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Last night I gave a talk hosted by SVB at their Palo Alto office. It was part of the “Never Ending All Old Is New Again Venture Deals Book Tour.” I had a ton of fun talking to and answering questions from about 75 entrepreneurs who – at the minimum – enjoyed eating the great food and wine that SVB provided on a luscious evening in Palo Alto. Oh – and I signed a bunch of copies of Venture Deals.
Several questions came up about Convertible Debt. We touch on it in Venture Deals but realized that we didn’t cover it in enough depth so Jason recently wrote a Convertible Debt series on Ask the VC. The series is now complete – here are the links to the posts in order.
- Convertible Debt Series
- Convertible Debt – The Discount
- Convertible Debt – Valuation Caps
- Convertible Debt – Conversion Mechanics
- Convertible Debt – Conversion In A Sale Of The Company
- Convertible Debt – Other Terms
- Convertible Debt – Warrants
- Convertible Debt – Early Versus Late Stage Dynamics
- Convertible Debt – Wrap Up
If you feel like we missed anything, or got anything wrong, or were confusing in our explanation, please chime in on the comments on the post. If you want to see an actual convertible debt term sheet or the actual legal documents, take a look at the TechStars Open Sourced Model Seed Financing Documents.
As a bonus to the evening, I got some direct, constructive feedback from one of the attendees via email later that night. While the “thank you” and “good job” notes are nice, I only learn when someone criticizes me (hopefully constructively, but I can handle it in any form.) The feedback was:
May I make a constructive criticism regarding your talk tonight? Your answers to audience questions tend to be overly long and rambling…..you “overanswer,” to invent a word. You start strong and respond right to the essence, but then your focus blurs and you keep taking verbal baby steps away from the thought stream. If you trim a minute or two off each answer, you can call on more people and hear more questions, which sends more people home happy. I think if you self-critique a video of yourself in a Q&A session, you’ll arrive at the same conclusion.
It’s a good suggestion. I often try to provide additional context to the question, but it sounds like – at least for one person – I went off on a few space jams that weren’t additive. I love the phrase “overanswer” – it’s a lesson from TV interviews 101 (e.g. just answer a question – any question – quickly). Something to ponder as I continue the Never Ending All Old Is New Again Venture Deals Book Tour.
Jason Mendelson and I are doing office hours at the Boulder Bookstore on Monday 9/26. We will be hanging out from 2pm – 5pm and chatting with whomever comes by. It’ll also be a chance to buy a copy of Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist from your local bookstore and get a copy of it signed by both of us while you wait.
We’ve been asked by a lot of folks how to get a copy of the book signed by us. This is one way; the other is to buy a signed copy directly from us off of the AsktheVC site. Either way, we’d be happy to see you on Monday if you want to swing by. I think Jason will be wearing his wig from I’m a VC.
On This Week In TechStars #6, David Cohen interviews Jason Mendelson on the making of our
hard hitting documentary on VCs music video “I’m A VC.” The interview happens in Jason’s basement music studio where much of I’m A VC was written, composed, sung, recorded, and – well – whatever you do in a music studio.
If you haven’t yet watched I’m A VC, what are you waiting for? And, if you have a connection to Stephen Colbert or Jon Stewart, give me a shout as we’d love to help them educate the world about venture capitalists, along with helping promote our book “Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist.” Mendelson on the Colbert Report – doesn’t that sound cool?
In the “if you can’t laugh at yourself, who can you laugh at” category, I present the video I’m A VC. The formal press release, Foundry Group Premiers Documentary Film About Secret Lives of Venture Capitalists, explains things more fully.
My partner Jason Mendelson created, composed, wrote, sang, and produced the whole thing and explains the back story of I’m a VC on his blog. It’s awesome working with incredibly talented people who have a sense of humor and a willingness to make fun of themselves while letting me make fun of myself. And no – I can’t dance for shit, nor can I sing.
Entrepreneurs – you make our world go around. This is dedicated to you.
I’ve always loved getting books signed by the author. As an author of two books, it makes me smile a huge smile when someone asks me to sign a copy of my book for them.
With Kindlegraph, I can finally sign my Kindle books. I met the founder, Evan Jacobs, at Glue a few months ago. He had just started putting books up on it and I immediately told him that I was game to put Do More Faster up. I tweeted about it and signed a few.
Now that Venture Deals is out I’ve got them both up on Kindlegraph. If you have a Kindle version of either book, or you are buying one, and want me to sign it, just go to my Kindlegraph author page and request for me to sign the book.