You Can't Fire a VC From Your Board: Here's Why | Wilson Sonsini Startup Legal Basics
This Week in StartupsShow Notes
Today's show: Can a founder actually fire a board member? Short answer: almost never. And the reason why may surprise a lot of founders. On this edition of Legal Basics, Wilson Sonsini partner Becki DeGraw joins Jason for a deep dive into who really controls your board, when investors start earning seats, and the differences between a board member and a board observer. Check out an episode that might just save your cab table someday. PLUS they walk through the full lifecycle of your startup's board, exploring what it actually controls, when founders should start adding their own board members, the ownership threshold that means investors will start asking for seats, and how boards evolve from seed rounds to Series B> Timestamps: 0:06 Welcome back to Legal Basics 1:47 When should a seed stage founder add their first board member? 7:47 From founder-controlled to "balanced" 10:31 Private vs. public company board pay 12:18 Do board members get expenses covered? 14:34 Why observers need a confidentiality provision 15:36 The "sign in the next 24 hours" pressure tactic 17:46 How to remove a director 24:01 When to use "Pled" vs. "Pleaded" Check out all of the Startup Basics episodes here: https://thisweekinstartups.com/basics
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Follow Becki: LinkedIn: https://www.linkedin.com/in/rebecca-degraw-639bbb62/
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This Week In Startups is made possible by:
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This Week In Startups is made possible by: Plaud: https://plaud.ai/twist Northwest Registered Agent: https://www.northwestregisteredagent.com/twistdomain Vanta: https://www.vanta.com/twist Rippling: https://rippling.ai/twist Today’s show: Jason can’t stop praising Nathan Fielder’s new A24 hybrid documentary about Elizabeth Holmes and Theranos, “You Can See Everything,” and he’s insisting that Lon check it out before the next podcast. Hear his spoiler-free review, how the film upended his expectations based on Fielder’s previous work, and why Lon also recommends Lance Oppenheim’s HBO Max series “Ren Faire.” Plus, we’re talking to Clone Robotics co-founder and CEO Dhanush Radhakrishnan about why he thinks robots should not just be humanoid but should look and move precisely like humans. We’re digging deep into how his hydraulic myofiber artificial muscle technology alters and even improves on the pulley-based systems being deployed by competitors, why he thinks the models that power domestic helper-bots will be commoditized, and how quickly he thinks he can put a robo-butler in every American home. Plus we’re comparing the potential impact of Anthropic’s new Public Benefit Fund vs. Elon Musk’s plan to give every baby a share of SpaceX, and re-considering simulation theory after Odyssey dropped an artificial fruit fly brain into an artificial landscape. Guest Dhanush Radhakrishnan on X: https://x.com/dhanushisrad Clone Robotics: https://clonerobotics.com/ Related Links “You Can See Everything” trailer: https://www.youtube.com/watch?v=HvW_N5p1q44 “You Can See Everything” on Rotten Tomatoes: https://www.rottentomatoes.com/m/you_can_see_everything John Carreyrou’s Theranos investigation (Wall Street Journal): https://www.wsj.com/articles/theranos-has-struggled-with-blood-tests-1444881901 “Ren Faire” HBO Max trailer: https://www.youtube.com/watch?v=CHZUVTrrexE “Nathan for You”: Smokers Allowed clip (Comedy Central): https://www.youtube.com/watch?v=HttB2fYAm-8 Anthropic: Investing in the Public Benefit: https://www.anthropic.com/news/public-benefit-fund Elon Musk SpaceX pledge: https://x.com/elonmusk/status/2112089556615123114 Dell’s $6.25B Invest America commitment: https://www.onedell.com/investamerica/ Odyssey Fly Simulation X post: https://x.com/odysseyml/status/2111589148146749616 Chris Williamson: “The ElevenLabs Situation is Crazy”: https://www.youtube.com/watch?v=lxDNHLgWInU ElevenLabs’ Legendary Voices marketplace: https://elevenlabs.io/iconic-marketplace TWiST newsletter on Substack: https://twistartups.substack.com/ LAUNCH Careers page: https://careers.launch.co/ Timestamps: 00:00 Intro 00:10 Plaud - If your work depends on conversations - interviews, meetings, calls - you need a Plaud NotePin S. You can check it out at https://plaud.ai/twist and use code TWIST for 10% off! 03:18 Jason's "You Can See Everything" reaction 14:37 Northwest Registered Agent - Got a new business idea? Northwest Registered Agent helps you bring it to life. Get a free domain, email, phone number, and more - with no purchase required! Learn more at https://www.northwestregisteredagent.com/twistdomain 15:27 What films max out RT's critic and audience scores 20:08 Anthropic commits 5% equity to Public Benefit Fund 24:28 Would equity change how Americans feel about AI? 27:08 Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist 38:38 Rippling - Thanks to our partners at Rippling! Head to https://rippling.ai/twist and get the only AI built to give you full visibility across your startup and take complex actions across your entire business. 39:48 Dhanush from Clone Robotics joins the show 42:43 How hydraulic muscle technology actually works 54:55 When can we have our robot butlers please? 56:55 Where will Clone get its robot brains? 1:12:17 Odyssey trapped a fake fly brain in a simulated environment 1:23:09 Did ElevenLabs steal a podcaster's voice? 1:30:13 Check us out on Substack! Subscribe to our newsletters on Substack: TWiST: https://twist
This Week In Startups is made possible by:
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