Sources
The course cites 341 sources. Market numbers change every quarter, so each lesson gives the period of its numbers. Look for the newest report before you rely on one.
- How to Raise a Seed Round: 2026 Seed Fundraising Guide
1752vc (secondary source), 2026
Cited in When to raise and how much, Build an investor pipeline, Close the round
- 500 Fellowship
500 Global, September 2026
Cited in Comparing accelerators
- AI Grant
AI Grant, Read November 2026
Cited in Comparing accelerators
- Alliance
Alliance, Read November 2026
Cited in Comparing accelerators
- SAFE financing overview
Amplify Partners, Read November 2026
- 16 Startup Metrics
Andreessen Horowitz, 2015-08-21
Cited in Decode a startup headline, ARR, run rate, and other revenue words, Burn, runway, and default alive, Growth rates and compounding, Unit economics: LTV, CAC, churn, and NRR, What investors expect at each stage, Cheat sheet
- 16 More Startup Metrics
Andreessen Horowitz, September 23, 2015
- Performance Data and the "Babe Ruth" Effect in Venture Capital
Andreessen Horowitz, Jun 8, 2015
Cited in The power law
- The Deal
Andreessen Horowitz, Read November 2026
Cited in Comparing accelerators
- Applications for speedrun SR008 are now open
Andreessen Horowitz, October 2026
Cited in Comparing accelerators
- What are the costs associated with running an SPV on AngelList?
AngelList, Nov 2026
Cited in Who invests in startups
- How does carried interest (carry) work for SPVs?
AngelList, Nov 2026
Cited in Who invests in startups
- Should Seed Investors Follow On?
AngelList, Sep 1, 2019
Cited in How venture funds work, The power law
- Startup Growth and Venture Returns
AngelList, Dec 2019
Cited in The power law
- Antler US
Antler, Read November 2026
Cited in Comparing accelerators
- Y Combinator Tells Founders 'Be Truthful' On Revenue (with the text of the YC guide by Garry Tan)
Artificial Lawyer, 2026-04-27
Cited in Decode a startup headline, ARR, run rate, and other revenue words
- Winning and Losing
Benedict Evans, Apr 28, 2016
Cited in The power law
- Apply (Batch 23)
Berkeley SkyDeck, Read November 2026
Cited in Comparing accelerators
- The State of AI 2025
Bessemer Venture Partners, August 13, 2025
Cited in Growth rates and compounding, What investors expect at each stage
- The Rule of 40% For a Healthy SaaS Company
Brad Feld, February 3, 2015
Cited in What investors expect at each stage
- SEC Commissioner Uyeda Raises Prospect of $20 Million Crowdfunding Limit
Braeden Anderson, 2026-11-02
Cited in Alternatives to venture capital
- Equity grant calculator (gives Carta tables dated 2024-11 and 2025-12-10)
BVJ Consulting, Reviewed 2026-10-19
Cited in Sizing grants
- Corporations (minimum franchise tax)
California Franchise Tax Board, read November 2026
Cited in Setting up the company
- Seed Funding: A Startup's Guide to Raising a Seed Round (Q2 2026 benchmarks)
Carta, Accessed 2026-11-04
Cited in The whole story in one sitting, The funding ladder, How venture funds work, Pre-money and post-money, How valuations are set, Founder ownership benchmarks, When to raise and how much
- Series A Funding: How to Raise Your First Priced Round (Q2 2026 benchmarks)
Carta, Accessed 2026-11-04
Cited in The whole story in one sitting, The funding ladder, How venture funds work, Founder ownership benchmarks
- State of Private Markets: Q1 2026
Carta, 2026-05-29
Cited in The whole story in one sitting, Price per share, Dilution across rounds, Founder ownership benchmarks
- Founder Ownership Report 2026
Carta, 2026-03-12
Cited in The whole story in one sitting, Dollars and percent, Dilution across rounds, Founder ownership benchmarks, Sizing grants, Run the company, Cheat sheet
- Dynamic duos: Two-founder teams are divvying up their equity more equally than ever
Carta, June 18, 2026
Cited in Splitting equity, Vesting and cliffs
- State of Private Markets: Q1 2026 (full report)
Carta, May 29, 2026
Cited in The funding ladder, Bridges, extensions, and the Series A crunch, How valuations are set, Economics and control, Liquidation preferences, Reading a term sheet, Two offers: price against terms
- State of Pre-Seed: Q2 2026
Carta, Aug 13, 2026
Cited in The funding ladder, How valuations are set, After Demo Day
- Fund Economics Report 2025
Carta, 2025
Cited in How venture funds work
- VC Fund Performance: Q2 2026
Carta, 2026
Cited in How venture funds work
- VC Fund Performance: Q1 2026
Carta, Jun 4, 2026
Cited in How venture funds work
- State of Private Markets: 2025 in Review
Carta, Feb 18, 2026
Cited in Bridges, extensions, and the Series A crunch, Founder ownership benchmarks
- State of Private Markets: Q3 2025 (full report)
Carta, 2025
Cited in Bridges, extensions, and the Series A crunch, From first meeting to term sheet
- Typical Time Between VC Rounds is Shrinking in SaaS, Rising in Fintech
Carta, Mar 19, 2025
- VC Fund Performance: Q1 2024
Carta, 2024
- Series A Funding: How to Raise Your First Priced Round (Q2 2026 benchmarks)
Carta, 2026-10-07
Cited in Pre-money and post-money, Dollars and percent, How valuations are set, A full Series A, step by step, Cheat sheet
- Understanding the SAFE (Simple Agreement for Future Equity)
Carta, 2026-10-08
Cited in What a SAFE is
- SAFE and convertible note calculator
Carta, 2026-04-29
Cited in Pre-money and post-money SAFEs
- State of Pre-Seed: 2025 in Review
Carta, 2026-02-19
Cited in SAFE mistakes founders make
- State of Pre-Seed: Q2 2025
Carta, 2025-08-21
Cited in SAFE mistakes founders make
- A disappearing middle: Why the pre-seed market is growing increasingly barbell-shaped
Carta, 2026-03-30
Cited in SAFE mistakes founders make
- State of Pre-Seed: Q1 2025
Carta, 2025-05-20
Cited in Convertible notes
- State of Pre-Seed: Q1 2026
Carta, 2026-05-14
Cited in Convertible notes
- State of Pre-Seed: Q2 2025
Carta, 2025-08-21
Cited in SAFE, note, or priced round
- State of Pre-Seed: 2025 in Review
Carta, 2026-02-19
Cited in SAFE, note, or priced round
- What is a Cap Table? Key Concepts & Examples
Carta, 2026
Cited in How to read a cap table
- Tender-Offer Activity Reaches a Four-Year High
Carta, 2026-08-20
Cited in Secondary sales and tender offers
- Liquidation Preferences: Standard & Non-Standard Terms
Carta, Accessed November 2026
Cited in Liquidation preferences
- Term Sheets Guide for Startups: Key Terms & How to Negotiate
Carta, 2026
Cited in Control terms
- Series A Funding Slides in Q2 2025
Carta, 2025-09-19
Cited in When to raise and how much
- State of Private Markets: 2025 in Review
Carta, 2026-02-18
Cited in When to raise and how much, The pitch deck
- Startup funding: A guide to raising startup capital
Carta, 2026-10-07
Cited in Run the company, Cheat sheet
- State of Startup Compensation: H1 2026
Carta (Hamza Shad, Kevin Dowd), 2026-10-28
Cited in Sizing grants
- In the pre-seed market, valuation caps on new SAFEs keep getting bigger
Carta (Kevin Dowd), 2026-08-25
Cited in The whole story in one sitting, The funding ladder, Pre-money and post-money, How valuations are set, What a SAFE is, Post-money cap math, The cap and the discount, Pre-money and post-money SAFEs, SAFE mistakes founders make, Convertible notes, SAFE, note, or priced round, Reading a term sheet, After Demo Day, Run the company, Cheat sheet
- Carta Data LinkedIn archive ("Can Small VC Funds Lead Competitive Seed Rounds Today")
Carta (Peter Walker), 2026-03-13
Cited in Decode a startup headline, The funding ladder, Bridges, extensions, and the Series A crunch, How valuations are set, Founder ownership benchmarks
- Seed Founders Need to Make Their Capital Last 1000 Days
Carta (Peter Walker), Dec 12, 2025
Cited in Bridges, extensions, and the Series A crunch, When to raise and how much
- Most Seed Startups Never Reach Series A Data Shows
Carta (Peter Walker), Feb 10, 2026
- Is Early Startup Employee Equity Compensation Actually Fair
Carta (Peter Walker), 2024-11-01
Cited in Sizing grants
- State of Venture Q3'26
CB Insights, 2026-10-06
Cited in Decode a startup headline
- Seed Venture Capital Funds – The Series A Crunch's Next Casualty
CB Insights, Mar 19, 2013
Cited in Who invests in startups
- The Angel Market in 2024: A Stable Market Before the AI Frenzy
Center for Venture Research, University of New Hampshire, Dec 2025
Cited in Who invests in startups
- Spacing Effects in Learning: A Temporal Ridgeline of Optimal Retention
Cepeda et al., Psychological Science 19, 2008
Cited in How to learn with this course, Final exam
- The SaaS Retention Report: The AI churn wave
ChartMogul and Growth Unhinged, December 10, 2025
Cited in ARR, run rate, and other revenue words, Unit economics: LTV, CAC, churn, and NRR, What investors expect at each stage
- The importance of investor signaling in venture pricing
Chris Dixon, Mar 11, 2010
Cited in Who invests in startups
- Pricing
Clerky, read October 2026
Cited in Setting up the company
- Clerky is joining Stripe
Clerky, August 26, 2026
Cited in Setting up the company
- Formation (Legal Concepts for Founders)
Clerky
Cited in Setting up the company, The 83(b) election
- Legal Concepts for Founders, Fundraising
Clerky, Accessed 2026-11-04
Cited in Price per share
- How do startups typically allocate shares at formation?
Clerky Help Center
Cited in Setting up the company, Shares and ownership, Splitting equity
- How do I calculate the Delaware franchise tax?
Clerky Help Center
Cited in Setting up the company
- Y Combinator startups are fastest growing, most profitable in fund history because of AI
CNBC, March 15, 2025
Cited in Growth rates and compounding
- Cognition's acquisition of Windsurf
Cognition, July 14, 2025
Cited in How startups exit
- California Labor Code § 2870: Employee Invention Ownership Guide
Cohen IP
Cited in Setting up the company
- Small Business Research Programs Reauthorized After Six-Month Lapse (IN12705)
Congressional Research Service, 2026-07-13
Cited in Alternatives to venture capital
- Q2 2026 Venture Financing Report
Cooley, 2026-08-17
Cited in The whole story in one sitting, Price per share, Anatomy of a priced round, Reading an offer, Economics and control, Liquidation preferences, Anti-dilution, Reading a term sheet, The waterfall, Find the flip, Down rounds and recaps, Run the company, Cheat sheet
- Stock Talk: The Fundamentals of Employee Equity Compensation
Cooley, 2025
Cited in Stock options explained
- Series Seed: Term Sheet
Cooley, Accessed November 2026
Cited in Control terms, Reading a term sheet
- Q4 2025 Venture Financing Report
Cooley, February 9, 2026
Cited in Down rounds and recaps
- The One Big Beautiful Bill Act Expands QSBS Benefits
Cooley, July 11, 2025
Cited in QSBS
- Delaware Versus Nevada Versus Texas, A Comparison of Corporate Laws
Cooley GO, July 29, 2025
Cited in Setting up the company
- Inventions Assignment Agreement
Cooley GO
Cited in Setting up the company
- How Many Authorized Shares Should I Use In My Certificate of Incorporation?
Cooley GO, 2015
Cited in Shares and ownership
- Founder Basics: Founder's Stock, Vesting and Founder Departures
Cooley GO, April 1, 2022
Cited in Vesting and cliffs
- Pulling the Trigger(s): What are Single-Trigger and Double-Trigger Acceleration
Cooley GO, April 20, 2022
Cited in Vesting and cliffs
- Primer on Convertible Debt
Cooley GO, Last reviewed 2025-09-02
Cited in Convertible notes
- What You Need to Know About Down Round Financings
Cooley GO, January 24, 2022
Cited in Anti-dilution
- Series Seed Equity Financing Package
Cooley GO, Accessed November 2026
Cited in Reading a term sheet
- Series Seed Notes: Convertible Promissory Note and Term Sheet
Cooley LLP, Accessed 2026-11-04
- 26 U.S. Code § 1202
Cornell Legal Information Institute, Accessed 2026-11-04
Cited in What a SAFE is, QSBS, Final exam, Cheat sheet
- 26 U.S. Code § 83, Property transferred in connection with performance of services
Cornell Legal Information Institute, 2026
Cited in Cheat sheet
- Venture Capital — We're Still Not Normal
Correlation Ventures, Jul 13, 2023
Cited in The power law
- Reg CF (Regulation Crowdfunding) by the Numbers, 2022-2026
CrowdfundedWealth (secondary analysis of SEC data), 2026-10-11
Cited in Alternatives to venture capital
- SBIR/STTR Programs Reauthorized After Six-Month Lapse
Crowell & Moring, 2026-04-14
Cited in Alternatives to venture capital
- Simple Series A
Crowell & Moring GrowthStudio, Read November 2026
Cited in Close the round
- Crunchbase Data: Q3 2026 Posted A Record Count Of Billion-Dollar Rounds
Crunchbase News, 2026-10-05
Cited in Decode a startup headline
- Some Observations About Anthropic's IPO Filing
Crunchbase News, October 26, 2026
- Crunchbase seed data on the time to a Series A
Crunchbase News, May 26, 2026
Cited in Burn, runway, and default alive
- Jumbo Series A Rounds Hiding The Real Squeeze On Seed Startups
Crunchbase News, October 29, 2026
Cited in What investors expect at each stage, The funding ladder, When to raise and how much
- A Growing Share Of Seed And Series A Funding Is Going To Giant Rounds
Crunchbase News, Jan 28, 2026
Cited in The funding ladder
- The Startup Aspirin: SAFEs Ease Fundraising Pain, But Read The Fine Print First
Crunchbase News, 2025-05-29
Cited in Pre-money and post-money SAFEs
- VC board seat
CRV, 2026
Cited in Setting up the company
- Series A Metrics for Startups: What VCs Expect in 2026
CRV, March 31, 2026
Cited in What investors expect at each stage
- What is a lead investor?
CRV, Accessed Nov 2026
Cited in Who invests in startups, From first meeting to term sheet
- Reference Check Questions Founders Should Ask Investors
CRV, 2026-04-21
Cited in From first meeting to term sheet
- Choice of Entity for Startups Seeking Venture Capital
CT Corporation (Wolters Kluwer), May 17, 2017
Cited in Setting up the company
- Series D announcement
Cursor, 2025-11-13
Cited in Decode a startup headline
- New York City Securities Offerings Must Follow State Filing Rules
Daeryun Law, 2026-10-22
Cited in Close the round
- The Burn Multiple
David Sacks, Craft Ventures, April 23, 2020
- SaaS Metrics – A Guide to Measuring and Improving What Matters
David Skok, forEntrepreneurs, February 17, 2010
- SaaS Metrics 2.0
David Skok, forEntrepreneurs, Approximately 2013–2014
- 8 Del. C. §141, board of directors
Delaware Code, read November 2026
Cited in Vesting and cliffs
- Delaware Division of Corporations: 2025 Annual Report
Delaware Department of State, 2026
Cited in Setting up the company
- Division of Corporations Fee Schedule
Delaware Department of State, August 1, 2026
Cited in Setting up the company
- How to Calculate Franchise Taxes
Delaware Division of Corporations, read October 2026
Cited in Setting up the company, Cheat sheet
- Annual Report and Tax Instructions
Delaware Division of Corporations, read November 2026
Cited in Setting up the company
- Senate Substitute 1 for Senate Bill 21 (bill detail)
Delaware General Assembly, March 25, 2025
Cited in Setting up the company
- Rutledge v. Clearway Energy Group LLC
Delaware Supreme Court, February 27, 2026
Cited in Setting up the company
- Choice of entity: ten topics startups should consider
DLA Piper, July 31, 2025
Cited in Setting up the company, Shares and ownership
- Equity compensation trend: extending the time to exercise vested stock options
DLA Piper, 2016-08-09
Cited in Exercise and taxes
- DocSend and HBS pitch deck research
DocSend, 2015
Cited in Build an investor pipeline, The pitch deck
- VCs prioritize people in an AI-heavy landscape, according to new Dropbox DocSend report
Dropbox DocSend, 2024-12-18
Cited in When to raise and how much, The pitch deck
- Improving Students' Learning With Effective Learning Techniques
Dunlosky et al., Psychological Science in the Public Interest 14(1), 2013
Cited in How to learn with this course, Final exam
- 17 CFR 230.148 (Rule 148, demo days)
eCFR, Current as of 2026-10-08
Cited in Close the round
- 17 CFR 227.100 (Regulation Crowdfunding)
eCFR, Current as of 2026-10-08
Cited in Alternatives to venture capital
- 26 CFR § 1.409A-1, valuation safe harbors at (b)(5)(iv)(B)
eCFR, US Treasury, Current
Cited in Stock options explained
- Party Rounds: How The Crappy Economy, Y Combinator, Angel List, and Super Angels Have Changed Fundraising
Elad Gil, September 2010
Cited in From first meeting to term sheet
- Entrepreneurs First FAQs (general and US)
Entrepreneurs First, Read November 2026
Cited in Comparing accelerators
- Startup Dilution Benchmarks 2026 (secondary summary of Carta data)
EquityDilutionCalculator.com, 2026
Cited in Founder ownership benchmarks
- 2025 IC3 Annual Report
FBI Internet Crime Complaint Center, 2026
Cited in Close the round
- Explanation of Certain Terms Used in Venture Financing Terms Survey
Fenwick & West, February 2012
Cited in Liquidation preferences
- Pricing
Firstbase, read October 2026
Cited in Setting up the company
- Secondary sale startup equity: the decision framework CFOs use (practitioner guide)
Fiscallion, 2026-09-02
Cited in Secondary sales and tender offers
- An Overview of Incentive Stock Options (ISOs)
Foley & Lardner, 2024-08-27
Cited in Exercise and taxes
- Tax Benefits of QSBS Expanded under the "One Big Beautiful Bill Act"
Foley Hoag, July 2025
Cited in QSBS
- Founders are using creative accounting to boost lofty 'ARR'
Fortune, September 28, 2025
- FAST Agreement (version 3)
Founder Institute, July 2026
Cited in Sizing grants
- Active learning increases student performance in science, engineering, and mathematics
Freeman et al., PNAS 111, 2014
Cited in How to learn with this course
- What did Y Combinator fund in 2025?
Fundraising Unlocked, July 30, 2026
Cited in After Demo Day
- Here's YC's official advice about being truthful and precise
Garry Tan, X, April 25, 2026
- Focus on QSBS Provisions in the One Big Beautiful Bill Act
Gibson Dunn, July 15, 2025
Cited in QSBS
- Revenue-Based Financing for Startups: A Guide for 2025
Gilion, 2025
Cited in Alternatives to venture capital
- The DEXIT to Texas: US Reincorporation in 2026
Glass Lewis, October 15, 2026
Cited in Setting up the company
- How Do Venture Capitalists Make Decisions?
Gompers, Gornall, Kaplan, and Strebulaev (NBER and Journal of Financial Economics), 2016, JFE 2020
Cited in Build an investor pipeline, From first meeting to term sheet
- Part II: Why Do Private Companies Shift From Stock Options to Double-Vest RSUs?
Goodwin, February 2023
- IRS Introduces New Form 15620 for Section 83(b) Election
Goodwin, 2024-12-04
Cited in Exercise and taxes
- Online Filing of Section 83(b) Elections Is Here!
Goodwin, 2025-07-17
Cited in Exercise and taxes
- Founder equity split report
Gunderson Dettmer, April 2025
Cited in Vesting and cliffs
- Revenue-Based Financing: True Cost and When It Fits
H.L. Hunt, 2026
Cited in Alternatives to venture capital
- Interactive-engagement versus traditional methods: A six-thousand-student survey
Hake, American Journal of Physics 66(1), 1998
Cited in Final exam
- The Power of Feedback
Hattie and Timperley, Review of Educational Research 77(1), 2007
Cited in How to learn with this course
- VCM12025: Advance subscription agreements
HMRC, 2026-10-29
Cited in What a SAFE is
- Communicating with Interactive Articles
Hohman et al., Distill, 2020
Cited in How to learn with this course
- One Big Beautiful Bill Act Increases Tax Benefits for Qualified Small Business Stock
Holland & Knight, 2025-07-10
Cited in Exercise and taxes
- Exits and Returns, The Holloway Guide to Raising Venture Capital
Holloway, Accessed Nov 2026
Cited in How venture funds work
- Pro rata rights, meaning, math, and when to exercise
Hustle Fund, 2026
Cited in Pro rata rights
- 2026 State of AI Report: The Builder's Economy
ICONIQ Growth, July 2026
Cited in Unit economics: LTV, CAC, churn, and NRR, What investors expect at each stage
- The New Reality of the 14-Year Venture Capital Fund
Institutional Investor, Undated (Adams Street Partners data, published by NVCA in 2013)
Cited in How venture funds work
- S Corporations
IRS, read November 2026
Cited in Setting up the company
- Form 15620, Section 83(b) Election (Rev. 4-2025), with instructions
IRS, April 2025
Cited in The 83(b) election, Cheat sheet
- Mobile-friendly forms (Form 15620)
IRS, October 2026
Cited in The 83(b) election
- Topic No. 427, Stock options
IRS, Read November 2026
Cited in Stock options explained, Exercise and taxes
- IRS releases tax inflation adjustments for tax year 2026 (IR-2025-103, Rev. Proc. 2025-32)
IRS, 2025-10-09
Cited in Exercise and taxes, Cheat sheet
- 2026-2027 Priority Guidance Plan
IRS Office of Chief Counsel, 2026
Cited in QSBS
- Initial Public Offerings: Median Age of IPOs Through 2025
Jay R. Ritter, University of Florida, Dec 31, 2025
Cited in The funding ladder
- Technology Company IPOs, 1980-2025
Jay R. Ritter, University of Florida, Dec 30, 2025
Cited in The funding ladder
- SaaS Magic Number
Klipfolio, Accessed November 2026
Cited in What investors expect at each stage
- The effects of feedback interventions on performance
Kluger and DeNisi, Psychological Bulletin 119(2), 1996
Cited in How to learn with this course
- Pre-Seed Funding Guide (summary of Carta State of Pre-Seed Q2 2026)
Kruze Consulting, 2026-08-26
Cited in Decode a startup headline
- Changes to IRC Section 1202 Under the One Big Beautiful Bill Act
Kutak Rock, July 9, 2025
Cited in Setting up the company
- Acquihire: What Tech Founders Should Know Before One
L40, July 14, 2026
Cited in How startups exit
- 17 CFR 230.501(a)(5), definition of accredited investor
Legal Information Institute, Cornell Law School, Accessed Nov 4, 2026
Cited in Who invests in startups
- 17 CFR § 240.14e-1, Unlawful tender offer practices
Legal Information Institute, Cornell Law School, Read November 2026
Cited in Secondary sales and tender offers, How startups exit
- 26 U.S. Code § 422, Incentive stock options
Legal Information Institute, Cornell Law School, Read November 2026
Cited in Stock options explained, Exercise and taxes
- 26 U.S. Code § 409A, Inclusion in gross income of deferred compensation
Legal Information Institute, Cornell Law School, Read November 2026
Cited in Stock options explained
- 26 CFR § 1.83-4, holding period of property under section 83
Legal Information Institute, Cornell Law School, Read November 2026
Cited in Exercise and taxes
- YC's Record Breaking W26 Demo Day Recap
Lobster Capital, March 28, 2026
Cited in How Y Combinator works, After Demo Day
- $100M ARR & Lovable Agent
Lovable, 2025-07-23
Cited in Decode a startup headline
- Anatomy of a Term Sheet: Series A Financing (with the NVCA model term sheet)
McCarter & English, Q4 2020
Cited in Economics and control, Liquidation preferences, Anti-dilution, Control terms, Reading a term sheet, Two offers: price against terms
- How to read a typical venture debt term sheet
Mercury, Updated 2026-02-03
Cited in Alternatives to venture capital
- Fundraising Rounds Are Not Milestones
Michael Seibel, 2017-02-06
Cited in When to raise and how much, After Demo Day
- How to Pitch Your Company
Michael Seibel, July 19, 2016
Cited in How Y Combinator works
- YC Has Changed
Michael Seibel, September 28, 2018
Cited in The YC deal, After Demo Day
- Y Combinator acceptance rate (batch counts from the YC directory)
Mining Wells, September 13, 2026
Cited in How Y Combinator works
- When a Co-Founder Leaves Before the Cliff
Montague Law, 2026
Cited in Vesting and cliffs
- New SEC Guidance Eases Burden in Rule 506(c) Accredited Investor Verification Requirements
Morgan Lewis, March 2025
Cited in Close the round
- Ask a MoFo: What Is an 83(b) Election, and Do I Need to File One?
Morrison Foerster, June 28, 2023
Cited in The 83(b) election
- Is it Cake? (Revenue Edition)
Mostly Metrics, May 3, 2026
- Private Company Liquidity Events Explained
NASPP (Jennifer George, PwC), 2026-04-09
Cited in Stock options explained, Sizing grants
- NVCA 2020 Term Sheet
National Venture Capital Association, 2020
Cited in Price per share, Anatomy of a priced round, The option pool shuffle, A full Series A, step by step
- NVCA Model Stock Purchase Agreement (updated October 2025)
National Venture Capital Association, 2025-10
Cited in Price per share, Anatomy of a priced round
- Model Legal Documents
National Venture Capital Association, Accessed 2026-11-04
Cited in Anatomy of a priced round, Pro rata rights, Secondary sales and tender offers, Economics and control, Reading a term sheet, How startups exit, The waterfall
- NVCA Releases 2025 Updates to Model Legal Documents
National Venture Capital Association, 2025-10-02
- Model Certificate of Incorporation (Oct. 1, 2025)
National Venture Capital Association, October 2025
Cited in Anti-dilution, Down rounds and recaps
- Voting Agreement (Updated June 2026)
National Venture Capital Association, June 2026
Cited in Control terms
- Right of First Refusal and Co-Sale Agreement (Updated April 2026)
National Venture Capital Association, April 2026
Cited in Control terms
- NVCA and Aumni Announce New Enhanced Investors' Rights Agreement and Enhanced Model Term Sheet v3.0
National Venture Capital Association, June 14, 2022
Cited in Reading a term sheet
- 2026 NVCA Yearbook
National Venture Capital Association (PitchBook data), 2026-04-09
Cited in Reading an offer
- Explorable Explanations: 4 More Design Patterns
Nicky Case, 2018-06-20
Cited in How to learn with this course
- 2026 NVCA Yearbook
NVCA, 2026-04-09
Cited in Secondary sales and tender offers, How startups exit
- H.R. 3383, INVEST Act, House Roll Call 328
Office of the Clerk, U.S. House of Representatives, Dec 11, 2025
Cited in Who invests in startups
- An Inside Look at How Venture Capital Firms Make Decisions
Origin Ventures, Feb 18 (year not shown on the page)
Cited in Who invests in startups, From first meeting to term sheet
- Can vesting on restricted stock be accelerated?
Orrick
Cited in Vesting and cliffs
- 2025 Deal Points Report: Venture Capital Financings
Osler, Hoskin & Harcourt, May 27, 2026
Cited in Anti-dilution, Control terms, Reading a term sheet
- 2025 Deal Points Report: Convertible securities intelligence
Osler, Hoskin & Harcourt LLP, 2026-05-27
Cited in Convertible notes, SAFE, note, or priced round
- Startup = Growth
Paul Graham, September 2012
Cited in What is a startup
- Default Alive or Default Dead?
Paul Graham, October 2015
Cited in Burn, runway, and default alive, Cheat sheet
- Startup = Growth
Paul Graham, September 2012
Cited in Growth rates and compounding
- How to Raise Money
Paul Graham, September 2013
Cited in Post-money cap math, Economics and control, Reading a term sheet, After Demo Day
- High Resolution Fundraising
Paul Graham, September 2010
Cited in Post-money cap math
- How to Raise Money
Paul Graham, September 2013
Cited in When to raise and how much, Build an investor pipeline, From first meeting to term sheet, Close the round
- Default Alive or Default Dead?
Paul Graham, October 2015
Cited in When to raise and how much
- A Fundraising Survival Guide
Paul Graham, 2008
Cited in From first meeting to term sheet
- PearX
Pear VC, Read November 2026
Cited in Comparing accelerators
- Vesting Basics, What are typical vesting schemes?
Perkins Coie
Cited in Vesting and cliffs
- Delaware Flip: What UK Founders Should Know
Pillsbury, May 2026
Cited in Setting up the company
- VC fund extensions are LPs' new normal—blame sluggish unicorn IPOs
PitchBook, Dec 12, 2024
Cited in How venture funds work
- Q3 2026 PitchBook-NVCA Venture Monitor
PitchBook and NVCA, 2026-10
Cited in The whole story in one sitting, Decode a startup headline, What investors expect at each stage, The funding ladder, Who invests in startups, Dollars and percent, How valuations are set, Founder ownership benchmarks, Secondary sales and tender offers, How startups exit, Down rounds and recaps, When to raise and how much, Alternatives to venture capital
- Q2 2026 PitchBook-NVCA Venture Monitor
PitchBook and NVCA, 2026-07
Cited in Decode a startup headline, How startups exit
- Q1 2026 PitchBook-NVCA Venture Monitor
PitchBook and NVCA, Apr 2026
Cited in The funding ladder, Bridges, extensions, and the Series A crunch, How valuations are set
- Q4 2025 PitchBook-NVCA Venture Monitor
PitchBook and NVCA, Jan 2026
Cited in The funding ladder, How valuations are set
- Global Family Office Deals Study 2025
PwC, Sep 23, 2025
Cited in Who invests in startups
- Structuring the Transition From Example Study to Problem Solving
Renkl and Atkinson, Educational Psychologist, 2003
Cited in How to learn with this course
- Stripe Atlas vs Firstbase
Rho, 2026
Cited in The 83(b) election
- Test-Enhanced Learning: Taking Memory Tests Improves Long-Term Retention
Roediger and Karpicke, Psychological Science 17(3), 2006
Cited in How to learn with this course, Final exam
- 2026 Private B2B SaaS Company Growth Rate Benchmarks
SaaS Capital, July 22, 2026
Cited in Growth rates and compounding
- Research Brief 32: 2025 B2B SaaS Retention Benchmarks
SaaS Capital, September 2025
- About SBIR and STTR
SBA / SBIR.gov, Award guidelines effective 2026-10-16
Cited in Alternatives to venture capital
- DoorDash Form 10-K for FY2025
SEC, February 2026
- Airbnb Q4 and FY2025 results, Form 8-K, Exhibit 99.1
SEC, February 12, 2026
- Investor Bulletin: Be Cautious of SAFEs in Crowdfunding
SEC Office of Investor Education and Advocacy, 2017-05-09
Cited in What a SAFE is
- Review of the "Accredited Investor" Definition under the Dodd-Frank Act
SEC staff, Dec 2023
Cited in Who invests in startups
- Qualifying Venture Capital Funds Inflation Adjustment
SEC, Federal Register, Aug 30, 2024
Cited in Who invests in startups
- Writing a Business Plan
Sequoia Capital, 2019
Cited in The pitch deck
- Series Seed equity documents
Series Seed (Ted Wang and Fenwick & West), Accessed 2026-11-04
Cited in Anatomy of a priced round, Run the company
- Venture Outcomes are Even More Skewed Than You Think
Seth Levine, Aug 12, 2014
Cited in The power law
- A Trainable Spaced Repetition Model for Language Learning
Settles and Meeder, ACL, 2016
Cited in How to learn with this course
- Legal Alert: Online Filing Now Available for Section 83(b) Elections
Shulman Rogers, August 19, 2025
Cited in The 83(b) election
- What the Data Actually Says About Pre-Seed Right Now with Peter Walker
Sierra Ventures, 2026-03-21
Cited in The whole story in one sitting, Bridges, extensions, and the Series A crunch
- State of the Markets Report H1 2026
Silicon Valley Bank, a division of First Citizens, February 2026
Cited in What investors expect at each stage
- SPC Founder Fellowship, Fall 2026
South Park Commons, 2026
Cited in Comparing accelerators
- 2026 M&A Deal Terms Study
SRS Acquiom, March 2026
Cited in Two offers: price against terms, How startups exit, Down rounds and recaps
- 2026 M&A Earnouts & Claims Study
SRS Acquiom, September 2026
Cited in How startups exit
- Secondary Sale (practitioner guide)
Startups.com, 2026
Cited in Secondary sales and tender offers
- California Corporations Code §25608.1
State of California, Read November 2026
Cited in Close the round
- Stripe Atlas
Stripe, read November 2026
Cited in Setting up the company
- Authorized vs. Issued Shares vs. Outstanding Stock
Stripe, August 24, 2026
Cited in Shares and ownership
- How Many Shares Should a Startup Authorize?
Stripe, September 1, 2026
Cited in Shares and ownership
- Equity for founders (Stripe Atlas Guide)
Stripe, read November 2026
Cited in Shares and ownership, Vesting and cliffs, The 83(b) election
- Indexing the AI economy
Stripe, 2025
Cited in What investors expect at each stage
- How to pay Delaware franchise tax online
Stripe Support, 2026
Cited in Setting up the company
- Atlas: Purchasing stock with IP FAQ
Stripe Support
Cited in Shares and ownership
- SEC Proposes Regulation Crypto Assets (table of exemption limits)
Sullivan & Cromwell, 2026-08-21
Cited in Alternatives to venture capital
- 2026 Tax Brackets and Federal Income Tax Rates
Tax Foundation, 2025
Cited in Exercise and taxes
- How VCs and founders use inflated 'ARR' to crown AI startups
TechCrunch, 2026-05-22
Cited in Decode a startup headline, ARR, run rate, and other revenue words
- These AI startups are growing revenue at faster and faster rates
TechCrunch, July 8, 2026
- The SaaS Adventure (T2D3)
TechCrunch, February 1, 2015
Cited in Growth rates and compounding
- a16z VC wants founders to stop stressing over insane ARR numbers
TechCrunch, February 5, 2026
Cited in What investors expect at each stage
- Seed is not the new Series A
TechCrunch, Jun 21, 2021
Cited in The funding ladder
- A peek inside Sequoia Capital's low-flying, wide-reaching scout program
TechCrunch, Jun 7, 2019
Cited in Who invests in startups
- Pulley, a Carta rival, is shutting down
TechCrunch, 2026-09-16
Cited in How to read a cap table
- OpenAI warns against SPVs and other 'unauthorized' investments
TechCrunch, 2025-08-23
Cited in Secondary sales and tender offers
- More details emerge on how Windsurf's VCs and founders got paid from the Google deal
TechCrunch, August 1, 2025
Cited in How startups exit
- 2025 will likely be another brutal year of failed startups, data suggests
TechCrunch, January 26, 2025
Cited in How startups exit
- Paul Graham Proposes A 'Handshake Deal Protocol'
TechCrunch, 2013-03-14
Cited in Close the round
- Y Combinator expanding to four cohorts a year in 2025
TechCrunch, September 13, 2024
Cited in How Y Combinator works
- The 11 standout startups from YC's Demo Day, according to VCs
TechCrunch, June 18, 2026
Cited in After Demo Day
- The 9 buzziest startups from Y Combinator's latest Demo Day, according to VCs
TechCrunch, September 13, 2026
Cited in After Demo Day
- Ali Partovi's Neo looks to upend the accelerator model with low-dilution terms
TechCrunch, February 19, 2026
Cited in Comparing accelerators
- Techstars Accelerator Investment Terms
Techstars, Accessed Nov 2026
Cited in Who invests in startups
- Techstars Investment Terms Update
Techstars, April 17, 2025
Cited in Comparing accelerators
- #311: SVB's State of the Markets Unpacked
The Fund CFO, February 5, 2026
Cited in What investors expect at each stage
- How to Calculate the Burn Multiple
The SaaS CFO, Accessed November 2026
Cited in What investors expect at each stage
- 83(b) election: how to file Form 15620
TractionWire, October 2026
Cited in The 83(b) election
- Startup Growth Tool
Trevor Blackwell, 2015
Cited in Burn, runway, and default alive
- Accredited Investors
U.S. Securities and Exchange Commission, Last reviewed Apr 24, 2026
Cited in Who invests in startups, Close the round
- Potential Designation of U.S. Certified Public Accountant License as Qualifying Natural Persons for Accredited Investor Status, Release No. 33-11446
U.S. Securities and Exchange Commission, Sep 30, 2026
Cited in Who invests in startups
- Private placements - Rule 506(b)
U.S. Securities and Exchange Commission, Accessed Nov 4, 2026
Cited in Who invests in startups, Anatomy of a priced round, Close the round
- General solicitation - Rule 506(c)
U.S. Securities and Exchange Commission, Accessed Nov 4, 2026
Cited in Who invests in startups, Close the round
- Filing a Form D notice
U.S. Securities and Exchange Commission, Last reviewed 2026-03-17
Cited in Anatomy of a priced round, Final exam, Cheat sheet
- SEC Adopts Rules to Enhance Investor Protections Relating to SPACs, Shell Companies, and Projections
U.S. Securities and Exchange Commission, January 24, 2024
Cited in How startups exit
- Rep. Stutzman Introduces Regulation A+ Improvement Act
US House of Representatives, 2025-12-10
Cited in Alternatives to venture capital
- Frequently Asked Questions and Answers on Form D
US Securities and Exchange Commission, Updated 2026-07-09
Cited in Close the round
- General Solicitation
US Securities and Exchange Commission, Updated 2026-04-24
Cited in Close the round
- Regulation Crowdfunding: Guidance for Issuers
US Securities and Exchange Commission, 2025-07-21
Cited in Alternatives to venture capital
- Board of Trustees of Leland Stanford Junior University v. Roche Molecular Systems
US Supreme Court, June 6, 2011
Cited in Setting up the company
- Post-Money Safe Does Not Mean Founders Equity is Safe
Vela Wood, 2025-08-22
Cited in Pre-money and post-money SAFEs
- Seed to Series A Graduation Rate, 2026 Data
Venture Capital Careers, with Carta data, October 23, 2026
Cited in Burn, runway, and default alive, When to raise and how much
- Focus on your share price, not your valuation
Venture Hacks, 2007-04-11
Cited in Price per share, The option pool shuffle
- The Option Pool Shuffle
Venture Hacks, 2007-04-10
Cited in The option pool shuffle, Run the company, Cheat sheet
- Series A Benchmarks 2026: ARR, Growth, Round Size, Valuation
Waveup, Sep 25, 2026
- Who Pays the Legal Fees in a Startup Funding Round, and How Much Should It Cost?
Westaway, 2026-10-13
Cited in Anatomy of a priced round, SAFE, note, or priced round
- Series Seed vs. NVCA Documents
Westaway, 2026-10-14
Cited in Anatomy of a priced round, SAFE, note, or priced round
- Option Pool Shuffle: How the Option Pool Lowers Your Valuation and How to Negotiate It
Westaway, 2026-10-26
Cited in The option pool shuffle
- Testing effect (pretests, and Butler and Roediger, 2008)
Wikipedia, Accessed 2026-11-04
Cited in How to learn with this course
- Worked-example effect
Wikipedia, Accessed 2026-11-04
Cited in How to learn with this course
- Y Combinator
Wikipedia, Last change October 31, 2026
Cited in How Y Combinator works, The YC deal
- Venture Deals, 4th Edition: Table of Contents
Wiley (Brad Feld and Jason Mendelson), 2019
Cited in Economics and control
- Giving Away the Farm with SAFEs: Understanding the Alternatives and Avoiding Unnecessary Dilution
WilmerHale, 2026-04-14
Cited in The cap and the discount
- 2026 WilmerHale Venture Capital Report
WilmerHale, April 2026
Cited in Reading an offer, Two offers: price against terms, How startups exit, The waterfall, Find the flip, Down rounds and recaps
- 2026 WilmerHale IPO Report
WilmerHale, March 2026
Cited in How startups exit
- The Entrepreneurs Report: Private Company Financing Trends, Q2 2026
Wilson Sonsini, September 2026
Cited in Economics and control, Liquidation preferences, Anti-dilution, Reading a term sheet
- Safe Financing Documents (Post-Money Safe)
Y Combinator, Accessed 2026-11-04
Cited in The whole story in one sitting, Pre-money and post-money, Price per share, How valuations are set, What a SAFE is, The cap and the discount, MFN SAFEs, side letters, and early exits, SAFE mistakes founders make, Convertible notes, The option pool shuffle, A full Series A, step by step, A full Series A, step by step, How to read a cap table, Dilution across rounds, Pro rata rights, The YC deal, Run the company, Cheat sheet
- Startup = growth (YC Startup Library copy)
Y Combinator, 2012, read November 2026
Cited in What is a startup
- The YC Deal
Y Combinator, read November 2026
Cited in Setting up the company, Shares and ownership, Who invests in startups, How valuations are set, MFN SAFEs, side letters, and early exits, Pro rata rights, How Y Combinator works, The YC deal, After Demo Day, Comparing accelerators, Final exam, Cheat sheet
- A Guide to Seed Fundraising
Y Combinator, Jan 7, 2016
Cited in Who invests in startups, The power law, When to raise and how much, Build an investor pipeline, From first meeting to term sheet, Close the round
- The SAFE
Y Combinator, Accessed 2026-11-04
Cited in How valuations are set, Post-money cap math, SAFE mistakes founders make, The YC deal, After Demo Day
- Post-Money Safe User Guide
Y Combinator, 2026-07-02 (version history to v1.2, February 2023)
Cited in What a SAFE is, Post-money cap math, The cap and the discount, How a SAFE converts, step by step, Pre-money and post-money SAFEs, MFN SAFEs, side letters, and early exits, SAFE mistakes founders make
- Post-Money SAFE: Valuation Cap, no Discount
Y Combinator, Accessed 2026-11-04
Cited in What a SAFE is, How a SAFE converts, step by step, MFN SAFEs, side letters, and early exits, SAFE mistakes founders make
- SAFE vs. Convertible Note vs. Priced Round
Y Combinator, Accessed 2026-11-04
Cited in Post-money cap math, Pre-money and post-money SAFEs, SAFE mistakes founders make, Convertible notes, SAFE, note, or priced round
- Post-Money SAFE: Discount, no Valuation Cap
Y Combinator, Accessed 2026-11-04
Cited in The cap and the discount, How a SAFE converts, step by step
- Post-Money SAFE: Uncapped MFN
Y Combinator, Accessed 2026-11-04
- Pro Rata Side Letter
Y Combinator, Accessed 2026-11-04
- Fundraising Advice for YC Companies
Y Combinator, Undated (older)
Cited in Build an investor pipeline
- What Happens at YC
Y Combinator, Read November 2026
Cited in How Y Combinator works, After Demo Day
- Apply to Y Combinator (Winter 2027)
Y Combinator, Read November 2026
Cited in How Y Combinator works
- Frequently Asked Questions
Y Combinator, Read November 2026
Cited in How Y Combinator works
- 2026 Demo Day Dates
Y Combinator, December 18, 2025
Cited in How Y Combinator works
- Demo Day
Y Combinator, Read November 2026
Cited in How Y Combinator works
- The Application Video
Y Combinator, Read November 2026
Cited in How Y Combinator works
- Resources for Investors
Y Combinator, Read October 2026
Cited in How Y Combinator works
- Meet the YC Winter 2024 Batch
Y Combinator, April 2024
Cited in How Y Combinator works
- YC Interview Guide
Y Combinator, Read October 2026
Cited in How Y Combinator works
- Announcing the YC Spring 2025 batch
Y Combinator, January 20, 2025
Cited in How Y Combinator works
- Startup School
Y Combinator, Read November 2026
Cited in How Y Combinator works
- How to build your seed round pitch deck
Y Combinator (Aaron Harris), 2018
Cited in The pitch deck
- How to Get Meetings With Investors and Raise Money
Y Combinator (Aaron Harris), 2018-10-17
Cited in The pitch deck
- How startup fundraising works
Y Combinator (Brad Flora), 2023-03-29
Cited in Build an investor pipeline, After Demo Day
- A guide to seed fundraising
Y Combinator (Geoff Ralston), Mid-2010s, library record 2020-06-09
Cited in Post-money cap math, After Demo Day
- How to find the right co-founder
Y Combinator (Harj Taggar, Startup School), 2020
Cited in Splitting equity
- How to build a great Series A pitch and deck
Y Combinator (Janelle Tam), 2020-10-12
- A Standard and Clean Series A Term Sheet
Y Combinator (Jason Kwon), 2019-01-28
Cited in SAFE, note, or priced round, Economics and control, Control terms, Reading a term sheet, Two offers: price against terms
- How to design a better pitch deck
Y Combinator (Kevin Hale), Approximately 2015
Cited in The pitch deck
- How to Split Equity Among Co-Founders
Y Combinator (Michael Seibel), December 2, 2015
Cited in Setting up the company, Splitting equity, Vesting and cliffs
- How to Pitch Your Company
Y Combinator (Michael Seibel), 2016-07-19
Cited in The pitch deck
- Announcing the Safe, a Replacement for Convertible Notes
Y Combinator (Paul Graham), 2013-12-06
Cited in What a SAFE is
- The New Deal
Y Combinator (Sam Altman), April 22, 2014
Cited in The YC deal
- YC Demo Day: How It Works, Raise Sizes & Valuations (2026)
YC Insight, 2026
Cited in After Demo Day
- How to apply and succeed at YC (Dalton Caldwell)
YC Startup Library, May 12, 2023
Cited in How Y Combinator works
- Z Fellows
Z Fellows, Read November 2026
Cited in Comparing accelerators