All investors should familiarize themselves with @ycombinator ‘s Handshake protocol. TLDR: if you agree to invest at a specific valuation, verbally, in text, or whatever, you’ve committed and cannot alter or back out of the deal.
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This seems extremely basic but a lot of investors fail to adhere to it; when that happens
@DoveyWan and I will never work with that person or fund again simply because it absolutely murders efficiency4 replies 1 retweet 13 likesShow this thread -
This norm (verbal deals are ironclad, paperwork is just formality) is CENTRAL to why the valley as a system works as well as it does.
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A big part of why investment circles can feel “cliquish” is that it’s nice to work with people you know understand the basic rules of the game
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Probably not new information to you but “verbal deals between sophisticated parties are binding” is quite a bit of the culture that is e.g. Wall Street bond trading, etc.
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