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• Fundraising is a catalyst
• It’s a consequence of having traction, not an objective
• It’s hard, very hard...
• ... EVERYWHERE! Silicon Valley is not an exception
REASONS TO RAISE FUNDS
THERE ARE ONLY 5
the Term Sheet
a pact with the devil
(wake up! it’s technical)
• Stock price x nbr of stock = valuation
• Liquidation preference
• Vesting (bad leaver / good leaver)
• Employee Pool
Drag-along / Tag-along
• Information Rights (don’t be casual)
• Preferred stock
Les acteurs de l’investissement
NEGOTIATE the unimportant stuff AND CONCEDE
in order to get what’s really important
if YOU’re not desirable
IT’S JUST A WASTE OF TIME!
• 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
• What is a good lawyer?
With Serge Vatine
You are Welcome to Join the Adventure