WILEY Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist

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Loved it - very helpful honest and approachable.

Very informative book and a must read for any entrepreneurs looking to raise VC funds. I expected this book to be dry, however, I was pleasantly surprised to find that it wasn't at all. Brad and Jason bring you into the world of VC deals to help get the best terms from any VC deals. This book really helped me when we were going through a raise.

This book is a MUST-HAVE for entrepreneurs. I'm currently a founder of a startup (www.CareerDean.com) funded by an accelerator in Silicon Valley. Since I am a first-time entrepreneur, there was a lot I had to learn, especially in regards to fundraising.I've read everything you can possibly read online, but nothing is as good as Venture Deals. Fundraising is hard, but they explain the process in a simple manner. The book not only explains fundraising concepts, but they present strategies as well.I was a bit hesitant at first because the authors are investors. They could have very well written the book to help themselves instead of the entrepreneurs. After reading the book, I'm fully convinced that this book was written to give the entrepreneurs a leg-up, and not the other way around. Why do I think this? Because since reading this book, I have talked to countless investors and VCs. What I've learned has given me an advantage.As a first-time entrepreneur, you'll make mistakes when raising money from investors. That's inevitable. But this book will help you make less mistakes.I'll be honest. I tried to find a pirated PDF online (I live on a startup budget...). I reluctantly bought it when I couldn't find any (though I'm sure you could if you tried hard enough). I don't regret it one bit. Even if you find a pirated version, you should buy this book because you'll want to keep referencing back to it.With the help of Venture Deals, our startup has already raised a good amount of money. I consider this one of my best investments.

Let me tell you why this is book is outstanding and an invaluable addition to any entrepreneur’s armoury. While listening to inspirational stories and insightful opinions from ‘hero founders’ such as Thiel, Khosla and (insert name from Horowitz to Hogwarts) is great; it’s actually counter-productive and in some ways even detrimental. That’s not a criticism, I love listening to such fireside chats and I don’t doubt their value as a platform for inspiration. That said, bear in mind that the worlds future super-founders are not sharing your experience. They are out there actually testing their hypothesis and actively pursuing their dreams; they are building their companies not envying the historic achievements of others. And this is the beauty of this book, it actually helps you with the ‘doing part’ of being an entrepreneur.An essential part of any start-up is understanding the term-sheet and learning how to negotiate with investors. This book covers a wide range of essential VC deal topics from understanding what VCs are, to how they raise their funds and importantly the structure and implications of the term sheet. The latter point is the focus of the book and the most valuable takeaway. Not learning about how a term sheet is created, why the terms are there in the first place and the implications for you and your shareholders of said terms is ridiculous, lazy and actually a sign of incompetence. Now of course there will be situations where you do a bad raise and you actively understand your getting a bum deal. But to put yourself in that situation because you didn’t prepare and learn about what you were getting yourself into, that’s an error that could have been avoided. This book explains what to do, what not to do and how the VCs themselves are thinking. It gives you an honest insight from the other side of the table from two highly experienced VCs with over 17 years of investing experience (at the time of publication). They have done hundreds of deals and negotiated thousands of term sheets. You on the other hand will be faced with your first, hence why this book is a must-have.The authors walk you through the whole term sheet, explaining what on the surface may seem like complex terms in a thorough and easily digestible manner. This book is certainly accessible to first time entrepreneurs with limited knowledge of finance or business. That does not mean however that more seasoned individuals would not benefit from its insight. The amount of times I have heard ‘knowledgeable’ founders say stuff like ‘it’s okay, we will just hire a lawyer’ is absurd. Unless that lawyer is experienced in VC financings, they likely know little more than you and relying on them is a mistake (and a costly one). After reading this book you will know within 5 minutes of meeting any potential lawyer whether they are going to be valuable to you and your term sheet negotiations. At just over 200 pages it is a quick read and in no way boring or tedious. The style of the book follows the following overarching format: what does the particular clause mean? - why is it there? – why should the founder care? – why should the VC care? - what are the implications of the clause? - can it be negotiated? - should you bother negotiating it etc. Appendices include an example term sheet, an example letter of intent and links to additional entrepreneur-valuable resources. There is also a thorough glossary in case you need to refer back to what some of the legal jargon actually means.Stories of flying cars and worlds inhabited by super hot AI-solved robots are sexy, the idea of a book on term sheets is outright mundane. Yet the later is inherently more valuable to the entrepreneur. The price of this book is ~$35, its value is easily tens to hundreds of $1000s (I can only imagine the wide-spread delight that passed through the VC community upon its release………). Buy it, read it and then give it to someone else.NickW