Creative Structures w/ Becki DeGraw | Wilson Sonsini Startup Legal Basics

This Week in Startups

Sep 04, 2025•23 min

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Episode description

Today’s show:Wilson Sonsini Partner Becki DeGraw returns to Startup Legal Basics with Jason. This time, they dive into the “have” companies — the breakout startups with multiple term sheets, competitive valuations, and unusual deal terms.

From founder voting proxies to mandatory follow-on investment clauses, Becki breaks down the creative “off-menu” structures showing up in today’s financings, and what founders and investors need to watch for.

Whether you’re a founder navigating investor FOMO or a VC competing to get on the best cap tables, this conversation will give you insight into the new rules of the game.

Timestamps:

(0:00) Jason welcomes Becki back to Startup Legal Basics

(0:32) The “haves” vs. “have-nots” in today’s startup market

(1:28) Creative legal structures: the “off-menu” items

(4:19) Travis’ Uber favor & modern founder asks

(7:05) Rise of secondaries & unusual board structures

(11:22) Mandatory follow-on investment clauses in seed rounds?

(14:13) Crypto’s resurgence and legal implications

(15:55) The decline of proper diligence in hot deals

Check Out Wilson Sonsini: https://www.wsgr.com

Check out all of the Startup Basics episodes here: https://thisweekinstartups.com/basics

Follow Becki:LinkedIn: https://www.linkedin.com/in/rebecca-degraw-639bbb62/