William Carleton
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13 years ago @ ReveNews - Will Commercializing F... · 0 replies · +1 points
13 years ago @ Gabriel Weinberg'... - False Dichotomies in C... · 1 reply · +1 points
Whoops, I said "expensive" where you were going with "complicated." I usually think the two correlate, when talking about legal stuff. You must be pretty experienced, to do the docs on your own?
Won't represent that my own posts on the subject http://www.wac6.com/wac6/convertible-notes/ are worthy of your list, but FYI I did post this morning on the question of whether notes as seed financing mechanisms save costs.
13 years ago @ TechCrunch - Costolo: Twitter Now H... · 0 replies · 0 points
13 years ago @ Mendelson's Musings - The Carried Interest D... · 1 reply · +1 points
13 years ago @ Mendelson's Musings - The Carried Interest D... · 3 replies · +1 points
13 years ago @ Feld Thoughts - Failing Fast at Standa... · 3 replies · +1 points
Nothing terribly original with the following thought, but the Series Seed documents by Ted Wang are very good, and will support "modularization" so that deal docs for subsequent rounds can be built upon them. (Other lawyers disagree though and think subsequent rounds will have to start from scratch with new docs.)
Your conclusion that lawyers should lead this, having the right incentives, makes sense. Query though whether bigger firms can endorse this. They may have too much invested in their templates, in training their lawyers on them, in managing their risks with them. I could be wrong, but I think the lawyers who can do this will be iconoclasts or extremely high-profile lawyers from the big firms, and entrepreneur- and angel-oriented lawyers at boutiques.
While lawyers may need to settle on the modules in the docs, success (adoption) depends on you and other VCs, and serial entrepreneurs. Investors and companies will need to give permission to tell the world, if not every precise variant term, then the fact that the seed financing terms and documents were used. Picking a number out of the air here, but I think even something like 15% adoption would be huge and would end up winning the day.
The goal should be to reduce startup legal fees in seed financings to $10,000?