The terms / The incentives / The outcome

Follow the
fine print.

Change the assumption. Hear the objection. See who gets paid. Interactive exercises for the parts of a deal that a reassuring email tends to omit.

01 / Founder terms / Interactive

The Negotiation Room.

A $500,000 fictional convertible note. Change the cap, move the maturity date, negotiate the sale premium, and watch the consequences. Read the same clause as a founder, an investor, or counsel.

Open the attachment ↗

02 / SAFEs / Interactive

The SAFE Stack.

Add early checks, make an MFN election, exercise a pro rata purchase right, and follow financing ownership or a sale before conversion. Founder, investor and counsel read the same obligations differently.

Open the stack ↗

The exercises use explicit assumptions and cited source material. They do not predict a real investor’s acceptance or replace transaction-specific advice. Prefer the reading copy? Start with the annotated note.