A new stat out from Dow Jones has me puzzled:
The median share of companies sold to investors in first rounds has declined to 38%, down from 50% two years ago. Company-unfriendly provisions that gained notoriety after the tech bubble burst remained relatively rare, affecting mostly companies whose business had faltered.
Really? The median was 50% and has fallen to 38%? In deals in which I’m involved, we almost never take 38% in a Series A, let alone 50%. This must be a mean/median/mode problem, n’est-ce pas?