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Deal Terms & Legal

Board seat / observer

A right to a seat (and vote) on your board, or to observe without voting.

Why it matters

Board composition decides who really controls big decisions — guard it more carefully than a point of valuation.

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Get the real-world version of "Board seat / observer" drawn from hundreds of conversations with founders and investors.

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Episodes on Venture Capital

Alex Khor's Investment Thesis

Investment Thesis with Kali Norman · 24 July 2026

Alex Khor's Investment Thesis
What Makes a Founder Worth Backing at Pre-Seed? With Ilana Elbaz | GTM at Deel

First Cheque with Cheryl Mack & Maxine Minter · 19 July 2026

What Makes a Founder Worth Backing at Pre-Seed? With Ilana Elbaz | GTM at Deel
Why Australia Builds More Unicorns per Dollar Than Anyone (Replay) | Ben Grabiner, Side Stage Ventures

First Cheque with Cheryl Mack & Maxine Minter · 5 July 2026

Why Australia Builds More Unicorns per Dollar Than Anyone (Replay) | Ben Grabiner, Side Stage Ventures
All Venture Capital episodes →
Related terms

Term sheet

A short, mostly non-binding document setting out the key terms of an investment before the long-form legals.

Preferred shares

The share class investors usually take, with extra rights over ordinary shares — preferences, votes, protections.

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