About Michael:

​Negotiating the Right Terms With VCs

​You have successfully pitched to VCs and have received term sheets. But which VC is offering the best terms? Which provisions are reasonable protections for investors and which will erode founder value? This session will look in detail at the implications of various VC terms including:

• ​liquidation preferences and the impact they have on long term founder value;

• ​the types of anti-dilution provision, which ones are legitimate downside protections for VCs and which are an unacceptable value grab;

• ​how to best to define Investor Majority in the context of consent rights;

• ​good/bad leaver provisions – who should fall into which category and what should happen to unvested shares that are clawed back;

• ​why tag and co-sale rights are not always as innocuous as they may seem; and

• ​the longer term impact of secondaries, when they make sense, and when they store up problems for the future.

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​About Mentor Hours:

​MentorHours are exclusively for Level39 members. These form part of the weekly curriculum offered to our 180 technology businesses who call Level39 home. For more information, email the team on members@level39.co