This is why having somebody who has a lot of pull in the venture world is very important. The difference in negotiating leverage is incredible. I've been a part

This is why having somebody who has a lot of pull in the venture world is very important. The difference in negotiating leverage is incredible. I've been a part of deals that had no preferred stock and no liquidation preferences at all for the investing firms. Why? Because the guy on our side had done a lot of deals before and had a ton of leverage. Having that guy on your board, and actively involved in the deals themselves is huge if your taking on institutional money.