“Never ask for a VC meeting on Monday…total rookie mistake,” said Mintz Levin’s Brady Berg and VantagePoint Capital Partners’ Neil Wolff. Why? Because that’s the day partners’ meetings are scheduled.
Here are five other notable quotes and practical tips from their hands-on BPS earlier this month.
1. Always focus on the pre-money valuation.
2. www.capgenius is a great resource for first time as well as experienced entrepreneurs.
3. Although the standard option pool (to incent key hires) is typically 20%, this is one of a few areas where there is wiggle room for negotiating with the VCs.
4. Think of term sheets like ice cream: whatever you agree to, know that it’s only going to get worse, so keep it as plain vanilla as possible.
5. Term sheets are about economics and control–don’t gloss over board seats and protective provisions.
If you found these tips useful, don’t miss our next Best Practices Series, Positioning Your Startup For Success, with Joe Wyatt and Ashwin Gohkale on April 2. Get your tickets here before they sell out!