Founder Education
Why Emerging Fund Managers Are Ditching Spreadsheets in 2026
The spreadsheet era for fund management is ending. Here's why the smartest emerging GPs are moving to purpose-built platforms — and what they're gaining.
Michael Kaufman·
Topic
Founder Education
Practical education for founders navigating fundraising, equity, and startup finance.
87 pieces of content
Articles
87 articles
Founder Education
How to Hire Your First 10 Employees Without an HR Team
You're the CEO, the recruiter, and the hiring manager. Here's the playbook for building your founding team fast — without a dedicated HR function.
Michael Kaufman·
Founder Education
The Screening Call Is Dead: How Async Video Interviews Are Replacing the Most Wasteful Step in Hiring
67% of recruiters spend 30 minutes to 2 hours scheduling each screening call. Async video interviews cut that to zero — and produce better signal. Here's why the screening call is dying.
Michael Kaufman·
Founder Education
The True Cost of Running a VC Fund in 2026
Emerging managers spend $40,000–$80,000/year on tools before they've made their first investment. Here's the full breakdown — and how to cut it by 70%.
Michael Kaufman·
Founder Education
Why Startup Hiring Is Getting Slower in 2026 (And What to Do About It)
Time to first outreach jumped 136%. Time to onboard nearly doubled. Hiring matters more than ever at startups — but the process is broken. Here's what the data says and how to fix it.
Michael Kaufman·
Founder Education
AI Agents Are Joining Your Team — But You Still Need to Hire Humans Right
52% of talent leaders plan to add AI agents to their teams this year. But the humans you hire alongside them matter more than ever.
Michael Kaufman·
Founder Education
The True Cost of a Bad Hire at a Startup (And How to Avoid It)
A bad hire at a 15-person startup costs $150K–$300K when you factor in salary, equity, lost productivity, and the months to find a replacement. Here's how to avoid it.
Michael Kaufman·
Founder Education
VC-Backed Startups: Your Investors Are Watching How You Hire
Board members notice when key roles sit open for months. LPs notice when portfolio companies can't build teams. Your hiring velocity signals operational competence.
Michael Kaufman·
Founder Education
Quarterly Report Template for Emerging VCs (Free Download)
The exact quarterly LP report format used by top-performing emerging managers. Five pages, five sections, zero fluff. Copy this template and never miss a reporting cycle again.
Michael Kaufman·
Founder Education
How to Set Up Your First Fund's Tech Stack in 2026
The definitive guide to choosing and configuring the tools you need to launch and run a venture fund — from entity formation to your first capital call.
Michael Kaufman·
Founder Education
LP Data Room Checklist: Everything Your Fund Needs (2026)
The complete checklist of every document your LP data room needs — organized by category, with notes on what institutional LPs actually review and what signals professionalism.
Michael Kaufman·
Founder Education
What LPs Actually Want From Your Quarterly Reports
Most emerging managers either over-report or under-report. Here's what institutional LPs actually read, what they skip, and the format that builds trust over time.
Michael Kaufman·
Fundraising
How to Find Investors for Free: No-Cost Ways to Connect With VCs and Angels
You don't need to pay for investor databases to find the right VCs and angels. Here are 9 free methods that actually work — plus what you should never pay for.
Michael Kaufman·
Founder Education
How to Value a Startup: 5 Methods Investors Actually Use
Startup valuation is more art than science — especially pre-revenue. Here are the 5 methods real investors use to put a number on your company, and when each one works.
Michael Kaufman·
Fundraising
How to Get Investors for Your Business: 8 Proven Methods That Work
8 real ways to get investors, ranked from easiest to hardest. With actual dollar amounts, timelines, and honest trade-offs for each method.
Michael Kaufman·
Fundraising
Startup Business Loans With No Revenue: What Actually Works in 2025
Most 'startup loans with no revenue' are scams or don't exist as advertised. Here are the 7 funding options that actually work for pre-revenue founders, with real numbers and honest trade-offs.
Michael Kaufman·
Founder Education
Advantages and Disadvantages of an IPO: The Honest Guide for Founders
IPOs unlock liquidity, public capital, and credibility — but they also mean quarterly earnings pressure, loss of privacy, and $5-15M in costs. Here's the honest breakdown, plus when an IPO actually makes sense.
Michael Kaufman·
Founder Education
IPO Readiness Assessment: A Checklist for Startups Preparing to Go Public
Going public takes 18-24 months of preparation. Here's the complete IPO readiness checklist: financial, governance, legal, and operational requirements, plus a step-by-step process flow chart from S-1 filing to first trade.
Michael Kaufman·
Founder Education
Share Dilution Explained: Formula, Examples, and How to Protect Your Equity
The dilution formula every founder needs to know, three worked examples from simple to multi-round, how option pools really work, and practical strategies to protect your ownership stake.
Michael Kaufman·
Fundraising
Startup Fundraising Strategy: A Step-by-Step Framework for First-Time Founders
Most fundraising guides tell you what to put on a slide. This one covers the strategic layer: whether to raise at all, how much, from whom, and how to run a process that creates urgency instead of desperation.
Michael Kaufman·
Fundraising
How to Find Angel Investors for Your Startup in 2025
Angel investors write $25K-$250K checks with less diligence than VCs. Here's where to find them, how to approach them, and what terms to expect for your pre-seed round.
Michael Kaufman·
Founder Education
The IPO Process Explained: Timeline, Steps, and What Founders Need to Know
Going public takes 18-24 months and involves underwriters, SEC filings, roadshows, and pricing negotiations. Here's the complete IPO process broken down step by step for founders.
Michael Kaufman·
Fundraising
Famous Pitch Decks: Real Examples from Airbnb, Uber, Buffer and 20+ Funded Startups
We analyzed the actual pitch decks from Airbnb, Uber, Buffer, LinkedIn, and 20+ other funded startups. Here's what worked, what didn't, and the patterns every founder should steal.
Michael Kaufman·
Fundraising
Startup Funding Rounds Explained: Pre-Seed to Series F (With Typical Amounts)
Every funding round from pre-seed to Series F, explained with real numbers. Typical amounts, valuations, dilution percentages, and who invests at each stage.
Michael Kaufman·
Fundraising
Term Sheet Template: Free NVCA Templates, Examples, and Key Terms Explained
A term sheet is the blueprint for your startup deal. We break down every section of the NVCA model term sheet — economic terms, control terms, investor rights — so you know exactly what you're signing.
Michael Kaufman·
Founder Education
Startup Valuation Calculator: How to Calculate Pre-Money and Post-Money Valuation
Pre-money valuation doesn't have to be a mystery. Here are the exact formulas, three worked examples at different stages, and the methods VCs actually use to price early-stage startups.
Michael Kaufman·
Founder Education
Cap Table Explained: Examples, Templates, and How to Build One
A cap table tracks who owns what in your startup. We walk through a real cap table example from founding through Series A — with templates, formulas, and dilution math.
Michael Kaufman·
Founder Education
409A Valuation: What It Is, How Much It Costs, and How to Choose a Provider
A Section 409A valuation typically costs $1,000-$5,000 for early-stage startups. You need one before issuing stock options. Here's what it is, when you need it, and which providers are worth it.
Michael Kaufman·
Founder Education
Liquidation Preference Explained: Participating vs Non-Participating (With Examples)
Liquidation preference determines who gets paid first when your startup sells. The difference between 1x non-participating and 1x participating can cost founders millions. Here's how it works.
Michael Kaufman·
Fundraising
Pre-Money vs Post-Money Valuation: What Founders Get Wrong
A $15M pre-money valuation isn't what you think it is. Option pools, stacked SAFEs, and the valuation trap catch first-time founders every time. Here's the math you actually need.
Michael Kaufman·
Fund Strategy
What Is Carried Interest and How Does It Work? (With Math)
Carry is how VCs get rich — or don't. Walk through the real math: 3 fund scenarios, hurdle rates, European vs American waterfalls, and why 20% of profits isn't as simple as it sounds.
Michael Kaufman·
Founder Education
How Startup Exits Work: IPO, M&A, and Secondary Sales Explained
90% of exits are M&A, not IPOs. Here's how each exit type works, who gets paid what, and how liquidation preferences change the math at different exit prices.
Michael Kaufman·
Fundraising
How to Read a VC Term Sheet (Line by Line)
We break down every section of a VC term sheet: valuation, liquidation preference, board seats, anti-dilution, vesting, and no-shop. What's standard vs predatory.
Michael Kaufman·
Fundraising
Understanding Dilution: How Fundraising Affects Your Ownership (With Calculator)
You start at 100%. After co-founders, SAFEs, seed, and Series A, you're at 22%. Here's the math at every stage, plus a calculator to model your own scenario.
Michael Kaufman·
Fundraising
SAFE vs Convertible Note vs Priced Round: Which One Should You Use?
SAFEs, convertible notes, and priced rounds each have tradeoffs. Here's when to use each, with worked examples showing exactly what they cost you in dilution.
Michael Kaufman·
Founder Education
GP vs LP Explained: Who Does What in a Venture Capital Fund
The most fundamental relationship in VC, explained clearly. Who GPs and LPs are, what they do, how the money flows, and what happens when they disagree.
Michael Kaufman·
Guides
How to Learn Venture Capital: The Best Free and Paid Resources in 2025
A brutally honest roundup of the best ways to learn VC in 2025. Free courses, books, podcasts, tools, and the paid programs that are actually worth your money.
Michael Kaufman·
Founder Education
Startup Compensation: How to Evaluate an Offer Beyond Salary
A startup offer is more than salary and options. Here's a framework for evaluating total compensation, valuing equity realistically, and comparing startup offers to big tech packages.
Michael Kaufman·
Founder Education
Startup Compensation: How to Evaluate an Offer Beyond Salary
A startup offer is more than salary and options. Here's a framework for evaluating total compensation, valuing equity realistically, and comparing startup offers to big tech packages.
Michael Kaufman·
Founder Education
How to Structure a First-Time VC Fund: LP Terms, Economics, and Legal
Launching Fund I? Here's everything you need to know about entity structure, management fees, carry, GP commit, and why fund formation lawyers charge $100K+.
Michael Kaufman·
Founder Education
VC Fund Performance Benchmarks: What Good Looks Like by Stage and Vintage
TVPI, DPI, IRR — fund performance metrics sound like alphabet soup. Here's what they mean, what good looks like, and why vintage year changes everything.
Michael Kaufman·
Founder Education
What 'Fully Diluted' Means and Why Employees Should Care
Your "1% ownership" might actually be 0.6% on a fully diluted basis. Here's what fully diluted means, how option pools dilute everyone, and how to calculate your real ownership.
Michael Kaufman·
Founder Education
What 'Fully Diluted' Means and Why Employees Should Care
Your "1% ownership" might actually be 0.6% on a fully diluted basis. Here's what fully diluted means, how option pools dilute everyone, and how to calculate your real ownership.
Michael Kaufman·
Founder Education
How Vesting Works at Startups: Cliffs, Schedules, and Acceleration
Your equity doesn't belong to you all at once. Vesting determines when you actually earn your shares — and what happens to them if you leave early, get fired, or the company gets acquired.
Michael Kaufman·
Founder Education
How Vesting Works at Startups: Cliffs, Schedules, and Acceleration
Your equity doesn't belong to you all at once. Vesting determines when you actually earn your shares — and what happens to them if you leave early, get fired, or the company gets acquired.
Michael Kaufman·
Founder Education
Exercise or Wait? A Guide to Startup Stock Option Decisions
Should you exercise your stock options now or wait? The answer depends on taxes, risk tolerance, and your company's trajectory. Here's a framework for making the right call.
Michael Kaufman·
Founder Education
Exercise or Wait? A Guide to Startup Stock Option Decisions
Should you exercise your stock options now or wait? The answer depends on taxes, risk tolerance, and your company's trajectory. Here's a framework for making the right call.
Michael Kaufman·
Founder Education
Understanding Your Startup's Fundraising: What It Means for Employees
When your startup raises a new round, your equity changes in ways that aren't always obvious. Here's what dilution actually means, why higher valuations can be misleading, and what new investor rights mean for you.
Michael Kaufman·
Founder Education
Best Online Tools for First-Time Fund Managers in 2025
Launching Fund I? Here are 10 tools across fund admin, legal, banking, CRM, and portfolio ops — plus what to use before you even pick a fund admin.
Michael Kaufman·
Founder Education
How to Read Your Startup's Cap Table as an Employee
Your startup's cap table holds the answers to what your equity is really worth. Here's how to read it, understand your ownership percentage, and see where you stand in the stack.
Michael Kaufman·
Founder Education
Startup Equity Compensation Explained: Stock Options, RSUs, and More
ISOs, NSOs, RSUs, restricted stock — startup equity comes in many flavors. Here's what each type actually means for your compensation, your taxes, and your financial future.
Michael Kaufman·
Founder Education
Startup Equity Compensation Explained: Stock Options, RSUs, and More
ISOs, NSOs, RSUs, restricted stock — startup equity comes in many flavors. Here's what each type actually means for your compensation, your taxes, and your financial future.
Michael Kaufman·
Founder Education
The Founder's Guide to Dilution: How Much You'll Actually Own
Walk through a realistic Seed to Series B scenario with real numbers. See exactly how option pools, round sizes, and preferences affect what founders actually take home at exit.
Michael Kaufman·
Founder Education
The Founder's Guide to Dilution: How Much You'll Actually Own
Walk through a realistic Seed to Series B scenario with real numbers. See exactly how option pools, round sizes, and preferences affect what founders actually take home at exit.
Michael Kaufman·
Founder Education
SAFE vs Convertible Note: Which Should Founders Use?
SAFEs and convertible notes both delay valuation, but their mechanics differ in ways that matter. A clear breakdown of caps, discounts, MFN, pro-rata, and when each instrument makes sense.
Michael Kaufman·
Founder Education
SAFE vs Convertible Note: Which Should Founders Use?
SAFEs and convertible notes both delay valuation, but their mechanics differ in ways that matter. A clear breakdown of caps, discounts, MFN, pro-rata, and when each instrument makes sense.
Michael Kaufman·
Founder Education
Investor References: How Founders Should Back-Channel on VCs
Before signing a term sheet, smart founders back-channel on their investors. Here's exactly how to run a VC reference check — who to call, what to ask, and how to read the answers.
Michael Kaufman·
Founder Education
Extension Rounds: When to Bridge and How to Structure
Extension rounds can save a startup or sink it. Learn when bridging makes strategic sense and how to structure convertible notes and SAFEs to protect your equity and cap table.
Michael Kaufman·
Founder Education
Startup M&A: What the Acquisition Process Actually Looks Like
Most founders don't learn how startup acquisitions work until they're already in one. Here's a clear, phase-by-phase breakdown of the M&A process — from first contact to closing.
Michael Kaufman·
Founder Education
Down Rounds: How to Navigate Them Without Destroying Your Company
Down rounds are painful but survivable. Learn how to negotiate terms, protect your equity, manage dilution, and keep your team intact when raising at a lower valuation.
Michael Kaufman·
Founder Education
Pre-Seed Fundraising: How to Raise Before You Have Revenue
Raising pre-seed capital before you have revenue is possible — if you know what investors are actually evaluating. Here's a practical guide to structuring, pitching, and closing your first round.
Michael Kaufman·
Founder Education
Understanding Board Dynamics: A Founder's Guide to Working with VC Board Members
Most founders walk into board meetings underprepared. This guide covers startup board dynamics, how VC board members think, and how to run meetings that actually move your company forward.
Michael Kaufman·
Founder Education
How to Run a Competitive Fundraising Process as a First-Time Founder
First-time founders who run structured, parallel fundraising processes close rounds faster and on better terms. Here's how to engineer competitive dynamics and create real investor urgency.
Michael Kaufman·
Founder Education
Convertible Notes in 2026: Terms, Traps, and Negotiation Tips
Convertible notes are still widely used in 2026 — but the terms and traps can cost founders significant equity. Here's what to know before you sign.
Michael Kaufman·
Founder Education
Cap Table Management for Founders: From Incorporation to Series A
From founder equity splits to Series A diligence, this guide covers everything you need to know about cap table management — including common mistakes and the best tools.
Michael Kaufman·
Founder Education
How to Prepare a Financial Model That VCs Take Seriously
A strong startup financial model can make or break your fundraise. Learn exactly what VCs expect — from unit economics to scenario planning — and how to build one that earns credibility.
Michael Kaufman·
Founder Education
Secondary Sales for Startup Founders: When and How to Sell Shares
Founder secondary sales let you convert paper equity into real liquidity before an exit. Learn when to sell startup shares, how to structure the transaction, and what pitfalls to avoid.
Michael Kaufman·
Founder Education
Drag-Along and Tag-Along Rights: A Founder's Guide
Drag-along and tag-along rights determine who controls your exit. Here's what every founder needs to know before signing a term sheet.
Michael Kaufman·
Founder Education
How to Calculate Your Startup's Burn Rate (And Why It Matters)
Burn rate determines when your startup dies. Learn the difference between gross and net burn, how to calculate real runway, and the framework for knowing if you're default alive or dead.
Michael Kaufman·
Founder Education
Startup Equity: What Founders Don't Understand Until It's Too Late
Most founders think equity is simple: you own X%. But option pools, liquidation preferences, and preferred stock can quietly eat your returns. Here's what actually happens.
Michael Kaufman·
Founder Education
Startup Equity: What Founders Don't Understand Until It's Too Late
Most founders think equity is simple: you own X%. But option pools, liquidation preferences, and preferred stock can quietly eat your returns. Here's what actually happens.
Michael Kaufman·
Founder Education
SPV vs. Fund: When to Use Each Structure for Venture Investments
SPVs and funds serve different purposes. Understanding the legal, tax, and operational tradeoffs helps you choose the right structure for every investment opportunity.
Michael Kaufman·
Founder Education
The Anatomy of a Venture Capital Term Sheet in 2026
Term sheets have evolved. From liquidation preferences to anti-dilution provisions, here's every clause founders and investors need to understand in the current market.
Michael Kaufman·
Founder Education
How to Structure Your First Capital Call: A Step-by-Step Guide
Your first capital call sets the operational tone for your entire fund. Here's a detailed walkthrough covering timing, notices, mechanics, and common mistakes to avoid.
Michael Kaufman·
Founder Education
SAFE Notes vs Convertible Notes: Which Is Right for Your Startup in 2026?
The SAFE vs convertible note debate has evolved. With new YC terms, rising rates, and shifting power dynamics, here's the framework for choosing the right instrument in 2026.
Michael Kaufman·
Guides
How to Get a Job in Venture Capital: The Definitive Guide (2026)
The complete guide to venture capital careers: roles from analyst to partner, salary ranges at every level, interview prep, and proven strategies to break in — even without a finance background.
Michael Kaufman·
Founder Education
How Startup Valuations Are Actually Calculated
How VCs actually calculate startup valuations at every stage — from pre-seed to Series B+. The six primary methods, real examples, and the negotiation dynamics that determine the final number.
Michael Kaufman·
Founder Education
What Is a SAFE Note and How Does It Work?
A complete guide to SAFE notes for startup founders — how they work, key terms like valuation caps and discounts, common mistakes, and when SAFEs are the right fundraising instrument.
Michael Kaufman·
Founder Education
How Startup Valuations Are Actually Calculated
How VCs actually calculate startup valuations at every stage — from pre-seed to Series B+. The six primary methods, real examples, and the negotiation dynamics that determine the final number.
Michael Kaufman·
Founder Education
What Is a SAFE Note and How Does It Work?
A complete guide to SAFE notes for startup founders — how they work, key terms like valuation caps and discounts, common mistakes, and when SAFEs are the right fundraising instrument.
Michael Kaufman·
Founder Education
Bootstrapping vs Venture Capital: Which Path Is Right for Your Startup?
A comprehensive comparison of bootstrapping and venture capital — the economics, control trade-offs, risk profiles, and decision framework to help founders choose the right funding path.
Michael Kaufman·
Founder Education
Anti-Dilution Provisions Explained: What Every Founder Needs to Know
How anti-dilution provisions work in venture capital — full ratchet vs. weighted average, how they affect founder ownership in down rounds, and what to negotiate in your term sheet.
Michael Kaufman·
Founder Education
Anti-Dilution Provisions Explained: What Every Founder Needs to Know
How anti-dilution provisions work in venture capital — full ratchet vs. weighted average, how they affect founder ownership in down rounds, and what to negotiate in your term sheet.
Michael Kaufman·
Founder Education
Understanding Dilution: How Funding Rounds Affect Your Startup Ownership
Learn how equity dilution works across startup funding rounds, from pre-seed to Series C, and the strategies founders use to protect their ownership stake.
Michael Kaufman·
Founder Education
Term Sheet Explained: Every Clause Founders Must Know
Term sheets are dense, jargon-heavy, and consequential. Here's a founder-friendly breakdown of every major clause and what it means for your company.
Michael Kaufman·
Founder Education
Pre-Seed vs Seed Funding: What's the Difference
Pre-seed and seed rounds serve different purposes. Here's what each stage looks like, what investors expect, and how to know which one you're raising.
Michael Kaufman·
Founder Education
What Is Venture Capital and How Does It Work
A comprehensive guide to venture capital — how it works, who the players are, and why it matters for startups seeking growth capital in today's market.
Michael Kaufman·