One thing has changed dramatically over the last 20 years. In the old days, I worked with companies that could afford my legal services. They were successful and they had a certain look and feel. You got used to that look and feel. These companies did well, but they were not scaling. They were just making good, and I mean really good money.
But these days, we think a lot more about scaling. By this, I mean companies that are going from start up to global. These companies have a different look and feel to them. They are far more active and experimental. Fred Wilson writes about this a bit today.
Fred makes an interesting point. If you can “smell” which companies are moving in that direction, you can play a significant role in helping them move along. And if you do, you should be able to share in their success. In the VC world, that is called having a “pro rata” right. A right to re-invest in follow up rounds. And for the rest of us?