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TheFamily
valuation
Yes! valuation......it’s a non-problem
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valuationit’s a negotiation tool
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the Term Sheeta pact with the devil(wake up! it’s technical)
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• Stock price x nbr of stock = valuation
• Liquidation preference
• Anti-dilution
• Vesting (bad leaver / good leaver)
• Employee Pool
valuation
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Board
control
Special Rights
Drag-along / Tag-alongFUNDRAISING
• Dividends
• Preconditions
• Milestones
• Information Rights (don’t be casual)
• Preferred stock
• Exclusivity
other clauses
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Fonds
Les acteurs de l’investissement
Angels
Seed VC VCFUNDRAISING
negotiation tacticsNEGOTIATE the unimportant stuff AND CONCEDEin order to get what’s really important
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if YOU’re not desirableIT’S JUST A WASTE OF TIME!
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• 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
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You are Welcome to Join the Adventure
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