Conversation

The Sushi Forum Episode 38

2) I'm not involved in the raise. You can hear some of my thoughts here:

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The Sushi Forum is a weekly podcast intended to cover the news, proposals and ecosystem developments for the Sushiswap Community. The calls are held live eve...

3) First of all, I think the process has been really messy. I think doing a raise is a good idea. But given the hassle likely involved from negative feedback, I might not follow through; I'm not sure this fight is worth fighting.

4) Why might it be good? Because some VCs are really connected and influential and knowledgeable and smart. Some VCs will fucking fight for you. The second are the ones you want; if they're also in the first group, even better.

5) Why might it be bad? It's a hassle, and some VCs are useless, and it costs discounts.

6) So how would _I_ have designed this? First, given the PR issues, I think that selling at market price + adding on 1:1 options with a $12 strike price and 5 year expiry is the right move. Without PR issues, maybe just a 25% discount.

1:50 PM · Jul 16, 2021Twitter Web App

7) Who would I give allocation to? This is hard, but: First, I would talk to each prospective one, and filter out ones I wasn't excited by. Then, I'd reach out to 10 founders I trusted, and give them an anonymous poll on the VCs.

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8) How much size? I'd say something like: --$10m each for the top 5 from the survey --$1m each for 6-15 --another $10m total for the community, first come first serve

9) I'd require each investor to promise to write up at least one public post/tweet thread/etc. per quarter for the next 4 years which had both: a) updates on Sushi for their general audience b) a list of things they were working on/helping with

10) Some light feedback for some VCs -- One of the most important criteria for a founder is: which VCs are most excited about what we're doing? Think about your pitches in that light.