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On se plaint souvent que l’Europe est morcelée, parle plusieurs langues, utilise plusieurs monnaies, n’est pas un continuum logistique, ni technologique d’ailleurs au niveau des infrastructures, et du coup représente un marché beaucoup moins propice au lancement de grosses boîtes dans le web. Un autre aspect de ce découpage en « petits » pays, du point de vue des startups, concerne les phases de financement et de levée de fonds : plus de pays, plus de fonds (numériquement), mais plus petits et moins connectés à l’international… Hé bien les choses bougent (doucement) avec pour la première fois des fonds d’investissement qui se regroupent pour envisager de bonnes pratiques en investissement (notamment transfrontalier)… Cela a pris forme très récemment avec (et on salue le coup de comm’ qu’ils s’offrent au passage) la rédaction d’une TermSheet commune de la part de 21 fonds d’investissements.
Term Sheet “standard” : ce qu’il faut en retenir… | Création d'entreprise ! | Guilhem Bertholet
Want to Know How VC’s Calculate Valuation Differently from Founders? | Both Sides of the Table
Back in 1999 when I first raised venture capital I had zero knowledge of what a fair term sheet looked like or how to value my company. Due to competitive markets we ended up with a pretty good term sheet until we needed to raise money in April 2001 and then we got completely screwed.
Valuation and Option Pool
One of the more contentious things in the negotiation between an entrepreneur and a VC over a financing, particularly an early stage financing, is the inclusion of an option pool in the pre-money valuation. As my friend Mark Pincus likes to say, "it's just another way to lower the price".
Options on early stage companies cdixon.org – chris dixon's blog
I believe that what I’m about to say is accepted by venture capitalists as fact, even trivially obvious fact, yet very few entrepreneurs I meet seem to understand it. An option on a share of stock of an early stage company is (for all practical purposes) equal in value to a share in that early stage company. Not less, as most entrepreneurs seem to believe (and god forbid you think “the VCs have the option to put in more money” is economically advantageous to you).I get a lot of heat every time I mention that I won't invest without a liquidation preference.
A VC: Here's Why You Need A Liquidation Preference
termsheet