{
  "title": "The Law of Funding Rounds and VCs | Jonathan Andersin | Negotiator 82",
  "titleOriginal": "Rahoituskierrosten juridiikka ja VC:t | Jonathan Andersin | Neuvottelija 82",
  "episodeNumber": "82",
  "guest": "Jonathan Andersin",
  "publishedAt": "2021-05-29",
  "duration": "47:29",
  "durationIso": "PT47M29S",
  "youtube": "https://www.youtube.com/watch?v=-zi2o56J79c",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/94-rahoituskierrosten-juridiikka-ja-vct-andersin-neuvottelija-8",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "ownership_capital_tax",
    "ma_exits"
  ],
  "description": "Jonathan Andersin of DLA Piper has written a handbook on venture capital investments, and this episode walks through the paperwork of a funding round from the outside in: the term sheet, the investment agreement and — the one that matters most — the shareholders' agreement, which governs daily life all the way to the exit. The frame is set by one fact: a VC invests other people's money, which is why it demands protections an angel does not. The numbers explain the rest. In the European Investment Fund's study of some 2,000 exits, only a fifth returned the capital invested and four per cent returned five times or more, while over half returned essentially nothing. Miettinen supplies a live example of the last category — his own €4,320 loss in Verto Analytics — and Andersin shows where the liquidation preference might still be a lifeboat. Along the way: good and bad leavers, drag and tag along, stacked preferences, and the unresolved question of what happens when a shareholders' agreement collides with the Companies Act — something that, as far as Andersin knows, no Finnish court has ever tested, because these disputes go to arbitration and stay secret.",
  "chapters": [
    {
      "t": "00:00",
      "title": "Opening: the term sheet and the shareholders' agreement",
      "seconds": 0
    },
    {
      "t": "01:00",
      "title": "Guest: Jonathan Andersin and a new handbook",
      "seconds": 60
    },
    {
      "t": "01:49",
      "title": "Venture capital always invests in a minority",
      "seconds": 109
    },
    {
      "t": "02:18",
      "title": "Founders, angels and pre-seed rounds",
      "seconds": 138
    },
    {
      "t": "03:06",
      "title": "A professional investor invests other people's money",
      "seconds": 186
    },
    {
      "t": "04:00",
      "title": "Sami lost his money in Verto Analytics",
      "seconds": 240
    },
    {
      "t": "04:19",
      "title": "The liquidation preference as a possible lifeboat",
      "seconds": 259
    },
    {
      "t": "05:14",
      "title": "IPR as the bankruptcy estate's most valuable asset",
      "seconds": 314
    },
    {
      "t": "05:52",
      "title": "The European Investment Fund's study of exits",
      "seconds": 352
    },
    {
      "t": "06:42",
      "title": "Only a fifth returned the capital invested",
      "seconds": 402
    },
    {
      "t": "07:40",
      "title": "Why diversification is hard here",
      "seconds": 460
    },
    {
      "t": "08:20",
      "title": "Lifeline Ventures as Finland's golden touch",
      "seconds": 500
    },
    {
      "t": "08:49",
      "title": "Value is realised only at exit",
      "seconds": 529
    },
    {
      "t": "10:04",
      "title": "A, B and C rounds and the rising valuation",
      "seconds": 604
    },
    {
      "t": "10:56",
      "title": "Whoever comes in at a higher price gets better rights",
      "seconds": 656
    },
    {
      "t": "11:13",
      "title": "Mobidiag and the founder who left empty-handed",
      "seconds": 673
    },
    {
      "t": "12:04",
      "title": "Good leaver and bad leaver explained",
      "seconds": 724
    },
    {
      "t": "13:13",
      "title": "Vesting and redemption at the subscription price",
      "seconds": 793
    },
    {
      "t": "13:52",
      "title": "Incapacity and death as good leaver events",
      "seconds": 832
    },
    {
      "t": "14:14",
      "title": "Drag along, or the obligation to sell along",
      "seconds": 854
    },
    {
      "t": "15:23",
      "title": "Tag along and the same price for everyone",
      "seconds": 923
    },
    {
      "t": "16:04",
      "title": "The option pool and fully diluted ownership",
      "seconds": 964
    },
    {
      "t": "17:06",
      "title": "Liquidation preferences stacking round by round",
      "seconds": 1026
    },
    {
      "t": "17:43",
      "title": "Why minority protections are justified",
      "seconds": 1063
    },
    {
      "t": "19:13",
      "title": "Contract practice has settled in recent years",
      "seconds": 1153
    },
    {
      "t": "19:51",
      "title": "The term sheet is short but decisive",
      "seconds": 1191
    },
    {
      "t": "20:14",
      "title": "The investment agreement and the founders' warranties",
      "seconds": 1214
    },
    {
      "t": "20:47",
      "title": "The shareholders' agreement is the most important paper",
      "seconds": 1247
    },
    {
      "t": "21:37",
      "title": "Due diligence and the duty of care",
      "seconds": 1297
    },
    {
      "t": "22:47",
      "title": "The disclosure letter in Finland and the United States",
      "seconds": 1367
    },
    {
      "t": "24:22",
      "title": "Unknown risks and indemnity clauses",
      "seconds": 1462
    },
    {
      "t": "25:08",
      "title": "The Companies Act versus the shareholders' agreement",
      "seconds": 1508
    },
    {
      "t": "27:04",
      "title": "Mandatory and dispositive provisions",
      "seconds": 1624
    },
    {
      "t": "27:41",
      "title": "The board's duty to act in the company's interest",
      "seconds": 1661
    },
    {
      "t": "28:00",
      "title": "A veto right held outside the board",
      "seconds": 1680
    },
    {
      "t": "29:35",
      "title": "Powers of attorney can always be revoked",
      "seconds": 1775
    },
    {
      "t": "30:00",
      "title": "A contractual penalty works as a deterrent",
      "seconds": 1800
    },
    {
      "t": "30:46",
      "title": "Arbitration keeps the rulings confidential",
      "seconds": 1846
    },
    {
      "t": "32:14",
      "title": "Delaware and a specialised judiciary",
      "seconds": 1934
    },
    {
      "t": "32:25",
      "title": "The bondholder representative act and the agent's powers",
      "seconds": 1945
    },
    {
      "t": "33:45",
      "title": "A billion-scale year for private capital in Finland",
      "seconds": 2025
    },
    {
      "t": "34:54",
      "title": "FiBAN and standardised contract templates",
      "seconds": 2094
    },
    {
      "t": "35:33",
      "title": "Transaction costs on seed-stage rounds",
      "seconds": 2133
    },
    {
      "t": "36:20",
      "title": "Are American documents used in Finland",
      "seconds": 2180
    },
    {
      "t": "37:36",
      "title": "The employee share issue and its tax relief",
      "seconds": 2256
    },
    {
      "t": "39:38",
      "title": "Earned-income taxation of options holds them back",
      "seconds": 2378
    },
    {
      "t": "40:02",
      "title": "Dilution is a zero-sum game",
      "seconds": 2402
    },
    {
      "t": "40:54",
      "title": "Compensation for a non-compete from next year",
      "seconds": 2454
    },
    {
      "t": "42:25",
      "title": "A founder should understand the fund's logic",
      "seconds": 2545
    },
    {
      "t": "43:00",
      "title": "The unicorn path demands explosive scaling",
      "seconds": 2580
    },
    {
      "t": "43:31",
      "title": "The zebra as an alternative to the unicorn",
      "seconds": 2611
    },
    {
      "t": "44:29",
      "title": "Angel investors and gentler terms",
      "seconds": 2669
    },
    {
      "t": "45:06",
      "title": "A listed company has no shareholders' agreement",
      "seconds": 2706
    },
    {
      "t": "45:32",
      "title": "Trade sale and listing as forms of exit",
      "seconds": 2732
    },
    {
      "t": "46:11",
      "title": "The fund's life cycle drives the timing of the exit",
      "seconds": 2771
    },
    {
      "t": "47:00",
      "title": "Closing words and a book recommendation",
      "seconds": 2820
    }
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  "provenance": "Owner page created on 2026-08-30 from a MacWhisper Finnish transcription (600 cues, entity pass applied from the archived raw). Chapter timecodes are the publisher's own YouTube chapter list, verified cue by cue against the transcript, and the titles are translated from it. Subtitles are Finnish only; no English cue track shipped.",
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  "guestsCanonical": [
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  "markdown": "https://www.neuvottelija.com/podcast/episodes/ep82-rahoituskierrosten-juridiikka-jonathan-andersin/index.md",
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}