Forms for angel and seed investments
Despite all the talk in the legal world about forms, and there is a lot of it, and despite the great success of the NVCA Series A documents project originally inspired by Sarah Reed, it took Fred Wilson’s recent blog post to create some interesting back and forth commentary on seed forms. Good forms are a wonderful thing. They can save tons of time and cost – each of which is in short supply for early stage entrepreneurs. Now, not every shoe fits every foot, and sometimes work is needed and is appropriate. At the risk of stating the obvious,...
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NVCA Forms Project
For the first time in several years, I was able to actually attend (as opposed to sign up for and then not be able to go) the annual meeting of lawyers and VC in-house counsel that was organized by Sarah Reed (of Charles River) long ago to develop what are now the NVCA document forms. In my view, this is one of (perhaps the) most successful forms projects ever undertaken. We are about to publish EEC Perspectives for Q4 (the link is to Q3, but Q4 will be available in the next day or so) and year end. It will show very high...
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What is and what is not standard
The venture industry has spawned a fairly standard set of legal forms. Sarah Reed, formerly general counsel to Charles River Ventures, was the primary moving force behind the forms project. I was one of the early participants along with representatives from many of the major venture funds and law firms that regularly practice in the venture space. This includes east coast and west coast firms.. The project is perhaps six or seven years old. The project has produces a comprehensive set of investment documents and the group meets annually to upkeep and improve the documents. These docs are publicly available...
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