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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Money on the Sidelines
There is a lot of money sitting on the sidelines right now. According to the National Venture Capital Association, 235 venture funds raised nearly $35 billion in 2007. This is after a string of steady growth years beginning in 2002. Furthermore according to the NVCA, 130 venture funds have raised more than $16 billion so far in 2008. This seems to me to be a very high number. It provides support for the anecdotal evidence that a lot of funds, including early stage funds, have been raised in the last few years. The National Venture Capital Association also reports that venture...
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