| HBS Case Collection
(Revised from original 2002 version)
Discusses selecting investors and avoiding board-level conflicts of interest in start-ups. Using the "term sheet" in third-round financing as a negotiation over future governance and control rights. A rewritten version of an earlier case.
Salter, Malcolm S., and Alison Berkley Wagonfeld. "EXP Systems." Harvard Business School Case 903-022, August 2003. (Revised from original July 2002 version.)