Milton Pappas and his partner Bliss McCrum taught me the venture capital business. I was 25 years old and straight out of business school at the time. Ten years later, I left their firm and started Flatiron Partners. I owe a debt of gratitude to Milt and Bliss and part of the reason I blog every day is to pay it back by paying it forward.
Milt had three things he would never invest without. I have kept them and they are mine now. They are:
1) A liquidation preference
2) A right to participate pro-rata in future rounds
3) A board seat (or an observer seat and information rights)
To read the full, original article click on this link: A VC: Milton's "Three Things You Must Have"
Author: Fred Wilson
