Oxide and Friends Founder vs. Investor with Liz Zalman and Jerry Neumann
34 snips
Nov 22, 2025 
Liz Zalman, a founder and coauthor of Founder vs. Investor, shares her candid experiences with tough term sheets and the stress of last-minute deal changes. Jerry Neumann, an investor and coauthor, discusses why VCs sometimes retract offers, citing fear and career risks. Seth Winterroth, an Oxide investor, highlights the importance of supportive investor relationships during crises. Together, they dive into the nuances of founder-investor dynamics, board responsibilities, and the value of transparency in negotiations.
AI Snips
Chapters
Transcript
Episode notes
Signed Term Sheet Pulled At The Last Minute
- Liz recounts a signed term sheet being pulled three days before closing, leaving her company stranded.
- That investor walked away over minutiae and caused real damage to the startup's fundraising process.
Vet Investors Regardless Of Warm Introductions
- Do reference-check investors even if they come via a trusted connection; prior internal relationships don't replace vetting.
- Back-channel portfolio founders to learn how investors behave under stress.
New VCs May Prioritize Career Safety Over Risk
- New VCs can have more to lose career-wise and thus avoid bold decisions, which harms founders.
- Venture success requires courage because most investments will fail and risk-taking is essential.