Confession: I held off reading this one for several months because of the title. I assumed it was some sort of exposé on VC, or perhaps “history of A18Z”. I was entirely wrong: this book provides the background, incentives, and purpose of venture capital and starting a VC-funded company. It covers everything from governance, term sheets, equity splits, board member duties (and legal obligations), and a lot more.

The chapter on Term Sheets is worth the book alone. Despite living a short drive from Sand Hill for the past 7 years, I’ve never seen something written that’s so clear. All founders interested in VC should be aware how deals are negotiated, what the terms mean, and how it’ll affect them.

It’s also provides a great insight into VC incentives. How are they paid? What do their LPs want? This, and a lot more. I can’t recommend this book enough to anyone interested in raising venture capital.