Venture Deals, Third Edition

Be Smarter Than Your Lawyer and Venture Capitalist
Narrated by: Jason Mendelson, Brad Feld
Length: 6 hrs and 35 mins
5 out of 5 stars (521 ratings)

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Publisher's Summary

Get the inside scoop on what venture capitalists want to see in your start-up

Venture Deals provides entrepreneurs and start-up owners with a definitive reference for understanding venture capital funding. More than an overview of the process, this book delves into the details of the term sheet, the players, the negotiations, the legalities, and more, including what not to do. This new third edition has been updated to reflect the new realities of today's intricate start-up environment: You'll learn how the decisions are made, what every item on the term sheet means, what's up for negotiation, and what's not. You'll discover the secrets to expanding your prospects, negotiating the right deal for your company, and figuring out the right balance of funding versus control. You'll see the process through the eyes of the venture capitalist, the angel investor, the syndicate, and the lawyer and develop a strategy that makes funding your company a win for all parties involved.

This book is designed to help entrepreneurs succeed by bringing transparency to the venture capital funding process. Veteran investors walk you through the process from start to finish and beyond to help you:

  • Understand how venture capital funds work and how investors decide to invest
  • Learn effective negotiation tactics based on game theory
  • Delve into the meanings behind the term sheet's economic and control issues
  • Avoid common issues that sink deals at the seed, early, mid, and late stages

Written by the experts at Foundry Group, this unique guide is expressly geared toward those on the other side of the table; instead of parsing investor-focused advice and working backward, you get actual insider information on what the people with the money want to see. If you're ready to take the next step for your business, Venture Deals is an essential listen.

©2016 Brad Feld and Jason Mendelson (P)2017 Audible, Inc.

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Also recommend signing up for their free course online

I bought this book as a companion to taking Venture Deals free online course which covers the same topics- but has you work in groups and gives weekly assignments over 7 weeks to allow you to better understand the material. The course was recommended through our Accelerator to add to our knowledge base from there. Both the book and the course are invaluable tools for a new entrepreneur to understand the structure, positions and language of VCs.

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Excellent primer for Angel Investor, VC, Founders

As a new angel investor, I thought this book was excellent to give me an introduction of pretty much every document informed use in the Investing/venture process. It talked about everything from LOI, to redemption rights and everything in between. I would put this on my must read list for new investors... Even if you are not a VC, it still contains information you need to know.

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Excellent! Insightful! Detailed! Very well explained!

Excellent book! I really recommend this book, explained with thorough details on every aspect of a deal!

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The Entrepreneur's Fundraising Handbook

* Lead investors tend to contribute a majority of capital in a round
* There are all kinds of VC funds—make sure you’re talking with a fund that specializes in your sector and stage (seed, growth, late-stage)
* Your VC has raised money just like you have—General Parters generally contribute 1%-5% of a fund, with Limited Partners contributing the rest
* Ask your VC their strategy for follow-on funding (the pool of funding they have set aside to participate in future rounds)
* Make sure you’re talking with a decision maker at the fund before getting your hopes up—usually a General Partner
* When coming into negotiations, choose a few key fundamentals and be willing to compromise on the rest, as well as knowing at what threshold you should step away from the deal
* Most VC funds last anywhere between 10 and 17 years; if your VC invests, this is the beginning of a long relationship (and is about a lot more than the money)
* VCs will do everything they can to gain control over key decisions in the future of your company while having a minority stake
* Make sure you understand all of the terms in your note; there are dozens of industry-specific terms that can have a lot of bearing on the future of your company; also understand what terms matter and what terms don’t. Don’t sign anything you don’t understand.
* Don’t propose a term sheet/price to a VC; let them play their hand first and negotiate from there
* Never tell a VC who else you’re talking to, unless you want them to form a syndicate
* Your lawyer is a reflection of you. An excellent lawyer is worth every penny.

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Great advice, wish I read earlier

Jason and Brad do am amazing job covering the broad spectrum of challenges, opportunities, and strategies in fundraising and acquisitions. I highly recommend reading or listening to this book if you are going to build and sell businesses.

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Must-read for founders

Lays out the foundation for start-up funding.

Simple and clear explanations to terms that are used but aren't always understood.

Recommended to any founder that wants to master the VC game.

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Venture capital business clearly explained

Venture capital business clearly explained in a straight forward and simple way. A must read for anyone who is seriously considering building a company and raising investors money. (preferably before you start doing it)

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Must read for Founders seeking VC Funding

Jason and Brad unpack the mysteries and cut through the jargon and legalize associated with Term Sheets and Letters of Intent. I highly recommend reading this if you’re going to be involved with startup fundraising or getting acquired.

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Excellent content

Not a fan of the readers switching back and forth. There's also an area where two different readers read the same material.

Overall content is a must for anyone looking for VC money. One of my favorite books on audible.

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Must listen resource - Please add WhisperSync!

We have owned a business for many years. At the recommendation of a friend in YPO, I just listened to Venture Deals. We are not seeking capital, but rather expanding our understanding of how some of our friends are doing business. I found this book to be insightful, detailed, and easy to understand.

Would you consider adding Whispersync to the Audible / Kindle versions of the book? It would have been good to be able to pick up my Kindle where I left off in the car.

Thank you for taking the time to create such a valuable resource. Well done.

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  • Fedir Makarchuk
  • 11-15-19

Great book. Not for audio!

This book is a wonderful guide, but please get it in writing.
The book contains lots of case-studies and lots of lists. It is very hard to grasp such information in audio format, unless you are perhaps sitting at the desk and with a notepad an a pencil, but in that case you are once again better off with a text version of it.

2 people found this helpful

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  • LC
  • 05-03-20

Great primer on how venture deals work

Explains how venture deals work and what you need to know about them to make it go smoothly, negotiate a deal, and avoid common pitfalls. Would recommend for anyone who wants to get venture funding.

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  • buchurs
  • 01-10-20

great book but poor production

lots of background noise, really poor QC of the recording. but the book is great and worth reading/ listening to.

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  • Thomas Sichel
  • 04-20-19

A must read for entrepreneurs

This book has made the venture cap deal clear and understandable!

great advice and a must read

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  • Marc Schroder
  • 08-29-18

Amazing Audio Book on VC Deals, from the experts

if you have limited amount time but still want a excellent overview on VC deals then this is your book

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  • A. Pulley
  • 11-28-17

Brilliant

Brilliant. This is the bible!
Brilliant. This is the bible!
Brilliant. This is the bible!
Unique words.

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  • Anonymous User
  • 06-21-19

All entrepreneurs read on

An excellent read for the budding founder of any new business.

Is a little bit USA ified but if you see past that it covers all main things to know.

1 person found this helpful

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  • Anonymous User
  • 05-13-19

Very Informative

Complex at times, especially when learning new terms. Listening without an accompanying document I found myself rewinding to listen to many parts 10 or more times.

It is very good to learn what motivates the different players and to understand the language before diving into the industry from any angle.

Highly recommended title.