12. Advising Early-Stage Startups (Glenn Gottfried)
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified
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The Evolution of the Fund Raise
Some wannabe angels are out of a job. They're viewing this as a mechanism to find a job, but they don't understand that they'll never get paid the salary. When you're an advisor early on, sometimes you get equity in return for that. Sometimes you get a discount on the next round. There's not always one set of terms. And that's what every investor signs up for. Early investors take on more risk than the later investors.
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