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• Cover
• Foreword by Fred Wilson (3rd Edition)
• Foreword by James Park (3rd Edition)
• Foreword by Dick Costolo (1st and 2nd Editions)
• Preface
• Acknowledgments
• Introduction: The Art of the Term Sheet
• Chapter 1 The Players
• The Entrepreneur
• The Venture Capitalist
• Financing Round Nomenclature
• Types of Venture Capital Firms
• The Angel Investor
• The Syndicate
• The Lawyer
• The Accountant
• The Banker
• The Mentor
• Chapter 2 Preparing for Fundraising
• Choosing the Right Lawyer
• Proactive versus Reactive
• Intellectual Property
• Chapter 3 How to Raise Money
• “Do. Or Do Not. There Is No Try.”
• Determine How Much You Are Raising
• Fundraising Materials
• Due Diligence Materials
• Finding the Right VC
• Finding a Lead VC
• How VCs Decide to Invest
• Using Multiple VCs to Create Competition
• Closing the Deal
• Chapter 4 Overview of the Term Sheet
• The Key Concepts: Economics and Control
• Chapter 5 Economic Terms of the Term Sheet
• Valuation and Price
• Employee Option Pool
• Warrants
• How Valuation Is Determined
• Liquidation Preference
• Pay-to-Play
• Vesting
• Exercise Period
• Antidilution
• Chapter 6 Control Terms of the Term Sheet
• Board of Directors
• Protective Provisions
• Drag-Along Agreement
• Conversion
• Chapter 7 Other Terms of the Term Sheet
• Dividends
• Redemption Rights
• Conditions Precedent to Financing
• Information Rights
• Registration Rights
• Right of First Refusal
• Voting Rights
• Restriction on Sales
• Proprietary Information and Inventions Agreement
• Co-Sale Agreement
• Founders’ Activities
• Initial Public Offering Shares Purchase
• No-Shop Agreement
• Indemnification
• Assignment
• Chapter 8 Convertible Debt
• Arguments for and Against Convertible Debt
• The Discount
• Valuation Caps
• Interest Rate
• Conversion Mechanics
• Conversion in a Sale of the Company
• Warrants
• Other Terms
• Early Stage versus Late Stage Dynamics
• Can Convertible Debt Be Dangerous?
• An Alternative to Convertible Debt
• Chapter 9 The Capitalization Table
• Price per Share with Convertible Notes
• Pre-Money Method
• Percentage-Ownership Method
• Dollars-Invested Method
• Note
• Chapter 10 Crowdfunding
• Product Crowdfunding
• Equity Crowdfunding
• How Equity Crowdfunding Differs
• Token Crowdfunding
• Chapter 11 Venture Debt
• The Role of Debt versus Equity
• The Players
• How Lenders Think about Loan Types
• Economic Terms
• Amortization Terms
• Control Terms
• Negotiation Tactics
• Restructuring the Deal
• Chapter 12 How Venture Capital Funds Work
• Overview of a Typical Structure
• How Firms Raise Money
• How Venture Capitalists Make Money
• How Time Impacts Fund Activity
• Reserves
• Cash Flow
• Cross-Fund Investing
• Departing Partners
• Corporate Venture Capital
• Strategic Investors
• Fiduciary Duties
• Implications for the Entrepreneur
• Chapter 13 Negotiation Tactics
• What Really Matters?
• Preparing for the Negotiation
• A Brief Introduction to Game Theory
• Negotiating in the Game of Financings
• Negotiating Other Games
• Negotiating Styles and Approaches
• Collaborative Negotiation versus Walk-Away Threats
• Building Leverage and Getting to Yes
• Things Not to Do
• Great Lawyers versus Bad Lawyers versus No Lawyers
• Can You Make a Bad Deal Better?
• Note
• Chapter 14 Raising Money the Right Way
• Don’t Be a Machine
• Don’t Ask for a Nondisclosure Agreement
• Don’t Email Carpet-Bomb VCs
• No Often Means No
• Don’t Ask for a Referral If You Get a No
• Don’t Be a Solo Founder
• Don’t Overemphasize Patents
• Don’t Be Silent If You Witness Bad Behavior
• Chapter 15 Issues at Different Financing Stages
• Seed Deals
• Early Stage
• Mid and Late Stages
• Chapter 16 Letters of Intent: The Other Term Sheet
• Structure of a Deal
• Asset Deal versus Stock Deal
• Form of Consideration
• Assumption of Stock Options
• Representations, Warranties, and Indemnification
• Escrow
• Confidentiality/Nondisclosure Agreement
• Employee Matters
• Conditions to Close
• The No-Shop Clause
• Fees, Fees, and More Fees
• Registration Rights
• Shareholder Representatives
• Chapter 17 How to Engage an Investment Banker
• Why Hire an Investment Banker?
• How to Choose an M&A Adviser
• Negotiating the Engagement Letter
• Helping Your Banker Maximize the Outcome
• Chapter 18 Why Do Term Sheets Even Exist?
• Constraining Behavior and the Alignment of Incentives
• Transaction Costs
• Agency Costs and Information Asymmetry
• Reputation Constraints
• Chapter 19 Legal Things Every Entrepreneur Should Know
• Intellectual Property
• Patents
• Trademarks
• Employment Issues
• Type of Corporate Structure
• Accredited Investors
• Section 409A Valuations
• (83)b Elections
• Founders’ Stock
• Consultants versus Employees
• Compensating Service Providers
• Authors’ Note
• Appendix A: Sample Term Sheet
• Appendix B: Foundry Group Term Sheet1
• Note
• Appendix C: Sample Letter of Intent
• Appendix D: Additional Resources
• Glossary
• About the Authors
• Index
• Excerpt from Startup Communities
• Chapter Three Principles of a Vibrant Startup Community
• Historical Frameworks
• The Boulder Thesis
• Led by Entrepreneurs
• Long-Term Commitment
• Foster a Philosophy of Inclusiveness
• Engage the Entire Entrepreneurial Stack
• End User License Agreement