I think you'd find a broad consensus among founders and VCs that 1x non-participating is pretty much entirely fair (and standard!) the whole time. Other pref s

I think you'd find a broad consensus among founders and VCs that 1x non-participating is pretty much entirely fair (and standard!) the whole time. Other pref structures often mean that either the VC had the upper hand in negotiations or that there's a big divide in valuation to cross.