Marc Andreessen on “Series Seed Documents,” and Why VCs Should Start Using Them
Beginning later today, entrepreneurs on the verge of raising seed-stage funding will be able to access open-source, stripped-down term sheets called Series Seed Documents. The documents -- authored by Fenwick & West attorney Ted Wang with input from Andreeesen Horowitz, First Round Capital, True Ventures, Charles River Ventures, Ron Conway, Mike Maples, and several other heavy-hitting seed investors -- are designed to make entrepreneurs’ first, small financing event as fast, efficient and cost-effective as possible. Andreessen tells me that the group wanted to produce an alternative to the gratuitously complex term sheets that are typically offered by venture capital firms, and that cost entrepreneurs who need to muddle through them too much in legal fees. (If the move happens to make most other venture firms look like financial bullies, well, maybe that's okay, too.)
