Creative Structures w/ Becki DeGraw | Wilson Sonsini Startup Legal Basics

Today's show:Wilson Sonsini Partner Becki DeGraw returns to Startup Legal Basics with Jason. This time, they dive into the "have" companies — the breakout startups with multiple term sheets, competitive valuations, and unusual deal terms. From founder voting proxies to mandatory follow-on investment clauses, Becki breaks down the creative "off-menu" structures showing up in today's financings, and what founders and investors need to watch for. Whether you're a founder navigating investor FOMO or a VC competing to get on the best cap tables, this conversation will give you insight into the new rules of the game. * Timestamps: (0:00) Jason welcomes Becki back to Startup Legal Basics (0:32) The "haves" vs. "have-nots" in today's startup market (1:28) Creative legal structures: the "off-menu" items (4:19) Travis' Uber favor & modern founder asks (7:05) Rise of secondaries & unusual board structures (11:22) Mandatory follow-on investment clauses in seed rounds? (14:13) Crypto's resurgence and legal implications (15:55) The decline of proper diligence in hot deals * Check Out Wilson Sonsini: https://www.wsgr.com Check out all of the Startup Basics episodes here: https://thisweekinstartups.com/basics * Follow Becki:LinkedIn: https://www.linkedin.com/in/rebecca-degraw-639bbb62/ * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Follow TWiST: Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Instagram: https://www.instagram.com/thisweekinstartups TikTok: https://www.tiktok.com/@thisweekinstartups Substack: https://twistartups.substack.com