Except if they're on your board. Pretty sure the Author is a "VC" in the sense that he is investing early with a BOD seat in his primary investments. That seem

Except if they're on your board. Pretty sure the Author is a "VC" in the sense that he is investing early with a BOD seat in his primary investments. That seems relevant--ie, its not special case--its the base case. Other classes of investor--eg late stage mezanine--is also often priced more competitevly on price alone. And angels are typically not investing quite at the stage where BOD governance is coming into play (pre series A).