<story><title>Snapchat Founders’ Grip Tightened After a Spat with an Early Investor</title><url>https://www.nytimes.com/2017/02/23/technology/snap-founders-evan-spiegel-bobby-murphy.html</url></story><parent_chain></parent_chain><comment><author>vmarsy</author><text>The 2015 interview at a start-up awards show linked [1] in the article is pretty interesting. Evan gives a few startup ideas who failed before he succeeded with Snapchat, how he initially marketed Snapchat with flyers in a local mall , and that the amount &amp;quot;his father was tired of paying&amp;quot; in Snapchat’s bills was around $5K a month.&lt;p&gt;[1] &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;www.youtube.com&amp;#x2F;watch?v=R-UAjGVPFIE&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;www.youtube.com&amp;#x2F;watch?v=R-UAjGVPFIE&lt;/a&gt;</text></comment>
<story><title>Snapchat Founders’ Grip Tightened After a Spat with an Early Investor</title><url>https://www.nytimes.com/2017/02/23/technology/snap-founders-evan-spiegel-bobby-murphy.html</url></story><parent_chain></parent_chain><comment><author>abalone</author><text>What &lt;i&gt;exactly&lt;/i&gt; would constitute founder-friendly seed &amp;#x2F; series A terms in the area of future investor participation rights? Are we literally saying &lt;i&gt;any&lt;/i&gt; right of first refusal is onerous, or is it just the multiple that gave Lightspeed up to 50% of the next round (which sounds like a 2-2.5X multiple)?&lt;p&gt;Sam Altman has a right of first refusal provision in his &amp;quot;founder-friendly term sheet&amp;quot;. At least I think he does.. he doesn&amp;#x27;t call it a ROFR, preferring the plainer language of &amp;quot;investor participation rights&amp;quot;. But it&amp;#x27;s there and even the multiple is left as an open variable.[1]&lt;p&gt;So are @sama&amp;#x27;s terms actually spat-worthy?&lt;p&gt;[1] &lt;a href=&quot;http:&amp;#x2F;&amp;#x2F;blog.samaltman.com&amp;#x2F;a-founder-friendly-term-sheet&quot; rel=&quot;nofollow&quot;&gt;http:&amp;#x2F;&amp;#x2F;blog.samaltman.com&amp;#x2F;a-founder-friendly-term-sheet&lt;/a&gt;</text></comment>