13. Lead Investors
• Step up first
• Set the price and terms
• Take a meaningful piece of the round
• (often) represents the round on the board
14. Followers
• Rely on the leader for pricing, terms, diligence
• Are easier to find than leaders
15. Reputation
“If I had a startup and Steve Jobs wanted to
invest in it, I'd give him the stock for $10, just
to be able to brag that he was an investor”
– Paul Graham, “How to fund a startup”, 2006
17. During Courtship
• Where are we heading (vision)?
• How are we going to get there (route)?
– steps along the way: profitability, growth?
– need / want more capital down the road?