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by nivi 5420 days ago
Hey, this is Nivi from AngelList. That is a dumb clause. We are changing it. We will also look through the terms for other dumb clauses. I'll follow up on this thread with the revisions later today.

People submit bug reports to us all the time. This is the first time we've gotten a legal one. Thank you.
4 comments
nivi 5420 days ago
We went through the terms and deleted the following:

DELETED: "We also have the right to invest in any business on the same terms as are offered to Investors, or on better terms if we are able to negotiate them with Entrepreneurs, and we have no obligation to make those investment opportunities available to anyone else."

It was dumb. We also made a few other changes. Let us know if you have any other feedback http://angel.co/terms

We've taken small allocations in a few investments on the site but we've had to talk our way into the deal like every other investor in the world.

The terms are still not perfect nor will they ever be. I would like to rewrite and simplify them one day but that might be wishful thinking.

Thanks to our counsel for the quick fixes. And thanks for the bug report.

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dshah 5420 days ago
Awesome. Time elapsed between the reporting of the bug, acknowledgement, resolution and release: < 3 hours.
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EwanG 5420 days ago
Really. I'm half tempted to start a startup just to be able to use a service that is that responsive. Anyone want to push forward with the Trails version of Google Street with me? :-)
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jaf12duke 5420 days ago
This is an example of great customer service. AngelList is a marketplace product. We and the investors are users/customers.

The clause was probably an idea that sounded good eons ago when they started AngelList and now makes no sense at all.

No excuses or delays. Nivi iterates immediately and agrees to update us here. Issue squashed. Trust maintained...even improved.

I love seeing role models role-model the fundamentals of running a startup.

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OpenAmazing 5420 days ago
Wow. Imagine if DropBox dealt with problems and potential PR disasters this way...

I was moments away from completely writing off AngelList when I read the parent comment. Now they seem cool. Disaster averted.

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nirvana 5420 days ago
Thanks for the response! I'm sure having you as an investor would be an asset, it was just having it as a requirement that concerned me.
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