[adambenayoun]

I am a bit disappointed no one actually addressed* an issue that every founder has to deal with when raising series A: the option pool (it's true most start with a small option pool long before series A but the friction start during series A fundraising).

Most (if not all) VCs require the option pool to be formed before the series A transaction is completed and usually push for a very high option pool to avoid granting more options and dilute themselves in case the option pool is not big enough.

This conflict of interest lead founders to fight the VC to form the smallest option pool possible while VCs want the biggest one. And the non-sense is that most of that option pool will be granted to employees that will be hired after series A.

*Sam Altman actually wrote a short note but didn't expand on it and I think it's a shame.