The VC funds and the entrepreneurs may have different priorities or perspectives during the negotiation process. From the VC's standpoint, its main objectives are to maximize potential VC fund returns from the investments, the key objective of any investment fund. Minimize the risk of downside with anti-dilution and liquidation preferences. This ensures that the investment is protected as much as possible for the duration of ownership. Set up proper governance and control provisions, which means making sure that the company operates properly and in line with best practice. Minimum rights, these keep the investment as attractive as possible so an exit can be successfully achieved. They may include things called drag along rights and tag along rights, which can protect the VC funds shareholding. And lastly, clear exit options. Exiting at a private company can be time consuming as the shares are illiquid compared to listed companies. A clear targeted exit will need to be agreed prior to investments and will be a main focus during the investment period. Now onto the founders or the entrepreneurs priorities, they want to set a fair valuation and realize some financial reward for having taken huge time and efforts, a lot of which is unpaid. In setting up the company prior to external investment and involvement, they want to retain operational and financial control. Most founders will want to retain control or at least joint control in the company after venture capital investments. This needs to be discussed to ensure that the priorities are similar and aligned. They want to maintain majority ownership, at least in the series A and B funding rounds. Founders or entrepreneurs may be unwilling to surrender majority ownership of the company as they will want to maximize their own returns in the event of an exit. And lastly, they would accept market standard rights and preferences. This would be in line with normal industry or market conditions.