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Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments For Seed Investing, John L. Orcutt
Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments For Seed Investing, John L. Orcutt
Law Faculty Scholarship
In a well-functioning market, reasonable investors are less likely to invest in companies when they cannot confidently value the opportunity. This presents a serious problem for young startups because they are unavoidably difficult to value. Partly in response to the valuation challenge, specialized startup investors evolved how they contract for young-startup investments. Around 2005 they began using deferred-equity instruments (first convertible notes, and later safes and the KISS). Deferred-equity instruments offer a partial solution to the valuation challenge by allowing specialized startup investors to thoughtfully invest in venture capital-eligible young startups without valuing them at the time of investment. Deferred-equity …
Corporations Hybrid: A Covid Case Study On Innovation In Business Law Pedagogy, Seth C. Oranburg, David D. Tamasy
Corporations Hybrid: A Covid Case Study On Innovation In Business Law Pedagogy, Seth C. Oranburg, David D. Tamasy
Law Faculty Scholarship
A worldwide pandemic is forcing schools to close their doors. Yet the need to teach students remains. How can faculty – especially those who are not trained in technology-mediated teaching – maintain educational continuity? This Essay provides some suggestions and relatively quick and easy strategies for distance education in this time of coronavirus. While it is written from the perspective of teaching law school, it can be applied to teaching other humanities such as philosophy, literature, religion, political theory, and other subjects that do not easily lend themselves to charts, graphs, figures, and diagrams. This Essay includes an introductory technology …