Shriram Bhashyam September 11, I want to invest! We've partnered with Wealthfront to provide our clients with sophisticated, low-cost investment management services. Sell Your Equity Gain access to overhang private investments Account Setup Information Accreditation Completed Completed Step of Thank you for signing up, you already have an account with EquityZen. Options EquityZen INC the "Company"your privacy is very important to us. The purpose of this privacy policy this "Policy" is to provide you with a description of the types of information we collect about you when you stock the EquityZen web site located at equityzen. By visiting or using the Site you agree to the provisions of our Terms of Use and this Policy. If you do not agree to the options of this Policy, please do not use or access the Site or use the Services defined below. This Policy only applies to information collected while you are on the Site. 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Aggregate information is non-personally identifiable or anonymous information about you, including the date and time of your visit, the IP address of your computer or mobile device, your computer or mobile device browser information, the Internet address that you visited prior overhang and after reaching the Site, the name of the domain and host you used to access the Internet, the type of mobile device you use, your mobile device's unique device ID and the features of our Site which you accessed. This data is in no way associated with your personally identifiable information. We use collected information to make available and to improve our high standard of reliable services. We use such information to:. We do not sell or rent personally identifiable information to third parties who are not affiliates of the Company. Information that you provide will not be shared with any other user of the Site without your consent. 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You must promptly notify us if you become aware that any information provided by or submitted to the Site is lost, stolen, or used without permission. This Policy is governed by the laws of the State of New York, without giving effect to any principles of conflict of law. To contact us with your questions or comments regarding this Policy or the information collection and dissemination practices of the Site, please contact us via email at hello equityzen. All trademarks, service marks, and other proprietary materials herein are the property of EquityZen INC. You successfully submitted your information. An EquityZen representative will contact you shortly. We look forward stock speaking with you. It's been a while since you last logged in to your EquityZen account. We've made some exciting changes since then and encourage you to browse the site, including our Listings page which includes our current investment offerings. Before you proceed to view our current Investment Offeringswe need you to answer a few Suitability Questions for regulatory reasons. Let us know if you have any questions - we look forward to working with you! To learn more about whether you're eligible, typical investment size, company valuation, and share price, request access here. Our mission is to improve the way startup employees are paid by unlocking the value of their equity compensation in a way that benefits all key players: Equity securities are offered through EquityZen Securities LLC. Check the background of this firm on FINRA's BrokerCheck. Investments Listings Trending Closed Deals Enterprise EquityZen Institutional Liquidity Manager Investors Verify My Status Investors Shareholders About FAQ Careers Team Our Story About Us Press Events Contact Us Resources The Path to IPO Blog FAQ Market Sentiment Index Glossary Infographics Knowledge Center Sign Up Login. Meditations EquityZen's Blog Overhang Startups and Their Economics. All that Glitters Is Not Gold: Startup Valuations and the Liquidation Preference Overhang Shriram Bhashyam September 11, stock So you work for a startup that has raised gobs of VC money and is about to be sold for many millions of dollars. If the liquidation preference overhang looms, you may walk away with nothing. When a liquidity event occurs, the VC overhang have the option of taking the liquidation preference or converting their preferred shares to common shares and participating in the distribution as common stock holders. Naturally, they will do whichever results in more money. To be fair, there is a strong argument for why VCs should get a liquidation preference. They assume a lot of risk by pouring in millions of dollars into an early-stage company and legitimately need to protect that investment. The liquidation preference essentially gives the VC downside protection to get its investment back most of the other owners are "sweat" equity, while it's the VCs who stock writing the big checks the company overhang to grow. This is where the "overhang" part comes in. Effectively, the liquidation preference overhang comes into play where the valuation of the company is less than the outside money that has been invested by VCs. Let's use an example to crystallize the point. But remember that the VCs options the option to take their liquidation preference or convert their preferred shares into common shares and participate in the proceeds from the liquidation as common stock holders. The brutally honest answer to this question is not much. Employees collectively don't wield enough power to influence decisions relating to how overhang VC funding to take on and what form that funding should take. And we get it--it's quite the scary proposition to take a haircut in salary to work for a startup, get paid heavily in illiquid company stock, and when you finally get to that exit, there's a possibility that your equity is worth nothing, even if the company is sold for many millions of dollars. The best thing an employee can do is to go in eyes wide open--try to get the most information before taking the job. In addition to the "smart" questions to ask during compensation negotiations, which we previously covered in these pages, a prospective employee can also ask overhang suitor how much VC capital has been invested in stock company CrunchBase or AngelList may also have this information, but you will get more reliable information directly from the company. The questions we have recommended asking in the past will help you approximate valuation. Once you know how much VC money has been put into the company, you can develop an informed view about the threat of an overhang scenario. There is a silver lining overhang. The cost of building a tech company has come down over time. This means that less outside investment is required than in the past, which in turn lowers the likelihood for an overhang situation. Back to Other Posts. Stay up to date I've got equity I'm an investor Subscribe. Please double check email or email us at shareholder equityzen. Thank you for your interest! Browse our site, or contact us to have a representative reach out to you to explore how EquityZen may be for you. Invest Now Full terms: Recent Posts Show older posts. Check out our Knowledge Center for more resources. Gain access to late-stage private investments. Thank you for signing up, you already have an account with EquityZen. Redirecting you to the account management page in 3 seconds. Thank you for entering your information. You will be redirected to verify your status as an Accredited Investor. We won't share your personal information. Read our privacy policy here. Your privacy is important At EquityZen INC the "Company"your privacy is very important to us. Information We Collect We collect and store information that you voluntarily provide to us as well as data related to your Site visit. How We Use Information We use collected information to make available and to improve our high standard of reliable services. We use such information to: Disclosure of Information We do not sell or rent personally identifiable information to third parties who are not affiliates of the Company. As with any other business, it is possible that in the future we could merge with or be acquired by another company. If such an acquisition occurs, the successor stock would have access to the information maintained by us, including customer account information, but would continue to be bound by this Policy unless and until it is amended. 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Governing Law This Policy is governed by the laws of the State of New York, without giving effect stock any principles of conflict of stock. Contact Us To contact us with your questions or options regarding this Policy or the information collection and dissemination practices of the Site, please contact us via email at hello equityzen. To see the Terms of Use that apply to the Site see Terms. Turn your Illiquid Stock into Cash. Welcome back to EquityZen! Let us know if you have any questions! Take me to Listings! Interested in finding out more? Request Access Please provide a valid email address. Trending Investments Investors Closed Deals Enterprise Shareholders Knowledge Center. Careers Team Our Story About Press Events Options Privacy. Path to IPO Our Blog FAQ Facebook AngelList Twitter LinkedIn Quora. Contact Us EquityZen Inc. Equity securities are offered through EquityZen Securities LLC "EquityZen Securities". By accessing this site and any pages thereof, you agree to be bound by our Terms of Use and Privacy Policy. EquityZen does not make investment recommendations, except when acting as an investment adviser, and no communication through this website or in any other medium should be construed as such, unless otherwise indicated by EquityZen. Private placement investments are NOT bank deposits and thus NOT insured by the FDIC or by any other federal governmental agencyare NOT guaranteed by EquityZen Securities, and MAY lose value. Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through the website. Investors must be able to afford the options of their entire investment. Any financial projections or returns shown on the website are illustrative examples only, and there can be no assurance that any valuations provided are accurate or in agreement with market or industry valuations. Any investment information contained herein has been secured from sources EquityZen believes are reliable, but we make no representations or warranties as to the accuracy of such information and accept no overhang therefore. Offers to sell, or the solicitations of offers to buy, any security can only be made through official offering documents that contain important information about risks, fees and expenses. Investing in private companies may be considered highly speculative and involves a high degree of risk, including the risk of substantial loss of investment. Please click here for a more detailed stock of the risks involved by investing through EquityZen's platform. 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