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	<title>Venture Hacks &#187; Summary</title>
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		<title>Our new archives</title>
		<link>http://venturehacks.com/articles/new-archives</link>
		<comments>http://venturehacks.com/articles/new-archives#comments</comments>
		<pubDate>Tue, 23 Dec 2008 13:29:31 +0000</pubDate>
		<dc:creator>Nivi</dc:creator>
				<category><![CDATA[Summary]]></category>

		<guid isPermaLink="false">http://venturehacks.com/?p=539</guid>
		<description><![CDATA[Check out our new archives. They look like this: We&#8217;ve gone through every single one of our 142 posts and (1) renamed some, so they summarize their contents more effectively and (2) filed all of them in the appropriate categories. Most of the posts are filed in more than one category. If you&#8217;re just getting [...]]]></description>
			<content:encoded><![CDATA[<p>Check out our new <a href="/archives">archives</a>. They look like this:</p>
<p style="text-align: center;"><a href="http://venturehacks.com/archives"><img class="alignnone size-full wp-image-540 aligncenter" title="archives" src="http://venturehacks.wpengine.netdna-cdn.com/wp-content/uploads/2008/12/archives.png" alt="" width="500" height="830" /></a></p>
<p>We&#8217;ve gone through every single one of our 142 posts and (1) renamed some, so they summarize their contents more effectively and (2) filed all of them in the appropriate categories. Most of the posts are filed in more than one category.</p>
<p>If you&#8217;re just getting started, check out our posts on <a href="/archives#starting-up">starting up</a>, <a href="/archives#lawyers">lawyers</a>, and <a href="/archives#pitching">pitching</a>. If you&#8217;re negotiating a term sheet, you might like our posts on <a href="/archives#auctions">auctions</a>, <a href="/archives#board-of-directors">boards of directors</a>, and <a href="/archives#vesting">vesting</a>. If you&#8217;re busy executing, check out our posts on <a href="/archives#lean">lean</a> and <a href="/archives#advisors">advisors</a>.</p>
<p>The archives contain 75 categories in alphabetical order and, within each category, posts are in chronological order.</p>
<p>The <a href="/old-archives">old archives</a> will stay online, but they&#8217;ve been out-of-date for quite a while and are now deprecated.</p>
<p>So, how can we make our archives more useful to you?</p>
]]></content:encoded>
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		<title>Updated: Our top 10 term sheet hacks</title>
		<link>http://venturehacks.com/articles/updated-top-10-term-sheet-hacks</link>
		<comments>http://venturehacks.com/articles/updated-top-10-term-sheet-hacks#comments</comments>
		<pubDate>Sun, 09 Nov 2008 22:07:26 +0000</pubDate>
		<dc:creator>Nivi</dc:creator>
				<category><![CDATA[Presentations]]></category>
		<category><![CDATA[Summary]]></category>

		<guid isPermaLink="false">http://venturehacks.com/?p=505</guid>
		<description><![CDATA[We&#8217;ve updated the presentation in Our top 10 term sheet hacks. The new presentation includes the notes that accompany each slide. I&#8217;ve also included the new presentation below. Watch it in full screen mode for maximum pleasure. The full screen button is at the bottom right of the embed and it looks like this: . [...]]]></description>
			<content:encoded><![CDATA[<p>We&#8217;ve updated the presentation in <a href="/articles/our-top-10-term-sheet-hacks">Our top 10 term sheet hacks</a>. The new presentation includes the notes that accompany each slide.</p>
<p>I&#8217;ve also included the new presentation below. Watch it in full screen mode for maximum pleasure. The full screen button is at the bottom right of the embed and it looks like this:  <img class="alignnone size-medium wp-image-506" title="fullscreen" src="http://venturehacks.wpengine.netdna-cdn.com/wp-content/uploads/2008/11/fullscreen.png" alt="" width="25" height="25" />.</p>
<p><center></p>
<div id="__ss_725011" style="width: 477px; text-align: left;"><object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="477" height="510" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0"><param name="allowFullScreen" value="true" /><param name="allowScriptAccess" value="always" /><param name="src" value="http://static.slideshare.net/swf/ssplayerd.swf?doc=top-10-term-sheet-hacks-1225925669739638-8&amp;rel=0&amp;stripped_title=top-10-term-sheet-hacks-presentation-725011" /><embed type="application/x-shockwave-flash" width="477" height="510" src="http://static.slideshare.net/swf/ssplayerd.swf?doc=top-10-term-sheet-hacks-1225925669739638-8&amp;rel=0&amp;stripped_title=top-10-term-sheet-hacks-presentation-725011" allowscriptaccess="always" allowfullscreen="true"></embed></object></div>
<p></center>(Slides: <a href="http://www.slideshare.net/venturehacks/top-10-term-sheet-hacks-presentation-725011">Top 10 Term Sheet Hacks</a> (<a href="/wordpress/wp-content/uploads/2008/11/top-10-term-sheet-hacks.pdf">pdf</a>))</p>
]]></content:encoded>
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		</item>
		<item>
		<title>Our top 10 term sheet hacks</title>
		<link>http://venturehacks.com/articles/our-top-10-term-sheet-hacks</link>
		<comments>http://venturehacks.com/articles/our-top-10-term-sheet-hacks#comments</comments>
		<pubDate>Tue, 23 Sep 2008 17:56:01 +0000</pubDate>
		<dc:creator>Nivi</dc:creator>
				<category><![CDATA[Presentations]]></category>
		<category><![CDATA[Summary]]></category>

		<guid isPermaLink="false">http://venturehacks.com/?p=411</guid>
		<description><![CDATA[Venture Hacker Naval Ravikant recently presented our top 10 term sheet hacks at Startup2Startup: (Slides: Top 10 Term Sheet Hacks (pdf)) Naval&#8217;s slides are a must-read—and a great summary of our detailed hacks. Slideshare has a transcript of the slides on a single page if you don&#8217;t want to flip through the presentation (scroll to [...]]]></description>
			<content:encoded><![CDATA[<p>Venture Hacker <a href="/naval">Naval Ravikant</a> recently presented our top 10 term sheet hacks at <a href="http://startup2startup.com">Startup2Startup</a>:</p>
<p><center></p>
<p style="text-align: center;">
<div style="width:477px;text-align:left" id="__ss_725011"><object style="margin:0px" width="477" height="510"><param name="movie" value="http://static.slideshare.net/swf/ssplayerd.swf?doc=top-10-term-sheet-hacks-1225925669739638-8&#038;rel=0&#038;stripped_title=top-10-term-sheet-hacks-presentation-725011" /><param name="allowFullScreen" value="true"/><param name="allowScriptAccess" value="always"/><embed src="http://static.slideshare.net/swf/ssplayerd.swf?doc=top-10-term-sheet-hacks-1225925669739638-8&#038;rel=0&#038;stripped_title=top-10-term-sheet-hacks-presentation-725011" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="477" height="510"></embed></object></div>
<p></center><br />
</p>
<p>(Slides: <a href="http://www.slideshare.net/venturehacks/top-10-term-sheet-hacks-presentation-725011">Top 10 Term Sheet Hacks</a> (<a href="/wordpress/wp-content/uploads/2008/11/top-10-term-sheet-hacks.pdf">pdf</a>))</p>
<p>Naval&#8217;s slides are a must-read—and a great summary of our detailed <a href="/term-sheet-hacks">hacks</a>.</p>
<p>Slideshare has a <a href="http://www.slideshare.net/venturehacks/top-10-term-sheet-hacks-presentation-725011/v1?src=embed">transcript of the slides</a> on a single page if you don&#8217;t want to flip through the presentation (scroll to the bottom of the page). <a href="http://laserlike.com/">Mike Speiser</a> has put up his <a href="http://startup2startup.com/2008/09/03/naval-ravikant-venture-hacks">notes from the presentation</a>. And finally, here&#8217;s a video of Naval describing his investment criteria:</p>
<p style="text-align: center;"><object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="425" height="344" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0"><param name="allowFullScreen" value="true" /><param name="src" value="http://www.youtube.com/v/_BwatxQwgNs&amp;hl=en&amp;fs=1" /><embed type="application/x-shockwave-flash" width="425" height="344" src="http://www.youtube.com/v/_BwatxQwgNs&amp;hl=en&amp;fs=1" allowfullscreen="true"></embed></object></p>
<p>(Video: <a href="http://www.youtube.com/watch?v=_BwatxQwgNs">Interview with Naval Ravikant</a>.)</p>
]]></content:encoded>
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		<item>
		<title>The top 3 hacks of the year</title>
		<link>http://venturehacks.com/articles/2007-hacks</link>
		<comments>http://venturehacks.com/articles/2007-hacks#comments</comments>
		<pubDate>Thu, 03 Jan 2008 04:51:46 +0000</pubDate>
		<dc:creator>Nivi</dc:creator>
				<category><![CDATA[Summary]]></category>

		<guid isPermaLink="false">http://venturehacks.com/articles/2007-hacks</guid>
		<description><![CDATA[Happy New Year and here&#8217;s to an effective 2008. Here are the three most effective hacks of 2007. We maintain a Cheat Sheet of all the hacks, but try to apply these three if you don&#8217;t have time to apply them all. Create a market for your shares You need strong alternatives to hack a [...]]]></description>
			<content:encoded><![CDATA[<p>Happy New Year and here&#8217;s to an <a href="http://www.design.caltech.edu/erik/Misc/Drucker.html">effective</a> 2008.</p>
<p style="text-align: center"><img src="http://venturehacks.wpengine.netdna-cdn.com/wp-content/uploads/2008/01/drucker.png" alt="Efficiency is doing things right, effectiveness is doing the right things." /></p>
<p>Here are the three most effective hacks of 2007. We maintain a <a href="/term-sheet-hacks">Cheat Sheet</a> of all the hacks, but try to apply these three if you don&#8217;t have time to apply them all.</p>
<p><a href="/articles/create-a-market">Create a market for your shares</a></p>
<blockquote><p>You need strong alternatives to hack a term sheet. Create alternatives with focus: pitch and negotiate with all your prospective investors at once. Focus compounds scarcity and social proof, which closes deals. Focus also yields a quick yes or no from investors—either way, you will soon get back to building your business.</p>
<p><em>Related:</em> <a href="/articles/adam-smith#series">You can&#8217;t clear the market in series</a>.</p></blockquote>
<p><a href="/articles/board-structure">Create a board that reflects the ownership of the company</a></p>
<blockquote><p>Create a board of directors that reflects the ownership of the company and don’t let your investors control the board through an independent board seat.</p>
<p>The composition of the <a href="http://www.feld.com/blog/archives/2005/01/term_sheet_boar.html">board of directors</a> is the most important element of the Series A investment. It is more important than the <a href="http://www.feld.com/blog/archives/2005/01/term_sheet_pric.html">valuation</a> of your company.</p>
<p>The valuation of your company won’t matter to you if the board (1) terminates you and you lose your <a href="http://www.feld.com/blog/archives/2005/05/term_sheet_-_ve.html">unvested</a> stock, (2) forces the company to raise a low-valuation Series B from existing investors by rejecting offers until the company is almost out of cash, (3) merges the company with another private company and wipes out your <a href="http://www.feld.com/blog/archives/2004/07/liquidation_pre.html">common stock</a> in the process.</p>
<p><em>Related:</em> <a href="http://www.venturehacks.com/articles/ceo-board-seat">Make a new board seat for a new CEO</a>.</p></blockquote>
<p><a href="/articles/option-pool-shuffle">The Option Pool Shuffle</a></p>
<blockquote><p>Don’t let your investors determine the size of the option pool for you. Use a hiring plan to justify a small option pool, increase your share price, and increase your <em>effective</em> valuation.</p></blockquote>
<p>Advanced students—here are the next three most effective hacks:</p>
<ol>
<li><a href="/articles/share-price">Focus on your share price, not your valuation</a></li>
<li><a href="/articles/acceleration-termination">Accelerate your vesting upon termination</a></li>
<li><a href="/articles/dumb-money">Unbundle money and value-add</a></li>
</ol>
<p>See the <a href="/term-sheet-hacks">Cheat Sheet</a> for all the hacks.</p>
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