NEVER give up a board seat in a seed round. And, to the degree possible, try to do your rounds without a Preferred Board Seat. Observer seats give them a seat at the table without the control. Common seats give them a seat at the table, but while holding them accountable to push the company forward since the common shareholders, with you as a founder holding most of the common vote, can let them go. You can emphasize to this investor that your intention is to have them on the Board forever. If they add value to the business, you’ll naturally want to keep them around for as long as that is the
...more
