This is a great list of the essentials. Without a liquidation preference, you can lose while the founders win; without the ability to participate pro-rata in fu

This is a great list of the essentials. Without a liquidation preference, you can lose while the founders win; without the ability to participate pro-rata in future rounds, you can't control your exposure to dilution; and without a board seat, your effectiveness as both an investor and advisor are compromised. Where do you go from there? What else winds up in a lot of your term sheets?