Mais conteúdo relacionado Semelhante a Funding 101 02022022.pptx (20) Funding 101 02022022.pptx1. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Funding 101 for Tech
Entrepreneurs
#startup
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Roger Royse
@rroyse00
2. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Disclaimer
No information contained in this presentation is to be construed as legal advice.
No information contained in this presentation is intended or related to any
particular factual situation. Nothing herein forms an attorney-client relationship. If
legal advice or other expert assistance is required, the services of a competent
professional should be sought.
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3. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Startup Resources
8% of startups have less than $25,000.
Only 40% of startups become profitable.
Source: Profit From Tech
¾ of startups used personal savings during the development process.
Source: Quickbooks
From 2010 to 2018, startup valuation grew by 11.2% for seed, 15% for series
B, and 16.2% for Series A.
58% of Micro Venture Capital funds are located in the US.
Source: Toptal
Most companies raise three rounds of financing before Series A.
Source: TechCrunch
0.05% of startups raise venture capital.
Source: Fundera
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4. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Failure Rates
• 9 out of 10 startups don’t make it.
• 20% of startups fall apart after a year.
• 30% of startups close within two years.
• 50% of startups shut their doors within five years.
• 70% of startups dissolve within 10 years.
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(Source: Failory)
5. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Venture Expectations
52% of companies expected their next source of funding to be Venture
capital.
0.05% actually do
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7. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
VC Funding at Record High
2021 was record year for startup, investment, and exits
U.S. VCs invested $330B in 17000+ deals, twice the 2020 amounts
$1T in Private Equity investments, 80% went to smaller companies
$775B in exits via IPO across 350+ deals, twice of 2020
$1T in exits, leading to a rise in startup and other acquisitions
$4.5T valuation of VC backed companies
$900B of dry powder available to invest now
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8. © 2020 Haynes and Boone, LLP
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CB Insights 2021
$621 Billion globally
$311 Billion in the US
Asia deal share is 36%
$105 Billion in Silicon Valley
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9. © 2020 Haynes and Boone, LLP
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2022 Outlook
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Funds and companies will hang onto cash longer
Valuations will come down
Money will continue to flow out of Silicon Valley
Where Is Venture Capital Headed In 2022? Forbes Mar 10, 2022
Tech companies that saw tremendous growth during the pandemic are
already taking steps to trim costs by either cutting jobs or freezing hiring.
(CNBC May 26,2022)
10. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
The Sequoia memos
2008 - “R.I.P. Good Times”
2020 - “Coronavirus: The Black Swan of 2020.”
2022 - Sequoia coaches start-ups to cut costs or face a ‘death spiral’ amid
stock market slump, bleak economic backdrop (CNBC May 26,2022)
Counsels to preserve cash for survival.
Says sustained inflation and geopolitical conflicts will limit the ability for a quick-fix
solution by policymakers.
“We do not believe that this is going to be another steep correction followed by an
equally swift V-shaped recovery like we saw at the outset of the pandemic,”
“The era of being rewarded for hypergrowth at any costs is quickly coming to an
end”
Cheap capital is not coming to the rescue. Hedge funds are “tending to their
wounds in public portfolios which have been hit hard”
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11. © 2020 Haynes and Boone, LLP
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ESG Investing (Source – Sonen Capital http://www.sonencapital.com/impact/methodology/)
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12. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Ethical Business Practices for portfolio companies
Environmental, Social and Governance (ESG)
Policies and compliance procedures
AML and anti-corruption
KYC
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13. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
NFTS Explained (https://www.theverge.com/22310188/nft-explainer-what-is-
blockchain-crypto-art-faq)
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14. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Crypto Funds
Large VCs in crypto
Often structured more like hedge funds
Early and changing
Follows different strategies than traditional venture
Additional risk in tokens and ICOs
May invest in the companies or the tokens
Platforms emerging for trading tokenized assets
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15. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Basic Principles
Investors are partners
Stage your financing
Most funding is dilutive
Your valuation might have little to do with what you are worth
Valuation is not your biggest issue
Avoid early mistakes
Take cheap money over expensive money
Common stock is for service providers
Get a data room
Do the cleanup ahead of time
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16. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Sources of Funding
Founders – savings, IRAs, credit cards, mortgage equity
Debt Financing
Government Grants
Friends and Family
Angels or Seed Investors
Incubators
Pitch Competitions
Institutional (VC or Private Equity)
Alternative Financing:
o Rewards-Based Crowdfunding
o JOBS Act Crowdfinancing
o ICOs, STOs, IEOs
o Royalty Financing (SEALS)
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17. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Founders
77% of startups rely on personal savings (and their parents) for their initial
funds
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Source: Wells Fargo/Gallup Small Business Index
18. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
How Much?
Angels - $25,000
Angel Groups - $250k to $750k
Early stage VC - $1.5 M and up ($3m to $5M)
Later Stage VC - $10M and up
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19. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
VC Funding Process
Pre-seed: early or idea stage, funded by relatives and friends
Seed Round: Development of a minimum viable concept
Series A: traction (product has been verified, is expanding and has support).
Investment for advertising, sales and marketing
Series B: scale (product is large and growing). Financing for branding, sales,
HR, growth and customer support.
Series C: Expanding product categories and gaining access to markets.
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The Lead
Smart Money
Chemistry
Commitment
Deep Pockets
Network
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Debt Financing
Bank Debt
Security
Personal Guarantees
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Government Grants and Loans
Free Money from the Government
https://www.usa.gov/grants
https://www.aprise.org/
https://www.sba.gov/funding-programs
SBIR program
STTR grants
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Friends and Family
38% of startup founders raised money from their
friends and family
$23,000 was the average amount invested by
friends and family per startup
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24. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Outside Money
Angels, VCs, crowdfunding, private equity, etc.
How much to raise?
Milestones
Burn rate
Target runway
Equity percentage and valuation
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25. © 2020 Haynes and Boone, LLP
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Staged Financings
Enough to get to next valuation event
2X
1 to 2 years
Up vs Down rounds
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26. © 2020 Haynes and Boone, LLP
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Executive Summary
Team
Projections
Market
Industry
IP and Patents
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Pitch Deck
Market Size
Team
Product
Go To Market Strategy
Financial projections
NOT VALUATION
Get a professional designer!
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© 2020 Haynes and Boone, LLP
Pitch
Mission
Problem to be solved
Solution (aspirin, not vitamins)
Opportunity
Competition (or alternatives)
Product
Business Model
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29. © 2020 Haynes and Boone, LLP
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Money –The Priced Round
VC or Institutional Investor
Preferred Stock
Valuation Methods
Score Card
Venture Capital Method
Berkus Method
Cayenne Calculator
Risk Factor Summation
Negotiation
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30. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Money –The Priced Round
More Valuation Methods
(Patents + People) x $1 Million
Comparables
Discounted Cash Flow
Market Multipliers
Discount to Public Companies
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31. © 2020 Haynes and Boone, LLP
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Rewards-Based Crowdfunding
Kickstarter, Indiegogo
Marketing effect of offering
Tax issues
FTC or state law liability
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© 2020 Haynes and Boone, LLP
Reg CF Equity Crowdfunding
Crowdfunding (Title III of the JOBS Act)
The company issuer may sell up to $5million of securities in a 12-month
period
Individual investments in all crowdfunding issuers in a 12-month period are
limited by income or net worth tests.
Platforms
WeFunder
Republic
StartEngine
33. © 2020 Haynes and Boone, LLP
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Accredited Only Equity Crowdfunding
Rule 506 now provides for two different types of private offering:
Rule 506(b) is essentially the same as the old Rule 506, providing an exemption for
non-public offerings but prohibiting general solicitation
Rule 506(c) is a new exemption that allows general solicitation, but with certain
restrictions and filing requirements
Rule 506(c): issuers can offer securities through means of general solicitation
as long as:
All purchasers are accredited investors; and
The issuer takes “reasonable steps” to verify the accredited investor status
Crowdfunding
AngelList
SeedInvest
FundersClub
CircleUp
OurCrowd
34. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Reg. A Plus
The JOBS Act included legislation to create what is nicknamed “Regulation
A+”, an upgrade to Regulation A
The new Regulation A keeps the allowance of non-accredited investors, and
features two kinds of Regulation A offerings, called “Tiers”:
Tier 1, with a $20 M maximum, does not preempt state law registration, but has low
federal compliance burdens
Tier 2, with a $75 M maximum, preempts state law registration, but has high
federal compliance burdens including ongoing semi-annual, annual, and current
disclosures
35. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Initial Coin Offering (ICO)
An ICO is a fundraising mechanism in which new projects sell their underlying
crypto tokens in exchange for bitcoin and ether.
Similar to an Initial Public Offering (IPO) in which investors purchase shares
of a company.
Based on tech like ERC20 Token Standard
Investors send funds (usually bitcoin or ether) to a smart contract that stores
the funds and distributes an equivalent value in the new token
Often “pre-sold” to raise money to build the platform
Tokens may have “utility” or security
Traded on exchanges
36. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Royalty Financing
Alternative to regular loans and equity financing
Company receives a specific amount of money from an investor in exchange
for a percentage of the company's future revenues over a certain period of
time, up to a specific amount.
Investment can be considered an "advance" to the company, and the periodic
percentage payments can be considered "royalties" to the investors.
38. © 2020 Haynes and Boone, LLP
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Angels
Angels
Angel Groups
Angel Funds
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39. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Angels
The Good:
Connections to VC funding
Mentorship
Risk capital
The Bad
Hostage takers
Whiners
Demanders
The Ugly
Potential plaintiffs
Disturbers
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40. © 2020 Haynes and Boone, LLP
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SAFEs and Convertible Notes
Convertible Notes and SAFEs
Debt obligations that convert to preferred stock
Conversion feature – automatic, optional, prepayment
Valuation Cap
Sets a maximum valuation at which note will convert
Discount
Early investors get a discount to the preferred price
Change of Ownership
Investors convert to common or get a multiple on a sale of the
company prior to a priced financing round
Shadow Preferred
Pre and Post Money
MFN
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41. © 2020 Haynes and Boone, LLP
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Convertible Debt
Short term
Secured?
Subordinate?
Interest
Fixed repayment
Discount
Valuation Caps
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SAFEs
Simple agreement for future equity
Pre and Post Money
Pro Rata Rights
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© 2020 Haynes and Boone, LLP
Effect of Valuation Caps
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Founders 4,000,000 100% 4,000,000 100%
Stock Pool 0 0% n/a
total 4,000,000 100% 4,000,000 100%
Company sells a $1,000,000 SAFE with a $4,000,000 pre money valuation cap
That means that the SAFE will take 20% of the capitalization ($1,000,000/$5.000,000)
Fully Diluted % Issued %
44. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
The UNSAFE
Valuation Caps + SAFE = Unknown Dilution
Pre–Money – SAFEs take dilution of other SAFEs
Post-Money – SAFEs do not dilute for other SAFEs
https://safegenie.io/ is a tool that helps project pre money SAFE valuation
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45. © 2020 Haynes and Boone, LLP
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Series Seed Stock
Watered down preferred stock
Justifies low common stock price
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46. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Pre and Post Money Valuation Caps
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Founders 4,000,000 100% 4,000,000 100%
Stock Pool 0 0% n/a
total 4,000,000 100% 4,000,000 100%
Company sells a $1,000,000 SAFE with a $4,000,000 pre money valuation cap
That means that the SAFE will take 20% of the capitalization ($1,000,000/$5.000,000)
Fully Diluted % Issued %
47. © 2020 Haynes and Boone, LLP
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SAFE and Conv Debt Traps
Post Money SAFEs
Valuation caps and excessive dilution
Securities law violations
Cap Tables
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48. © 2020 Haynes and Boone, LLP
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Money to Not Take
Investor goals
Cooperation and Accessibility
Control
Terms and Valuation
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49. © 2020 Haynes and Boone, LLP
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“Avoid venture capital unless you absolutely need it.” Randy
Komisar, venture capitalist*
*Straight Talk For Startups
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50. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Should You Take Venture Capital?
Must give up Equity
No near term cash flow
Risky
Illiquid
Can the business scale?
Explosive growth
Huge market
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51. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Which VC should I approach?
Thematic Investors bet on their thesis of what is next
Domain Investors focus on an industry that they know well
Quant Investors focus on data
People Investors bet on the jockey, not the horse
Tech investors bet on the horse
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52. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Venture Capital Economics 2/20 Formula
2% management fee on committed capital
20% carried interest
7 to 10 year terms
LPS want 2 1/2 to 3 times investment return
VC fund must earn 3 to 4 times investment to
return that amount
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Venture Capital Economics – Expected Performance
50% lose money
20% – 30% are singles or doubles
The rest must be home runs (10X to 100X)
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54. © 2020 Haynes and Boone, LLP
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General VC Fit
Large potential market
First Mover or first to market advantage
Long term scale over short term profits
Not able to service debt
Traction!
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Venture Capital Economics – Management
Venture capital will participate in management
Board seats
Board Observer
Management rights letter (for VCOC exemption)
Seven to ten year term (and longer)
Precludes small investments
Board meetings
Management
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Venture Capital Metrics
Team
Domain expertise
Technical co-founders
Technology or product
Solve problems, address pain points
Customer validation
Market size
Must be a huge market
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© 2020 Haynes and Boone, LLP
Picking a VC
Reputation
Likelihood of closing
Stage of fund
Size of Fund
How much dry powder?
Is there a fund 2, fund 3 etc.?
Are they litigious?
Deal with decision makers
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© 2020 Haynes and Boone, LLP
Entrepreneur VC Fit
Network
Temperament
Advice
See the published email from the CEO of CircleUp to an
investor at for an example of a VC/Founder relationship
that did not work out
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© 2020 Haynes and Boone, LLP
Company VC fit
Capital intensive business?
Follow on funding?
Time to exit
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Structuring For Venture Capital
Business Model
Choice of Entity
Cap Table
Vesting
Debt
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Series A is the New Series B
Series Seed
Pre-Seed
Series A-1, A-2
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Types of Funds
Micro VC – angels with other people’s money
Seed Stage Fund – early, first institutional money
Mid Stage – B and beyond
Late Stage
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Syndicates
Lead or Co Lead and followers
Party rounds
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Other Parties
Lawyers
CPA
Banker/Broker/Finders
Mentors and Advisors
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© 2020 Haynes and Boone, LLP
Strategic Venture Capital
Can you pivot?
Will it affect customers?
Follow on investors
Change in management
Strategic agreements
Confidentiality
ROFR, right of first look, right of first offer
Strategic objectives
Less operational involvement
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© 2020 Haynes and Boone, LLP
Venture Debt
Expensive (fees and warrant coverage)
Secured by IP
Less dilution
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© 2020 Haynes and Boone, LLP
Venture Studios
Bet on the trainer, not the horse or the jockey. (GSSN, “Why the Startup
Studio Model is Where Investors Find Capital Efficiency”)
Venture studios, venture builders, company builders
Create startups providing the initial team, strategic direction and capital.
Closely involved in the day-to-day operations and strategic decisions.
Venture studio’s employees may stay in the portfolio company after funding or
work on a new startup.
Take up to 50% equity
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Choice of Entity
Limited Liability Company (LLC)
S Corporation (S Corp)
C Corporation (C Corp)
Foreign Corporation
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69. © 2020 Haynes and Boone, LLP
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Advantages of a C Corporation
1. Operating Agreements
2. S Elections
3. Suspended Losses
4. 704(c) Allocations
5. Venture Capital
6. QSB Stock
7. Stock Option Plans
8. LLC Debt
9. Reorganizations
10. Fringe Benefits
11. Audits and Liabilities
12. Contingent Allocations
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Qualified Small Business Stock – 1202 and 1045
General Requirements
Original issue
Five-year holding period
100% post-Sept. 27, 2010
C Corporation issuer
Up to $10 million or 10 times basis exclusion
1045 Rollover treatment
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$50 million Gross
Assets Test
Active Business Test
No significant
redemptions
Note: California does not follow federal income tax treatment of QSB stock under
I.R.C. § 1202.
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© 2020 Haynes and Boone, LLP
VC Considerations
1. QSBS
2. VC’s LPA will not allow investment in a
passthrough
1. Tax exempt investors want to avoid UBTI
2. Foreign investors want to avoid ECI
3. VC wants to be able to manage losses
1. No K-1’s showing losses
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Founder’s Equity
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Vesting
Equal Percentages
Subjective
Formula
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Advisors
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FAST Model
Valuation
Milestones and
Deliverables
Vesting Stock v.
Options
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Currency
Options
NSOs
ISOs
Extended NSOs
RSUs
Restricted Stock
Phantom Plan Units
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Vesting
Who should vest
How long?
Acceleration?
Change of control
Termination without cause
Double and single triggers
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The VC’s View of Vesting
VC will require unvesting shares so vesting period could be 8 years
Fund life can be 7 to 10 years
Most exits are M&A - Fewer and longer IPOs
Extended Option exercise periods
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Class F Supervoting Stock
Special class of common that has super voting rights
Facebook, Google Snap
May be negotiated away in institutional round
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Transfer Restrictions
Right of First Refusal (ROFR)
Lock Ups
Co-Sale Rights
Drag Along
Buy Sell
Rule 144
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Cap Table
Common Stock
Options
Warrants
Convertibles
Preferred Stock
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Capitalization
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Founders 5,000,000 38% 5,000,000 45%
Stock Pool 2,000,000 15% n/a
Series A 3,000,000 23% 3,000,000 27%
Series B 3,000,000 23% 3,000,000 27%
total 13,000,000 100% 11,000,000 100%
Fully Diluted % Issued %
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Other Diligence Issues
IP Rights
Patents
Invention Assignments
Licenses and ownership
Data security
Employment Claims (Homejoy)
Tax Claims
Regulatory
Litigation
Claims by prior employer
Entrenched Management
Material Agreements
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Term Sheets
Valuation
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Participation
Participating preferred stock returns its investment and
then shares pro rata in proceeds of a sale
Non-participating convertible preferred stock either gets a
return of its investment or its pro rata share of proceeds
Participation may be capped at a multiple of the
investment
Conversion to common – auto-conversion and majority
vote
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Dividends
Preferred will have a dividend preference.
A cumulative dividend on preferred shares must be paid
before any other dividends on common.
o If the company can't pay out a cumulative dividend in a
year, the amount is carried forward.
o Common in private equity deals, not in venture
Non-cumulative is only paid when as and if declared.
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Liquidation Preference
Who gets paid first and how much?
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Example of Liquidation Preference
1X Non participating convertible preferred
$1,000,000 invested for 10%
Ex 1: Exit (sale) of company for $5,000,00
Ex 2: Sale for $20,000,000
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© 2020 Haynes and Boone, LLP
Board Representation
Size of board
Founder-friendly boards
Role of the Board
Observers
Indemnification
Insurance
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© 2020 Haynes and Boone, LLP
Board rights
Indemnification
D&O Insurance
Right to designate
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© 2020 Haynes and Boone, LLP
Protective Provisions
Class vote or majority vote
Delaware law
Separate vote for later investors
Do the interests of different
investors diverge?
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90. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Protective Provisions
Standard:
Right to veto or block certain corporate
actions
Sale of the company
Amendment to the company’s certificate or
bylaws so as to adversely alter or change the
rights of preferred stock
Increase or decrease in the number of
authorized shares of preferred or common
Authorization or issuance of equity security
having a preference over, or being on a parity
with, preferred stock
Redemption of shares of preferred stock or
common stock
Declaration or payment of dividends
Change in the authorized number of directors
of the company
Other:
Hiring, firing or change in the compensation of
officers
Any transaction with any director, executive or
employee of the company
Incurrence of indebtedness in excess of
$[____]
Change in the principal business of the
company or the entering into any new line of
business
Any purchase of a material amount of assets
of another entity
Option plan increase
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© 2020 Haynes and Boone, LLP
Information Rights
Financial statements and other information
Thresholds
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Registration Rights
Requires a company to list the shares publicly so
that the investor can sell
Demand rights
Piggyback rights
S-3 rights
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© 2020 Haynes and Boone, LLP
Common restrictions: Co-Sale Rights, ROFR, Drag
Along
Co Sale and Tag-Along Rights – right to participate in a
sale
Right of First Refusal – right of company (first) and
investors (second) to require shares to be offered to each
of them before a third-party sale
Drag Along – right to force shareholders to sell in an exit
Board, common and preferred approvals
Small shareholder carveout
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© 2020 Haynes and Boone, LLP
Founder Vesting
Term, milestones, commencement
Acceleration
Single and double triggers
Fire the Founder
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95. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Pro Rata rights
Right to maintain, right to participate
Major investors
Limited by amount of money company wants to raise
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96. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Option Plan
Increased pre money
409A valuations
Extended exercise periods for NSOs
96
97. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Redemption Rights
Feature of Preferred Stock
Right to put stock to company, usually after a period of time and
over time
Is effectively a right to force a sale of the company
97
98. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Anti-Dilution
Broad-based weighted average
Narrow-based weighted average
Full ratchet
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99. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Exclusivity
No-shop
30 to 60 days
99
100. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
NonBinding
30 day no shop
Confidentiality
Is it really nonbinding?
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101. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Planning for later rounds
Overly favorable terms
Valuation planning and down rounds
Reverse splits
Cap table management
Fire the CEO
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102. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Troubled Company Terms
Forced conversion to common
Full ratchet
Uncapped participating preferred
Insider rounds
Low valuations
Down rounds
Trigger anti dilution protection unless waived
Pay to play
requires existing investors to invest on a pro rata basis
in subsequent rounds or they lose preferential rights
(anti-dilution, liquidation preferences, voting rights)
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103. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Successful Exits
IPO
Sale or Acquisition
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104. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Unsuccessful Exits
Zombie Companies
In re Trados Inc. Shareholder Litigation
Bankruptcy or Insolvency Reorganizations
Fire Sales
Management carveouts
Fiduciary duties: shareholders, optionees, preferred and
creditors?
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105. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Other Unsuccessful Exit Issues
Tax Liability
Personal Liability
Tax
Employment
Fiduciary Claims
Securities Law Claims
Contractual
Pierce the veil and creditor claims
Serial Entrepreneurs and failed companies
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106. © 2020 Haynes and Boone, LLP
© 2020 Haynes and Boone, LLP
Bibliography of Essential Reading
10,000 Startups: Legal Strategies for Startup Success
Dead on Arrival: How to Avoid the Legal Mistakes that Could Kill Your Startup,
Roger Royse
Straight Talk For Startups, Randy Komisar and Jantoon Reigersman
The Startup Checklist, David S. Rose
Angel, Jason Calcanis
Venture Deals, Feld and Mendelson
The Startup Game, William Draper
Secrets of Sand Hill Road, Scott Kupor
How to be the Startup Hero, Tim Draper
Make Elephants Fly, Steve Hoffman
Getting to Wow, Bill Reichert
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107. AUSTIN
600 Congress Avenue
Suite 1300
Austin, TX 78701
United States of America
T +1 512.867.8400
F +1 512.867.8470
CHARLOTTE
101 S. Tryon Street
Suite 2250
Charlotte, NC 28280
United States of America
T +1 980.771.8200
F +1 980.771.8201
CHICAGO
180 N. LaSalle Street
Suite 2215
Chicago, IL 60601
United States of America
T +1 312.216.1620
F +1 312.216.1621
DALLAS
2323 Victory Avenue
Suite 700
Dallas, TX 75219
United States of America
T +1 214.651.5000
F +1 214.651.5940
DALLAS - NORTH
2505 North Plano Road
Suite 4000
Richardson, TX 75082
United States of America
T +1 972.739.6900
F +1 972.680.7551
DENVER
1050 17th Street
Suite 1800
Denver, CO 80265
United States of America
T +1 303.382.6200
F +1 303.382.6210
FORT WORTH
301 Commerce Street
Suite 2600
Fort Worth, TX 76102
United States of America
T +1 817.347.6600
F +1 817.347.6650
HOUSTON
1221 McKinney Street
Suite 2100
Houston, TX 77010
United States of America
T +1 713.547.2000
F +1 713.547.2600
LONDON
1 New Fetter Lane
London, EC4A 1AN
United Kingdom
T +44 (020) 8734 2800
F +44 (020) 8734 2820
MEXICO CITY
Torre Esmeralda I, Blvd.
Manuel Ávila Camacho #40
Despacho 1601
Col. Lomas de Chapultepec,
DF 11000
Mexico City, Mexico
T +52.55.5249.1800
F +52.55.5249.1801
NEW YORK
30 Rockefeller Plaza
26th Floor
New York, NY 10112
United States of America
T +1 212.659.7300
F +1 212.918.8989
ORANGE COUNTY
600 Anton Boulevard
Suite 700
Costa Mesa, CA 92626
United States of America
T +1 949.202.3000
F +1 949.202.3001
PALO ALTO
525 University Avenue
Suite 400
Palo Alto, CA 94301
United States of America
T +1 650.687.8800
F +1 650.687.8801
SAN ANTONIO
112 East Pecan Street
Suite 1200
San Antonio, TX 78205
United States of America
T +1 210.978.7000
F +1 210.978.7450
SHANGHAI
Shanghai International
Finance Center, Tower 2
Unit 3620, Level 36
8 Century Avenue, Pudong
Shanghai 200120, P.R. China
T +86.21.6062.6179
F +86.21.6062.6347
THE WOODLANDS
10001 Woodloch Forest Drive
Suite 200
The Woodlands, TX 77380
United States of America
T +1 713.547.2100
F +1 713.547.2101
WASHINGTON, D.C.
800 17th Street NW
Suite 500
Washington, D.C. 20006
United States of America
T +1 202.654.4500
F +1 202.654.4501
© 2020 Haynes and Boone, LLP
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