In this episode, Kevin and Aaron review Chapter 4: Economic Terms of the Term Sheet and discuss why the difference between pre-money valuation and post-money valuation matters when negotiation with a VC, why price per share is critical in later financing docs, what is included in a fully-diluted basis, why accepting a lower valuation can be the best option, the difference between participating preferred stock and non-participating preferred stock, and why play-to-pay scenarios are no longer common. Read More