10:00 Jack Sheridan Partner, Wilson Sonsini Goodrich & Rosati Life of the company (inception-financing-liquidity event) -Four questions --Who owns the company? ---vesting ---no oral promises ---no 'napkin' promises ----revenue streams, etc. ----conversion and antidilution provisions --Who owns the technology? ---due diligence ----confidentiality/nda/assignment agreements ----the former employer [legalities of transfer of IP from one company to another] --Who controls the company? ---the board ---the shareholders --Who gets what if the company has a liquidity event? ---liquidation preference ---participating preferred ----ex.: 20mil round, company sold for 30, investors take 20 ---acceleration of vesting ----single/double trigger ---other payments due on change of control -Agreements should be clearly stated in writing! As detailed as code. 11:30 Greg McAdoo Partner, Sequoia Capital mcadoo@sequioa.com -Market size --TAM (Total addressable market) --SAM (Size of addressable market - Market tructure) --Market dynamics ---ecosystem ---trends ---leverage ---speed --Compelling offering --Message matters ---More than just an 'elevator pitch' ---No time for rambling ---Simplify the problem down to the core - that IS the 'elevator pitch' --'There can be no great surfers without great waves'! :] 12:00 David Heinemeier Hansson Creator of Rails; Partner, 37Signals The secret to making money online 1. Great application 2. Price 3. Profit! -Simpler way than 'winning the lottery' -Campaign Monitor [like constant contact, but apparently better] -'Reverse Terror Alerts' about the broadcasts about Facebook, MySpace, etc. being successes, vs. the odds otherwise 12:30 Paul Buchheit Founder, FriendFeed; Creator of GMail