All sophisticated markets rely on their being a protocol for “I want to do this deal, but I do not have authority to do the deal, but I forecast having the authority to do the deal, and you should move forward while understanding you have no formal recourse if it doesn’t happen.”
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One of the brilliant innovations YC has is their handshake protocol, where they formalize “A handshake needs three elements: a valuation, a price, and a written commitment. If you will not offer that, you are not shaking hands. If shake and reneg, you shall incur our displeasure”
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“Displeasure?” You get entered into a computer system which probably has a name that is not The Big Book Of Bozos. YC companies are told to search it prior to selling equity in their companies. It turns bozohood into a more iterated game than it was previously.
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