The Khosla Dinner: 'Fire Your Co-Founders and Take Their Stock'
Prince's follow-up horror story: after Khosla Ventures issued a Series C term sheet, Vinod Khosla allegedly leaned over at dinner, while Prince's co-founders were away from the table, and suggested Prince fire them and take their equity. Cloudflare didn't take the money.
Fundraising EthicsTerm SheetsSeries B+Term Sheets! Are! Confusing! Common Terms Decoded for New Founders
A plain-English glossary thread decoding term sheet vocabulary (liquidation preferences, pro rata, anti-dilution and more) for first-time founders and new VCs, written before Doherty founded Behind Genius Ventures.
Term SheetsValuation & DilutionPre-SeedThe Reverse Term Sheet: Compressing a Raise Into Three Weeks
Helgesen relays a tactic from a mentor who raised $500M+ and went public: never accept a VC's term sheet, send your own, with a hard deadline and only two blanks (price and amount). Week 1 set meetings, week 2 pitch and send the term sheet, week 3 review offers and sign, exploiting the fact that VCs behave completely differently on 'hot' deals.
NegotiationTerm SheetsAny StageArchivedOpen a SAFE on a Higher Cap: Post-Round Momentum Tactics
Iskold advises founders who recently closed sub-$2M rounds with momentum to open a SAFE at a higher cap and keep taking money, explaining the runway-as-leverage logic in a down market.
Term SheetsValuation & DilutionPre-SeedSleeping Partner, Scowling Partner, Term Sheet Anyway
Wessel, now a First Round partner, recalls a 2015 Series A pitch where one famous partner slept and another scowled throughout, then the firm sent a term sheet two hours after IC and was shocked she declined.
Investor MeetingsTerm SheetsSeries A