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The protocol is flawed at step 4. The investor should reply "I confirm I'm in for <offer> for <startup>" otherwise the investor could say it said yes to the wr
by shin_lao 14y ago
The protocol is flawed at step 4.
The investor should reply "I confirm I'm in for <offer> for <startup>" otherwise the investor could say it said yes to the wrong text message/mail, and that's it's all a misunderstanding yada yada yada
Hard to do that if you have to answer something explicit.
- kaliblack 14y ago"Yes" is sufficient. Remember that this purpose is to formalize a usually in-person handshake deal. Even out of that context, claiming "oh I signed the wrong paper" won't fly.
- shin_lao 14y agoIn a restaurant crowded with founders and investors I think it's easy to say "I said yes to the wrong sms"... Otherwise a malicious founder could overhear a conversation and send a sms at the right time to have a yes "proof"... My main point is that it doesn't hurt to be explicit when confusion is possible.
- jamieb 14y agoIn fact this doesn't solve the problem of investors who wait and see. If they wait a week, and things look good, they can come back and say "we have this legally binding email that says we're in". Startup comes back and says "well we didn't get your response so as per PG's handshake protocol you're not in." To which their lawyer replies "what is this handshake protocol you speak of?" Seriously, though, isn't this whole thing giving everyone flashback of interview questions involving philosophers sending stone tablets to each other trying to verify whether the other one got it or not?
- joallard 14y agoReplies are usually embedded in email.