San Diego Angel Conference – Investor Education & Networking Series

In this special episode, we bring you a practical, high-context walkthrough of early-stage investing hosted by the San Diego Angel Conference (SDAC). With insights from the Pillsbury ECVC legal team and SDAC organizers, this session offers angel investors - both new and experienced - a clear breakdown of key financing instruments like SAFEs, convertible notes, and priced equity rounds.We cover the structure and implications of different entity types (C-Corps, LLCs, S-Corps), the nuance behind valuation caps and discounts, the benefits of pro rata rights, and the tax advantages of Qualified Small Business Stock (QSBS). Whether you’re gearing up for Fund 8 or thinking about writing your first check, this session equips you with the frameworks and real-world insights you need to invest smarter.Key Topics Covered* Why SDAC is building year-round investor education & networking events* Overview of startup legal structures: LLCs vs. C-Corps (and why Delaware still leads)* What investors should understand about SAFE agreements* How post-money valuation caps really work (and how they differ from discounts)* Why side letters can protect your upside: pro rata, info rights, MFNs, and more* How convertible notes differ from SAFEs and when they might be preferable* Real red flags on cap tables and what they tell you about a company’s past* What to know about Zombie SAFEs (and how to avoid them)* Tax advantages of Qualified Small Business Stock (QSBS) and recent updates to eligibility* The evolving dynamics of angel rounds, bridge financing, and recapitalizationsLinks & Resources* San Diego Angel Conference Website* Qualified Small Business Stock Overview – IRS This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit risingtidepartners.substack.com/subscribe