A bad lawyer is harmful
• You are always going to pay the investors’ lawyers
so MAX CAP
• It’s like that, don’t even try to change this practice
• What is a good lawyer?
With Serge Vatine
your lawyer
FUNDRAISING

12. You are Welcome to Join the Adventure
hey@thefamily.co