Released today, the third edition of the Series Seed documents, curated by Fenwick’s Ted Wang, have already been featured in a number of prominent publications, including The Wall Street Journal’s Venture Capital Dispatch – in an article titled “Seeking Seed Funding? Open-Source Forms Might Cut Legal Bill.”
“How many billable hours does it take to get a startup funded for the first time? Not as many as some attorneys may wish, thanks to the Series Seed Documents.”
The article paraphrases Ted Wang in saying, “These legal and financial forms help startups and investors figure out how to structure seed-stage equity investment deals without doing frustrating amounts of original research in disciplines that are not their own.”
The GitHub platform, designed to allow software developers to share and receive feedback on their current projects, “will enable a community of users and engineers to modify legal documents that are ‘clunky’ as a pure Word document or static blog post,” according to the article. A venture fund hosting its own version of the Series Seed documents on GitHub will receive any and all updates to the standardized documents.
Tom-Preston Werner, GitHub’s chief executive officer, says he hopes more legal and finance professionals will use the platform in the future. “The more projects there are on Github, the more likely that high-quality stuff exists … The more people willing to contribute and spend time on [them] the better they become.”