| HBS Case Collection
(Revised August 2003)
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.
Keywords: Conflict of Interests;
Governing and Advisory Boards;
Salter, Malcolm S., and Alison Berkley Wagonfeld. "EXP Systems". Harvard Business School Case 903-022, July 2002. (Revised August 2003.)