Well put. I've gone through the legal process acting for an investor. A lot of the legalese felt like an insurance policy and was dreamed up by the lawyers (read: copy/pasted) for scenarios that neither the investor nor startup cared about.
Just like an insurance policy, the real test is when you have to make a claim. That's when you might be grateful for some of the terms. Having said that, I think the way Steve describes it is great. Basically, make sure that the strategy points are identified and dealt with by the management team, not the legal team.
Just like an insurance policy, the real test is when you have to make a claim. That's when you might be grateful for some of the terms. Having said that, I think the way Steve describes it is great. Basically, make sure that the strategy points are identified and dealt with by the management team, not the legal team.