VC Law: Episode 24: Seed-stage companies with David Willbrand; Chief Legal Officer, Pacaso; Professor, U-Michigan & Miami (OH); Author of Seed Deals: How to Grow from Startup to Venture Capital

Host Gary J. Ross talks with David Willbrand, Chief Legal Officer of Pacaso and author of Seed Deals.  David discusses the ins and outs of startups and how they differ from small businesses, noting that startups “focus on innovation and disruption, doing something new,” typically leveraging technology and intellectual property with a focus on growth over profit. Gary and David discuss topics relevant to seed-stage companies, including convertible debt instruments, the movement towards using a simple agreement for future equity (SAFE), the post-money SAFE, and how founders and investors evaluate the risk of their early-stage investment.