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Jess Sloss !!!
@jess
What’s the dumbest or most annoying thing VCs do?
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androidsixteen
@androidsixteen.eth
Fail to manage outside counsel well
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Jess Sloss !!!
@jess
Tell me more…
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androidsixteen
@androidsixteen.eth
As funds get bigger, they employ white-shoe outside counsel to paper deals. Incentives break between the two - VCs should move fast and reduce spend (of their own money) but OC wants to bill more hours + get incrementally better terms. If inside counsel / GC is checked out, founders have to grind against OC
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Alok Vasudev
@alok
This really resonates. But at the same time I run into way more incompetent company counsel in crypto compared to other industries. It’s not easy to get the balance right between being efficient and not letting dumb stuff happen.
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androidsixteen
@androidsixteen.eth
100%. Frankly, I'm a bit sympathetic to law firms navigating crypto. It's hard for them to keep up with the pace of this industry, especially since they are by nature conservative (modulo Fenwick lol) I'm more lamenting the failure of capital to outsource responsibilities of diligence well - VCs should have a great GC
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Alok Vasudev
@alok
I disagree :) I think part of being a good VC is knowing how to effectively navigate to a round close that doesn’t lead create extra strain. That includes keeping a leash on investor counsel. GC isn’t a substitute for an engaged lead VC partner imo
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