Brad Feld is an MIT grad entrepreneur, early stage investor, and co-founder of the Foundry Group, Mobius Venture Capital, Intensity Ventures, and Techstars.
In his brief article, he discusses standardizing seed documents and term sheets, along with an explanation of how entrepreneurs, lawyers, and vc’s think about the idea. Also, why it won’t work.
Over break I met with an entrepreneur in Detroit who is looking at innovative ideas to revamp some of the lower income neighborhoods. Upon learning that I was in law school he made an off hand comment about how his biggest frustration was the lawyers he had to work with and the large fees they charge for simple help with documents. Reading your article reminded me of this conversation and how different entrepreneurs and lawyers responses to start up idea issues can be.