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.
45 pieces of content
Articles
37 articles
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·
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
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
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·
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·
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
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·
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
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
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
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
Series B, C, D, and E Funding: What Each Round Means for Your Startup
Series B, C, D, and E rounds each signal a different stage of risk reduction and scaling. Here's what investors expect at each stage, what valuations look like, and how dilution compounds.
Michael Kaufman·
Founder Education
Venture Capital in Entrepreneurship: How Startups Use VC to Scale
How venture capital actually functions in entrepreneurship — from seed to Series B, how startups deploy VC to scale, what investors expect in return, and when VC is the wrong choice.
Michael Kaufman·
Founder Education
Pre-Seed vs Seed Funding: What's the Difference and When to Raise Each
Pre-seed and seed funding are not the same thing. Learn the key differences in check sizes, investor expectations, and milestones — and how to know which round to raise first.
Michael Kaufman·
Founder Education
What Is a Term Sheet? Definition, Format, and Sample Template
A term sheet is the foundational document in any VC deal. Learn the definition, format, key sections, and see a sample template to help you negotiate with confidence.
Michael Kaufman·
Founder Education
Startup Exit Strategy: The 5 Most Common Paths and How to Plan for Them
From acquisitions to IPOs, here are the 5 most common startup exit strategies — and how to plan for each one from day one.
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
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
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
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
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·
Guides
8 guides
How to Structure a SAFE Note: Terms, Math, and Common Mistakes
All four YC SAFE variants with the actual dollar math, the pre-money vs. post-money shift explained, conversion mechanics, SAFE vs. convertible note comparison, and the mistakes founders make.
How to Set Up a Startup Option Pool: ESOP Guide for Founders
Setting up your employee option pool wrong costs you money and credibility. Here's the complete playbook: pool sizing, option vs RSU, ISO vs NSO, vesting schedules, and tax implications.
How to Calculate and Optimize Your Startup's Burn Rate
Burn rate is the single most important number a startup CEO watches. Here's how to calculate gross and net burn, model runway, and know when you're in trouble before your investor does.
How to Run an Effective Board Meeting as a Startup CEO
Most CEOs walk into board meetings unprepared and walk out having wasted 3 hours. Here's how to run a board meeting that drives decisions, builds trust, and actually helps your company.
How to Negotiate a VC Term Sheet: A Founder's Leverage Guide
A founder's guide to negotiating VC term sheets: leverage mechanics, which terms actually matter, specific tactics, and real scenarios with concrete playbooks.
How to Build a Pitch Deck That Gets Meetings
A slide-by-slide walkthrough of what belongs in a pitch deck, what investors actually look for, and the design principles that make decks readable and compelling.
How to Read a Term Sheet: Line-by-Line Guide for Founders
Every major term sheet clause decoded: liquidation preference, board composition, anti-dilution, vesting, protective provisions, and more. With a negotiation priority list at the end.
How to Build and Manage a Cap Table
A step-by-step guide to building and managing your startup cap table from incorporation through Series A, including founder vesting, SAFEs, option pools, and tool recommendations.