In this episode, Benjamin David Novak, Partner at Morgan Lewis and veteran angel investor with Delaware Crossing Investor Group pulls back the curtain on how startup financing actually works behind closed doors. Wearing both hats as a venture attorney and an active investor, Ben delivers a candid masterclass on deal structure, term sheets, SAFEs, cap table traps, and the strategic thinking founders must adopt long before they ever sign their first check.

Check out his engaging views on:

Why the default early fundraising path founders copy can accidentally shut them out of whole investor groups
The one SAFE detail founders almost never model, then discover the hard way at the first priced round
Why “simple” fundraising paperwork can create the most painful misunderstandings later
The difference between raising what you can get vs raising what actually gets you to the next value jump
The most common term sheet mistake founders make because they are relieved to finally have one
Two questions that tell you if your round is a real bridge or just buying time
What angels mean when they say “we don’t do SAFEs” and why founders misread it
Why trying to get “creative” on terms usually backfires even when you think you are being smart
The reputation mistakes founders make during a raise without realizing it
The cap table problem that looks fine on paper until a Series A lead starts doing the math
What it actually means to “run a process” as a founder without acting like an investment banker
The investor diligence step founders skip, then regret once the board dynamic kicks in

and much more!