For fundraising, standard documents can often be used without legal counsel, saving on legal fees.

Three major changes in startup financing over the years are the structure of fundraising documents, easier access to these documents online, and a greater focus on minimizing the time spent on fundraising.

It's vital for founders to stay informed about the financial and legal aspects of their startup, as misunderstandings can lead to significant issues down the line.

The old fundraising process could take months and cost between $25,000 to $100,000 in legal fees, making it inflexible and burdensome for startups.

It's crucial to keep the fundraising process moving quickly by getting a term sheet as soon as possible, as investors tend to delay decisions.

When seeking funding, I advise entrepreneurs to wait until investors are reaching out with signed term sheets rather than trying to optimize for fundraising outcomes.

Founders should seek investors who regularly invest in startups and respect their time, while also preparing for a longer fundraising process than expected.

You can never sell your startup; it can only be bought, so always frame discussions around fundraising instead.

Founders should consider setting up financial and legal structures early, including accounting systems and collecting legal documents, to avoid complications later on.