Just say no to anti-dilution

by Kamal Hassan I had a call yesterday from an entrepreneur, who asked me about an anti-dilution clause in a terms sheet they had been offered. My short answer to him was ‘just say no’. The slightly longer answer was ‘this typically reflects disagreement over valuation, so reduce your valuation’. This is a perfect example of my previous advice that terms matter much more than valuation. (For those who don’t […]