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p.createElement("button",x({type:"button","aria-label":"first",className:d,onClick:this.handleOnClick,disabled:m},h),this.props.children)}}]),n}(p.Component),S(ye,"propTypes",{carouselStore:s.object.isRequired,children:P.children.isRequired,className:s.string,currentSlide:s.number.isRequired,disabled:s.bool,onClick:s.func,totalSlides:s.number.isRequired}),S(ye,"defaultProps",{className:null,disabled:null,onClick:null}),ye);H(yi,function(i){return{currentSlide:i.currentSlide,totalSlides:i.totalSlides}});var bi={buttonNext:"buttonNext___2mOCa"},vi=["carouselStore","className","currentSlide","disabled","onClick","step","totalSlides","visibleSlides","infinite"],be,wi=(be=function(i){function n(t){var r;return M(this,n),r=a.call(this,t),r.handleOnClick=r.handleOnClick.bind(v(r)),r}L(n,i);var a=W(n);return D(n,[{key:"handleOnClick",value:function(t){var r=this.props,l=r.currentSlide,c=r.onClick,h=r.step,d=r.carouselStore,m=r.infinite,b=r.totalSlides-r.visibleSlides,g=h+l,y=Math.min(g,b);m&&(y=b===l?0:y),d.setStoreState({currentSlide:y,isPlaying:!1},c!==null&&c.call(this,t))}},{key:"render",value:function(){var t=this.props,r=(t.carouselStore,t.className),l=t.currentSlide,c=t.disabled,h=(t.onClick,t.step,t.totalSlides),d=t.visibleSlides,m=t.infinite,b=E(t,vi),g=C([bi.buttonNext,"carousel__next-button",r]),y=n.setDisabled(c,l,d,h,m);return p.createElement("button",x({type:"button","aria-label":"next",className:g,onClick:this.handleOnClick,disabled:y},b),this.props.children)}}],[{key:"setDisabled",value:function(t,r,l,c,h){return t!==null?t:r>=c-l&&!h}}]),n}(p.PureComponent),S(be,"propTypes",{carouselStore:s.object.isRequired,children:P.children.isRequired,className:s.string,currentSlide:s.number.isRequired,disabled:s.bool,onClick:s.func,step:s.number.isRequired,totalSlides:s.number.isRequired,visibleSlides:s.number.isRequired,infinite:s.bool}),S(be,"defaultProps",{className:null,disabled:null,onClick:null,infinite:!1}),be),Ar=H(wi,function(i){return{currentSlide:i.currentSlide,step:i.step,totalSlides:i.totalSlides,visibleSlides:i.visibleSlides,infinite:i.infinite}}),Si={buttonLast:"buttonLast___2yuh0"},ki=["carouselStore","className","currentSlide","disabled","onClick","totalSlides","visibleSlides"],ve,xi=(ve=function(i){function n(){var t;return M(this,n),t=a.call(this),t.handleOnClick=t.handleOnClick.bind(v(t)),t}L(n,i);var a=W(n);return D(n,[{key:"handleOnClick",value:function(t){var r=this.props,l=r.carouselStore,c=r.onClick,h=r.totalSlides,d=r.visibleSlides;l.setStoreState({currentSlide:h-d,isPlaying:!1},c!==null&&c.call(this,t))}},{key:"render",value:function(){var t=this.props,r=(t.carouselStore,t.className),l=t.currentSlide,c=t.disabled,h=(t.onClick,t.totalSlides),d=t.visibleSlides,m=E(t,ki),b=C([Si.buttonLast,"carousel__last-button",r]),g=c!==null?c:l>=h-d;return p.createElement("button",x({type:"button","aria-label":"last",className:b,onClick:this.handleOnClick,disabled:g},m),this.props.children)}}]),n}(p.Component),S(ve,"propTypes",{carouselStore:s.object.isRequired,children:P.children.isRequired,className:s.string,currentSlide:s.number.isRequired,disabled:s.bool,onClick:s.func,totalSlides:s.number.isRequired,visibleSlides:s.number.isRequired}),S(ve,"defaultProps",{className:null,disabled:null,onClick:null}),ve);H(xi,function(i){return{currentSlide:i.currentSlide,totalSlides:i.totalSlides,visibleSlides:i.visibleSlides}});var 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p.createElement("button",x({type:"button","aria-label":"play",className:m,onClick:this.handleOnClick},d),h&&l,!h&&r,this.props.children)}}]),n}(p.PureComponent),S(we,"propTypes",{carouselStore:s.object.isRequired,children:s.node,childrenPaused:s.node,childrenPlaying:s.node,className:s.string,isPlaying:s.bool.isRequired,onClick:s.func}),S(we,"defaultProps",{children:null,childrenPaused:null,childrenPlaying:null,className:null,onClick:null}),we);H(_i,function(i){return{isPlaying:i.isPlaying}});var dt={dot:"dot___3c3SI"},Ni=["carouselStore","children","className","currentSlide","disabled","onClick","selected","slide","totalSlides","visibleSlides"],Se,Ai=(Se=function(i){function n(t){var r;return M(this,n),r=a.call(this,t),r.handleOnClick=r.handleOnClick.bind(v(r)),r}L(n,i);var a=W(n);return D(n,[{key:"handleOnClick",value:function(t){var r=this.props,l=r.carouselStore,c=r.onClick,h=r.slide,d=r.totalSlides,m=r.visibleSlides,b=h>=d-m?d-m:h;l.setStoreState({currentSlide:b,isPlaying:!1},c!==null&&c.call(this,t))}},{key:"render",value:function(){var t=this.props,r=(t.carouselStore,t.children,t.className),l=t.currentSlide,c=t.disabled,h=(t.onClick,t.selected),d=t.slide,m=(t.totalSlides,t.visibleSlides),b=E(t,Ni),g=d>=l&&d<l+m,y=typeof h=="boolean"?h:g,_=g===!0,I=typeof c=="boolean"?c:_,k=C([dt.dot,y&&dt.dotSelected,"carousel__dot","carousel__dot--".concat(d),y&&"carousel__dot--selected",r]);return p.createElement("button",x({"aria-label":"slide 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t=this.image.src;this.image.src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==",this.image.src=t}}},{key:"handleImageLoad",value:function(t){this.setState({imageStatus:ot}),this.props.hasMasterSpinner&&this.props.carouselStore.masterSpinnerSuccess(this.props.src),this.props.onLoad&&this.props.onLoad(t)}},{key:"handleImageError",value:function(t){this.setState({imageStatus:st}),this.props.hasMasterSpinner&&this.props.carouselStore.masterSpinnerError(this.props.src),this.props.onError&&this.props.onError(t)}},{key:"tempTag",value:function(){return this.props.tag==="img"?"div":this.props.tag}},{key:"customRender",value:function(t){return typeof this.props[t]=="function"?this.props[t]():this.props.children}},{key:"renderLoading",value:function(t){var r=this.tempTag(),l=C([oe.image,oe.imageLoading,"carousel__image",this.props.isBgImage&&"carousel__image--with-background","carousel__image--loading",this.props.className]);return p.createElement(r,x({className:l},t),this.customRender("renderLoading"))}},{key:"renderError",value:function(t){var r=this.tempTag(),l=C([oe.image,oe.imageError,"carousel__image",this.props.isBgImage&&"carousel__image--with-background","carousel__image--error",this.props.className]);return p.createElement(r,x({className:l},t),this.customRender("renderError"))}},{key:"renderSuccess",value:function(t){var r=this.props,l=r.style,c=r.tag,h=C([oe.image,"carousel__image",this.props.isBgImage&&"carousel__image--with-background","carousel__image--success",this.props.className]),d=x({},l),m=t;if(c!=="img"){var b=t.src;t.alt,m=E(t,Mi),d=x({},l,{backgroundImage:'url("'.concat(b,'")'),backgroundSize:"cover"})}return p.createElement(c,x({className:h,style:d},m),this.props.children)}},{key:"render",value:function(){var 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M(this,n),r=a.call(this,t),r.state={isImageLoading:!0,isHovering:!1,isZooming:!1,x:null,y:null,scale:1},r.tpCache={},r.handleImageComplete=r.handleImageComplete.bind(v(r)),r.handleOnMouseMove=r.handleOnMouseMove.bind(v(r)),r.handleOnMouseOut=r.handleOnMouseOut.bind(v(r)),r.handleOnMouseOver=r.handleOnMouseOver.bind(v(r)),r.handleOnTouchEnd=r.handleOnTouchEnd.bind(v(r)),r.handleOnTouchMove=r.handleOnTouchMove.bind(v(r)),r.handleOnTouchStart=r.handleOnTouchStart.bind(v(r)),r}L(n,i);var a=W(n);return D(n,[{key:"componentDidUpdate",value:function(t,r){r.isZooming===!1&&this.state.isZooming===!0&&this.props.carouselStore.setStoreState({isPageScrollLocked:!0}),r.isZooming===!0&&this.state.isZooming===!1&&this.props.carouselStore.setStoreState({isPageScrollLocked:!1})}},{key:"handleImageComplete",value:function(){this.setState({isImageLoading:!1})}},{key:"handleOnMouseOver",value:function(){this.state.isZooming||this.setState({isHovering:!0,scale:Fi})}},{key:"handleOnMouseOut",value:function(){this.state.isZooming||this.setState({isHovering:!1,scale:1})}},{key:"handleOnMouseMove",value:function(t){if(!this.state.isZooming){var r=q(t.nativeEvent.offsetX/t.target.offsetWidth*100),l=q(t.nativeEvent.offsetY/t.target.offsetHeight*100);this.setState({x:r,y:l})}}},{key:"handleOnTouchStart",value:function(t){var r=this;this.props.isPinchZoomEnabled&&(je(t.targetTouches).forEach(function(l){r.tpCache[l.identifier]={clientX:l.clientX,clientY:l.clientY}}),this.setState(function(l){return{isZooming:l.isZooming||Object.keys(r.tpCache).length>1}}))}},{key:"handleOnTouchMove",value:function(t){var r=this;if(this.state.isZooming){t.persist();var l=je(t.targetTouches).filter(function(O){return r.tpCache[O.identifier]}).slice(0,2);if(l.length===2){t.stopPropagation();var c=t.target.getBoundingClientRect(),h=l[0].identifier,d=l[1].identifier,m={x1:this.tpCache[h].clientX,y1:this.tpCache[h].clientY,x2:this.tpCache[d].clientX,y2:this.tpCache[d].clientY};m.distance=n.distanceBetweenTwoTouches(ie({},m));var b=n.midpointBetweenTwoTouches(ie({},m));m.cx=b.x,m.cy=b.y;var g={x1:l[0].clientX,y1:l[0].clientY,x2:l[1].clientX,y2:l[1].clientY};g.distance=n.distanceBetweenTwoTouches(ie({},g));var y=n.midpointBetweenTwoTouches(ie({},g));g.cx=y.x,g.cy=y.y;var 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t=this.props,r=t.alt,l=t.bgImageProps,c=t.bgImageTag,h=(t.carouselStore,t.className),d=t.imageClassName,m=t.overlayClassName,b=(t.isPinchZoomEnabled,t.spinner,t.src),g=t.srcZoomed,y=t.tag,_=E(t,Yi),I=C([ee.container,h]),k=C([ee.image,"carousel__zoom-image",d]),O=C([ee.overlay,"carousel__zoom-image-overlay",this.state.isHovering&&ee.hover,this.state.isZooming&&ee.zoom,this.state.isHovering&&"carousel__zoom-image-overlay--hovering",this.state.isZooming&&"carousel__zoom-image-overlay--zooming",m]),$={};return(this.state.isHovering||this.state.isZooming)&&($.transformOrigin="".concat(this.state.x," 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Math.sqrt(Math.pow(c-r,2)+Math.pow(h-l,2))}}]),n}(p.Component),S(Ce,"propTypes",{alt:s.string,bgImageProps:s.object,bgImageTag:s.string,carouselStore:s.object.isRequired,className:s.string,imageClassName:s.string,overlayClassName:s.string,spinner:s.func,src:s.string.isRequired,srcZoomed:s.string,tag:s.string,isPinchZoomEnabled:s.bool}),S(Ce,"defaultProps",{alt:void 0,bgImageProps:{},bgImageTag:"div",className:null,imageClassName:null,overlayClassName:null,isPinchZoomEnabled:!0,spinner:null,srcZoomed:null,tag:"div"}),Ce);H(ji,function(){return{}});var Te={slide:"slide___3-Nqo",slideHorizontal:"slideHorizontal___1NzNV",slideInner:"slideInner___2mfX9",focusRing:"focusRing___1airF"},Bi=["ariaLabel","carouselStore","children","className","classNameHidden","classNameVisible","currentSlide","index","innerClassName","innerTag","naturalSlideHeight","naturalSlideWidth","onBlur","onFocus","orientation","slideSize","style","tabIndex","tag","totalSlides","visibleSlides","isIntrinsicHeight"],_e,Hi=(_e=function(i){function n(t){var r;return M(this,n),r=a.call(this,t),r.handleOnFocus=r.handleOnFocus.bind(v(r)),r.handleOnBlur=r.handleOnBlur.bind(v(r)),r.state={focused:!1},r}L(n,i);var a=W(n);return D(n,[{key:"isVisible",value:function(){var t=this.props,r=t.currentSlide,l=t.index,c=t.visibleSlides;return l>=r&&l<r+c}},{key:"handleOnFocus",value:function(t){var r=this,l=this.props.onFocus;this.setState({focused:!0},function(){l!==null&&l.call(r,t)})}},{key:"handleOnBlur",value:function(t){var r=this,l=this.props.onBlur;this.setState({focused:!1},function(){l!==null&&l.call(r,t)})}},{key:"renderFocusRing",value:function(){return this.state.focused?p.createElement("div",{className:[Te.focusRing,"carousel__slide-focus-ring"].join(" ")}):null}},{key:"render",value:function(){var t=this,r=this.props,l=r.ariaLabel,c=(r.carouselStore,r.children,r.className),h=r.classNameHidden,d=r.classNameVisible,m=(r.currentSlide,r.index,r.innerClassName),b=r.innerTag,g=r.naturalSlideHeight,y=r.naturalSlideWidth,_=(r.onBlur,r.onFocus,r.orientation),I=r.slideSize,k=r.style,O=r.tabIndex,$=r.tag,re=r.totalSlides,X=(r.visibleSlides,r.isIntrinsicHeight),j=E(r,Bi),z={};_==="horizontal"?(z.width=q(I),z.paddingBottom=q(100*g/(y*re))):(z.width=q(100),z.paddingBottom=q(100*g/y));var me={};X&&(_==="horizontal"?z.height="unset":z.width="unset",z.paddingBottom="unset",me.position="unset");var Fe=x({},z,k),Y=this.isVisible(),qe=C([Te.slide,_==="horizontal"&&Te.slideHorizontal,"carousel__slide",this.state.focused&&"carousel__slide--focused",Y&&d,Y&&"carousel__slide--visible",!Y&&h,!Y&&"carousel__slide--hidden",c]),J=C([Te.slideInner,"carousel__inner-slide",m]),B=this.isVisible()?0:-1,fe=typeof O=="number"?O:B;return p.createElement($,x({ref:function(ae){t.tagRef=ae},tabIndex:fe,"aria-selected":this.isVisible(),"aria-label":l,role:"option",onFocus:this.handleOnFocus,onBlur:this.handleOnBlur,className:qe,style:Fe},j),p.createElement(b,{ref:function(ae){t.innerTagRef=ae},className:J,style:me},this.props.children,this.renderFocusRing()))}}]),n}(p.PureComponent),S(_e,"propTypes",{ariaLabel:s.string,carouselStore:s.object,children:P.children,className:s.string,classNameHidden:s.string,classNameVisible:s.string,currentSlide:s.number.isRequired,index:s.number.isRequired,innerClassName:s.string,innerTag:s.string,naturalSlideHeight:s.number.isRequired,naturalSlideWidth:s.number.isRequired,onBlur:s.func,onFocus:s.func,orientation:P.orientation.isRequired,slideSize:s.number.isRequired,style:s.object,tabIndex:s.number,tag:s.string,totalSlides:s.number.isRequired,visibleSlides:s.number.isRequired,isIntrinsicHeight:s.bool}),S(_e,"defaultProps",{ariaLabel:"slide",carouselStore:null,children:null,className:null,classNameHidden:null,classNameVisible:null,innerClassName:null,innerTag:"div",onBlur:null,onFocus:null,style:{},tabIndex:null,tag:"div",isIntrinsicHeight:!1}),_e),Or=H(Hi,function(i){return{currentSlide:i.currentSlide,naturalSlideHeight:i.naturalSlideHeight,naturalSlideWidth:i.naturalSlideWidth,orientation:i.orientation,slideSize:i.slideSize,totalSlides:i.totalSlides,visibleSlides:i.visibleSlides,isIntrinsicHeight:i.isIntrinsicHeight}}),zi=function(){function i(){M(this,i)}return D(i,[{key:"parents",value:function(n,a){return n.parentNode===null?a:this.parents(n.parentNode,a.concat([n]))}},{key:"scrollParent",value:function(n){for(var a=this.parents(n.parentNode,[]),t=0;t<a.length;t+=1)if(i.scroll(a[t]))return a[t];return document.scrollingElement||document.documentElement}},{key:"getScrollParent",value:function(n){return i.isNodeValid(n)?this.scrollParent(n):null}}],[{key:"style",value:function(n,a){return getComputedStyle(n,null).getPropertyValue(a)}},{key:"overflow",value:function(n){return i.style(n,"overflow")+i.style(n,"overflow-y")+i.style(n,"overflow-x")}},{key:"scroll",value:function(n){return/(auto|scroll)/.test(i.overflow(n))}},{key:"isNodeValid",value:function(n){return n instanceof HTMLElement||n instanceof SVGElement}}]),i}(),U={horizontalSlider:"horizontalSlider___281Ls",horizontalSliderTray:"horizontalSliderTray___1L-0W",verticalSlider:"verticalSlider___34ZFD",verticalSliderTray:"verticalSliderTray___267D8",verticalTray:"verticalTray___12Key",verticalSlideTrayWrap:"verticalSlideTrayWrap___2nO7o",sliderTray:"sliderTray___-vHFQ",sliderAnimation:"sliderAnimation___300FY",masterSpinnerContainer:"masterSpinnerContainer___1Z6hB"},Ui=["ariaLabel","carouselStore","children","className","classNameAnimation","classNameTray","classNameTrayWrap","currentSlide","disableAnimation","disableKeyboard","dragEnabled","hasMasterSpinner","interval","isPageScrollLocked","isPlaying","lockOnWindowScroll","masterSpinnerFinished","moveThreshold","naturalSlideHeight","naturalSlideWidth","onMasterSpinner","orientation","playDirection","privateUnDisableAnimation","slideSize","slideTraySize","spinner","style","tabIndex","totalSlides","touchEnabled","trayProps","trayTag","visibleSlides","isIntrinsicHeight"],$i=["dragStep","step","infinite","preventVerticalScrollOnTouch","preventingVerticalScroll","horizontalPixelThreshold","verticalPixelThreshold"],Vi=["className","onClickCapture","onMouseDown","onTouchCancel","onTouchEnd","onTouchMove","onTouchStart","ref","style"],Ne,Gi=(Ne=function(i){function n(t){var r;return M(this,n),r=a.call(this,t),r.getSliderRef=r.getSliderRef.bind(v(r)),r.handleDocumentScroll=r.handleDocumentScroll.bind(v(r)),r.handleOnClickCapture=r.handleOnClickCapture.bind(v(r)),r.handleOnKeyDown=r.handleOnKeyDown.bind(v(r)),r.handleOnMouseDown=r.handleOnMouseDown.bind(v(r)),r.handleOnMouseMove=r.handleOnMouseMove.bind(v(r)),r.handleOnMouseUp=r.handleOnMouseUp.bind(v(r)),r.handleOnTouchCancel=r.handleOnTouchCancel.bind(v(r)),r.handleOnTouchEnd=r.handleOnTouchEnd.bind(v(r)),r.handleOnTouchMove=r.handleOnTouchMove.bind(v(r)),r.handleOnTouchStart=r.handleOnTouchStart.bind(v(r)),r.playBackward=r.playBackward.bind(v(r)),r.playForward=r.playForward.bind(v(r)),r.callCallback=r.callCallback.bind(v(r)),r.blockWindowScroll=r.blockWindowScroll.bind(v(r)),r.state={cancelNextClick:!1,deltaX:0,deltaY:0,isBeingMouseDragged:!1,isBeingTouchDragged:!1,preventingVerticalScroll:!1,startX:0,startY:0},r.interval=null,r.isDocumentScrolling=null,r.moveTimer=null,r.originalOverflow=null,r.scrollParent=null,r.scrollStopTimer=null,r}L(n,i);var a=W(n);return D(n,[{key:"componentDidMount",value:function(){this.props.lockOnWindowScroll&&window.addEventListener("scroll",this.handleDocumentScroll,!1),(this.props.touchEnabled||this.props.preventVerticalScrollOnTouch)&&window.addEventListener("touchmove",this.blockWindowScroll,!1),document.documentElement.addEventListener("mouseleave",this.handleOnMouseUp,!1),document.documentElement.addEventListener("mousemove",this.handleOnMouseMove,!1),document.documentElement.addEventListener("mouseup",this.handleOnMouseUp,!1),this.props.isPlaying&&this.play()}},{key:"componentDidUpdate",value:function(t){!t.isPlaying&&this.props.isPlaying&&this.play(),t.isPlaying&&!this.props.isPlaying&&this.stop(),!t.isPageScrollLocked&&this.props.isPageScrollLocked&&this.lockScroll(),t.isPageScrollLocked&&!this.props.isPageScrollLocked&&this.unlockScroll(),t.privateUnDisableAnimation===!1&&this.props.privateUnDisableAnimation===!0&&this.props.carouselStore.setStoreState({privateUnDisableAnimation:!1,disableAnimation:!1})}},{key:"componentWillUnmount",value:function(){document.documentElement.removeEventListener("mouseleave",this.handleOnMouseUp,!1),document.documentElement.removeEventListener("mousemove",this.handleOnMouseMove,!1),document.documentElement.removeEventListener("mouseup",this.handleOnMouseUp,!1),window.removeEventListener("scroll",this.handleDocumentScroll,!1),window.removeEventListener("touchmove",this.blockWindowScroll,!1),this.stop(),window.cancelAnimationFrame.call(window,this.moveTimer),window.clearTimeout(this.scrollStopTimer),this.isDocumentScrolling=null,this.moveTimer=null,this.scrollStopTimer=null}},{key:"getSliderRef",value:function(t){this.sliderTrayElement=t}},{key:"fakeOnDragStart",value:function(t){var r=t.screenX,l=t.screenY,c=t.touchDrag,h=c!==void 0&&c,d=t.mouseDrag,m=d!==void 0&&d;this.props.carouselStore.setStoreState({isPlaying:!1}),window.cancelAnimationFrame.call(window,this.moveTimer),this.props.orientation==="vertical"&&this.props.carouselStore.setStoreState({isPageScrollLocked:!0}),this.setState({isBeingTouchDragged:h,isBeingMouseDragged:m,startX:r,startY:l})}},{key:"fakeOnDragMove",value:function(t,r){var l=this;this.moveTimer=window.requestAnimationFrame.call(window,function(){l.setState(function(c){return{deltaX:t-c.startX,deltaY:r-c.startY,preventingVerticalScroll:Math.abs(r-c.startY)<=l.props.verticalPixelThreshold&&Math.abs(t-c.startX)>=l.props.horizontalPixelThreshold}})})}},{key:"fakeOnDragEnd",value:function(){window.cancelAnimationFrame.call(window,this.moveTimer),this.computeCurrentSlide(),this.props.orientation==="vertical"&&this.props.carouselStore.setStoreState({isPageScrollLocked:!1}),this.setState({deltaX:0,deltaY:0,isBeingTouchDragged:!1,isBeingMouseDragged:!1}),this.isDocumentScrolling=!this.props.lockOnWindowScroll&&null}},{key:"callCallback",value:function(t,r){var l=this.props.trayProps;l&&typeof l[t]=="function"&&(r.persist(),l[t](r))}},{key:"handleOnMouseDown",value:function(t){if(!this.props.dragEnabled)return void this.callCallback("onMouseDown",t);t.preventDefault(),this.fakeOnDragStart({screenX:t.screenX,screenY:t.screenY,mouseDrag:!0}),this.callCallback("onMouseDown",t)}},{key:"handleOnMouseMove",value:function(t){this.state.isBeingMouseDragged&&(this.setState({cancelNextClick:!0}),t.preventDefault(),this.fakeOnDragMove(t.screenX,t.screenY))}},{key:"handleOnMouseUp",value:function(t){this.state.isBeingMouseDragged&&(t.preventDefault(),this.fakeOnDragEnd())}},{key:"handleOnClickCapture",value:function(t){if(!this.state.cancelNextClick)return void this.callCallback("onClickCapture",t);t.preventDefault(),this.setState({cancelNextClick:!1}),this.callCallback("onClickCapture",t)}},{key:"handleOnTouchStart",value:function(t){if(!this.props.touchEnabled)return void this.callCallback("onTouchStart",t);this.props.orientation==="vertical"&&t.preventDefault();var r=t.targetTouches[0];this.fakeOnDragStart({screenX:r.screenX,screenY:r.screenY,touchDrag:!0}),this.callCallback("onTouchStart",t)}},{key:"handleDocumentScroll",value:function(){var t=this;this.props.touchEnabled&&(this.isDocumentScrolling=!0,window.clearTimeout(this.scrollStopTimer),this.scrollStopTimer=window.setTimeout(function(){t.isDocumentScrolling=!1},66))}},{key:"handleOnTouchMove",value:function(t){if(!this.props.touchEnabled||this.props.lockOnWindowScroll&&this.isDocumentScrolling)return void this.callCallback("onTouchMove",t);window.cancelAnimationFrame.call(window,this.moveTimer);var r=t.targetTouches[0];r&&(this.fakeOnDragMove(r.screenX,r.screenY),this.callCallback("onTouchMove",t))}},{key:"forward",value:function(){var t=this.props,r=t.currentSlide,l=t.step,c=t.totalSlides,h=t.visibleSlides;return Math.min(r+l,c-h)}},{key:"backward",value:function(){var t=this.props,r=t.currentSlide,l=t.step;return Math.max(r-l,0)}},{key:"handleOnKeyDown",value:function(t){var r=t.keyCode,l=this.props,c=l.carouselStore,h=l.currentSlide,d=l.disableKeyboard,m=l.totalSlides,b=l.visibleSlides,g={};d===!0||m<=b||(r===37&&(t.preventDefault(),this.focus(),g.currentSlide=Math.max(0,h-1),g.isPlaying=!1),r===39&&(t.preventDefault(),this.focus(),g.currentSlide=Math.min(m-b,h+1),g.isPlaying=!1),c.setStoreState(g))}},{key:"playForward",value:function(){var t=this.props,r=t.carouselStore,l=t.currentSlide;r.setStoreState({currentSlide:this.forward()===l?0:this.forward()})}},{key:"playBackward",value:function(){var t=this.props,r=t.carouselStore,l=t.currentSlide,c=t.totalSlides,h=t.visibleSlides;r.setStoreState({currentSlide:this.backward()===l?c-h:this.backward()})}},{key:"play",value:function(){var t=this.props.playDirection;this.interval=setInterval(t==="forward"?this.playForward:this.playBackward,this.props.interval)}},{key:"stop",value:function(){window.clearInterval(this.interval),this.interval=null}},{key:"lockScroll",value:function(){var t=new zi;this.scrollParent=t.getScrollParent(this.sliderTrayElement),this.scrollParent&&(this.originalOverflow=this.originalOverflow||this.scrollParent.style.overflow,this.scrollParent.style.overflow="hidden")}},{key:"unlockScroll",value:function(){this.scrollParent&&(this.scrollParent.style.overflow=this.originalOverflow,this.originalOverflow=null,this.scrollParent=null)}},{key:"blockWindowScroll",value:function(t){this.state.preventingVerticalScroll&&(t.preventDefault(),t.stopImmediatePropagation())}},{key:"computeCurrentSlide",value:function(){var t=n.slideSizeInPx(this.props.orientation,this.sliderTrayElement.clientWidth,this.sliderTrayElement.clientHeight,this.props.totalSlides),r=n.slidesMoved(this.props.moveThreshold,this.props.orientation,this.state.deltaX,this.state.deltaY,t,this.props.dragStep),l=this.props.totalSlides-Math.min(this.props.totalSlides,this.props.visibleSlides),c=Oe({min:0,max:l,x:this.props.currentSlide+r});this.props.infinite&&(this.props.currentSlide>=l&&r>0&&(c=0),this.props.currentSlide===0&&r<0&&(c=l)),this.props.carouselStore.setStoreState({currentSlide:c})}},{key:"focus",value:function(){this.sliderElement.focus()}},{key:"handleOnTouchEnd",value:function(t){this.endTouchMove(),this.callCallback("onTouchEnd",t)}},{key:"handleOnTouchCancel",value:function(t){this.endTouchMove(),this.callCallback("onTouchCancel",t)}},{key:"endTouchMove",value:function(){this.props.touchEnabled&&this.fakeOnDragEnd()}},{key:"renderMasterSpinner",value:function(){var t=this.props,r=t.hasMasterSpinner,l=t.masterSpinnerFinished,c=t.spinner;return r&&!l?(typeof this.props.onMasterSpinner=="function"&&this.props.onMasterSpinner(),p.createElement("div",{className:C([U.masterSpinnerContainer,"carousel__master-spinner-container"])},c&&c(),!c&&p.createElement(Ct,null))):null}},{key:"render",value:function(){var t=this,r=this.props,l=r.ariaLabel,c=(r.carouselStore,r.children),h=r.className,d=r.classNameAnimation,m=r.classNameTray,b=r.classNameTrayWrap,g=r.currentSlide,y=r.disableAnimation,_=(r.disableKeyboard,r.dragEnabled,r.hasMasterSpinner,r.interval,r.isPageScrollLocked,r.isPlaying,r.lockOnWindowScroll,r.masterSpinnerFinished,r.moveThreshold,r.naturalSlideHeight),I=r.naturalSlideWidth,k=(r.onMasterSpinner,r.orientation),O=(r.playDirection,r.privateUnDisableAnimation,r.slideSize),$=r.slideTraySize,re=(r.spinner,r.style),X=r.tabIndex,j=(r.totalSlides,r.touchEnabled,r.trayProps),z=r.trayTag,me=r.visibleSlides,Fe=r.isIntrinsicHeight,Y=E(r,Ui),qe=x({},re),J={};k==="vertical"&&(J.height=0,J.paddingBottom=q(100*_*me/I),J.width=q(100));var B={},fe=q(O*g*-1);(this.state.isBeingTouchDragged||this.state.isBeingMouseDragged||y)&&(B.transition="none"),Fe&&(B.display="flex",B.alignItems="stretch"),k==="vertical"?(B.transform="translateY(".concat(fe,") translateY(").concat(this.state.deltaY,"px)"),B.width=q(100),B.flexDirection="column"):(B.width=q($),B.transform="translateX(".concat(fe,") translateX(").concat(this.state.deltaX,"px)"),B.flexDirection="row");var ae=C([k==="vertical"?U.verticalSlider:U.horizontalSlider,"carousel__slider",k==="vertical"?"carousel__slider--vertical":"carousel__slider--horizontal",h]),Nt=C([U.sliderTrayWrap,"carousel__slider-tray-wrapper",k==="vertical"?U.verticalSlideTrayWrap:U.horizontalTrayWrap,k==="vertical"?"carousel__slider-tray-wrap--vertical":"carousel__slider-tray-wrap--horizontal",b]),At=C([U.sliderTray,d||U.sliderAnimation,"carousel__slider-tray",k==="vertical"?U.verticalTray:U.horizontalTray,k==="vertical"?"carousel__slider-tray--vertical":"carousel__slider-tray--horizontal",m]),Ot=X!==null?X:0,Et=(Y.dragStep,Y.step,Y.infinite,Y.preventVerticalScrollOnTouch,Y.preventingVerticalScroll,Y.horizontalPixelThreshold,Y.verticalPixelThreshold,E(Y,$i)),It=(j.className,j.onClickCapture,j.onMouseDown,j.onTouchCancel,j.onTouchEnd,j.onTouchMove,j.onTouchStart,j.ref,j.style,E(j,Vi));return p.createElement("div",x({ref:function(Pt){t.sliderElement=Pt},className:ae,"aria-live":"polite","aria-label":l,style:qe,tabIndex:Ot,onKeyDown:this.handleOnKeyDown,role:"listbox"},Et),p.createElement("div",{className:Nt,style:J},p.createElement(z,x({ref:this.getSliderRef,className:At,style:B,onTouchStart:this.handleOnTouchStart,onTouchMove:this.handleOnTouchMove,onTouchEnd:this.handleOnTouchEnd,onTouchCancel:this.handleOnTouchCancel,onMouseDown:this.handleOnMouseDown,onClickCapture:this.handleOnClickCapture},It),c),this.renderMasterSpinner()))}}],[{key:"slideSizeInPx",value:function(t,r,l,c){return(t==="horizontal"?r:l)/c}},{key:"slidesMoved",value:function(t,r,l,c,h,d){var m=r==="horizontal"?l:c,b=Math.abs(Math.round(m/h)),g=Math.abs(m)>=h*t?d:0,y=Math.max(g,b);if(m<0)return y;var _=-y;return _===0?0:_}}]),n}(p.Component),S(Ne,"propTypes",{ariaLabel:s.string,carouselStore:s.object.isRequired,children:s.node.isRequired,className:s.string,classNameAnimation:s.string,classNameTray:s.string,classNameTrayWrap:s.string,currentSlide:s.number.isRequired,disableAnimation:s.bool,disableKeyboard:s.bool,dragEnabled:s.bool.isRequired,dragStep:s.number,hasMasterSpinner:s.bool.isRequired,infinite:s.bool,interval:s.number.isRequired,isPageScrollLocked:s.bool.isRequired,isPlaying:s.bool.isRequired,lockOnWindowScroll:s.bool.isRequired,preventVerticalScrollOnTouch:s.bool,horizontalPixelThreshold:s.number,verticalPixelThreshold:s.number,masterSpinnerFinished:s.bool.isRequired,moveThreshold:s.number,naturalSlideHeight:s.number.isRequired,naturalSlideWidth:s.number.isRequired,onMasterSpinner:s.func,orientation:P.orientation.isRequired,playDirection:P.direction.isRequired,privateUnDisableAnimation:s.bool,slideSize:s.number.isRequired,slideTraySize:s.number.isRequired,spinner:s.func,step:s.number.isRequired,style:s.object,tabIndex:s.number,totalSlides:s.number.isRequired,touchEnabled:s.bool.isRequired,trayProps:s.shape({className:s.string,onClickCapture:s.func,onMouseDown:s.func,onTouchCancel:s.func,onTouchEnd:s.func,onTouchMove:s.func,onTouchStart:s.func,ref:s.shape({}),style:s.string}),trayTag:s.string,visibleSlides:s.number,isIntrinsicHeight:s.bool}),S(Ne,"defaultProps",{ariaLabel:"slider",className:null,classNameAnimation:null,classNameTray:null,classNameTrayWrap:null,disableAnimation:!1,disableKeyboard:!1,dragStep:1,infinite:!1,preventVerticalScrollOnTouch:!0,horizontalPixelThreshold:15,verticalPixelThreshold:10,moveThreshold:.1,onMasterSpinner:null,privateUnDisableAnimation:!1,spinner:null,style:{},tabIndex:null,trayProps:{},trayTag:"div",visibleSlides:1,isIntrinsicHeight:!1}),Ne),Er=H(Gi,function(i){return{currentSlide:i.currentSlide,disableAnimation:i.disableAnimation,privateUnDisableAnimation:i.privateUnDisableAnimation,disableKeyboard:i.disableKeyboard,dragEnabled:i.dragEnabled,hasMasterSpinner:i.hasMasterSpinner,infinite:i.infinite,interval:i.interval,isPageScrollLocked:i.isPageScrollLocked,isPlaying:i.isPlaying,lockOnWindowScroll:i.lockOnWindowScroll,preventingVerticalScroll:i.preventingVerticalScroll,masterSpinnerFinished:i.masterSpinnerFinished,naturalSlideHeight:i.naturalSlideHeight,naturalSlideWidth:i.naturalSlideWidth,orientation:i.orientation,playDirection:i.playDirection,slideSize:i.slideSize,slideTraySize:i.slideTraySize,step:i.step,dragStep:i.dragStep,totalSlides:i.totalSlides,touchEnabled:i.touchEnabled,visibleSlides:i.visibleSlides,isIntrinsicHeight:i.isIntrinsicHeight}}),se={},ut;function 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It’s critically important for founders to understand how much dilution is caused by each safe they sell, just as it is fair for investors to know how much ownership of the company they have purchased."}),e("p",{children:"The safe has two fundamental features that are critically important for startups:"}),o("ul",{children:[o("li",{children:["It allows for"," ",e("a",{href:u.PG_HIGH_RESOLUTION_FUNDING.href,target:"_blank",children:"high resolution fundraising"}),". Startups can close with an investor as soon as both parties are ready to sign and the investor is ready to wire money, instead of trying to coordinate a single close with all investors simultaneously. In fact, high resolution fundraising may be much easier now that both founders and investors have more certainty and transparency into what each side is giving and getting."]}),e("li",{children:"As a flexible, one-document security without numerous terms to negotiate, safes save startups and investors money in legal fees and reduce the time spent negotiating the terms of the investment. Startups and investors will usually only have to negotiate one item: the valuation cap. Because a safe has no expiration or maturity date, there should be no time or money spent dealing with extending maturity dates, revising interest rates or the like."})]}),o("p",{children:["Whether you are using the safe for the first time or are already familiar with safes, we recommend reviewing our"," ",e("a",{href:a[Sn],download:a[kn],children:"Safe User Guide"})," ","(geared primarily at US companies). The Safe User Guide explains how the safe converts, with sample calculations, an explanation of the pro rata side letter, and suggestions for best use."]}),e("p",{children:"While the safe may not be suitable for all financing situations, the terms are intended to be balanced, taking into account both the startup’s and the investors’ interests. There is a trade-off between simplicity and comprehensiveness, so while not every edge case is addressed, we believe the safe covers the most pertinent and common issues. Both parties are encouraged to have their lawyers review the safe if they want to, but we believe it provides a starting point that can be used in most situations, without modifications. We hold this belief because of our firsthand experience seeing and helping hundreds of companies fundraise every year, as well as the thoughtful feedback we received from the founders, investors, lawyers and accountants with whom we have shared drafts of every iteration of the safe."}),e("p",{className:"font-semibold italic",children:"Needless to say, YC does not assume responsibility for the contents of, or the consequence of using, any version of the safe or any other document found on our website. Before using any of these forms, you should consult with a lawyer licensed in the country where your company was formed."})]})}),e(R,{expandable:!1,highlightVisible:!1,sections:xn})]})})]})}const zr=N(Cn),Tn=[{title:"Elsewhere",name:"elsewhere",displayType:"unordered",entries:[{title:"The YC Safe",href:u.SAFE_DOCUMENTS.href},{title:"About Y Combinator",href:u.RETRO_ABOUT.href},{title:"Handshake Deal Protocol",href:u.HANDSHAKE_DEAL.href}]}];function _n({salesAgreementDoc:i,commonPaperSalesAgreementDoc:n}){return o(A,{children:[e(f,{children:e("h1",{className:"ycdc-page-title",children:"Template Sales Contracts: original Sales Agreement and new Cloud Service Agreement"})}),e(f,{children:o("div",{className:"ycdc-toc-container",children:[o(T,{className:"mb-8 lg:mb-12",children:[e("p",{children:"Since 2015, YC has provided a free, downloadable template Sales Agreement to give any software-as-a-service startup a leg-up on papering its first SaaS sales agreement. That agreement is available here:"}),e("ul",{children:e("li",{children:e("a",{href:i.href,download:i.download_name,children:i.title})})}),e("p",{children:"You should consider the Sales Agreement as a starting point and customize it to meet your needs - we’ve highlighted the areas that, in our experience, are most likely to vary from startup to startup."}),o("p",{children:["Today, if you would like an even more comprehensive and customizable SaaS sales agreement, Common Paper (a Winter 2023 YC portfolio company) has released a Cloud Service Agreement. For startups that would like more guidance in tailoring the agreement, Common Paper provides"," ",e("a",{href:"https://commonpaper.com/standards/cloud-service-agreement/",children:"a free tool to customize the Cloud Service Agreement"})," ","by walking you through various contract terms, providing defaults or choices. For startups looking for a solid template agreement as a starting point, without additional guidance, a Word version of the Cloud Service Agreement is available:"]}),e("ul",{children:e("li",{children:e("a",{href:n.href,download:n.download_name,children:n.title})})}),e("p",{children:"Thanks to Goodwin Proctor for providing the original Sales Agreement. Needless to say, neither YC, Goodwin Proctor nor Common Paper assume responsibility for any consequences of using the Sales Agreement or the Cloud Service Agreement."})]}),e(R,{expandable:!1,highlightVisible:!1,sections:Tn})]})})]})}const Ur=N(_n),Nn=[{title:"Elsewhere",name:"elsewhere",displayType:"unordered",entries:[{title:"The YC Safe",href:u.SAFE_DOCUMENTS.href},{title:"About Y Combinator",href:u.RETRO_ABOUT.href},{title:"Template Sales and Cloud Service Agreements",href:u.SALES_AGREEMENT.href},{title:"Handshake Deal Protocol",href:u.HANDSHAKE_DEAL.href}]}];function An({seriesATSDoc:i}){return o(A,{children:[e(f,{children:e("h1",{className:"ycdc-page-title",children:"Series A Term Sheet Template"})}),e(f,{children:o("div",{className:"ycdc-toc-container",children:[e("div",{children:o(T,{className:"mb-8 lg:mb-12",children:[e("h3",{children:"A Standard and Clean Series A Term Sheet"}),o("p",{className:"lead",children:["While working with companies in"," ",e("a",{href:u.LEGACY_YC_BLOG_SERIES_A.href,target:"_blank",children:"YC’s Series A program"})," ","we’ve noticed a common problem: founders don’t know what “good” looks like in a term sheet. This makes sense, because it is often, literally, the first time in their careers that they’ve seen one. This puts founders at a significant disadvantage because VCs see term sheets all the time and know what to expect. Because we’ve invested in so many founders over the years and have seen hundreds of Series A term sheets, we know what “good” looks like. We work with our founders to understand where terms diverge from “good”, what they can do about that divergence, and when and how it makes sense to negotiate."]}),e("p",{children:"Below is what a Series A term sheet looks like with standard and clean terms from a good Silicon Valley VC. Bracketed items (besides the names of the company and lead investor) are always or frequently negotiated. Items not in brackets are sometimes negotiated, but this has more to do with the idiosyncratic features of the company or the situation, and generally aren’t terms that parties intend to heavily bargain over during the negotiation."}),e("p",{children:"One of the critical things you’ll notice is that we didn’t put in standard pricing. While the lead in a Series A round generally wants 20% of the company, pricing can flex up and down depending on the leverage held by each side. We think price is an important term, but too specific to each raise to try to create a standard. We’re more concerned with terms around control and structure that are less familiar to founders, and therefore more prone to cause confusion and trouble."}),e("p",{children:"Note: this term sheet doesn’t belong to any particular VC -- we drafted it -- but it does substantively reflect what we see most often. Founders with a lot of negotiating leverage can sometimes do better, and the converse is true too."}),e("ul",{children:e("li",{children:e("a",{href:i.href,download:i.download_name,children:i.title})})}),o("p",{children:["It may be surprising to see everything covered in a single page.",e("sup",{id:"footnoteid1",children:e("a",{href:"#footnote1",children:"1"})})," ","This wasn’t always the case, but became common over the last decade as some investors decided to make their term sheets more user friendly by shortening the legalese as if to say, “We aren’t going to get bogged down in the minutiae. We’re going to make this easy, friendly, standard and fast.”"]}),e("p",{children:"This leads us to the most important thing to understand about the term sheet: it’s another way in which your Series A investor might be telling you something. A contract allocates risks between the parties, so the terms the investor insists on can sometimes say a lot about the investor’s perceived risks. These perceived risks show up in a couple of ways."}),o("p",{children:["The first way relates to control terms. We don’t mean the set of investor vetoes in the “Voting Rights” section, which are pretty standard fare,",e("sup",{id:"footnoteid2",children:e("a",{href:"#footnote2",children:"2"})})," ","but rather issues of board composition and the investor’s ability to block or dictate operational decisions made by the board. The board structure in this term sheet is founder-friendly because the founders retain board control 2-1.",e("sup",{id:"footnoteid3",children:e("a",{href:"#footnote3",children:"3"})})," ","The way in which founders most often lose control at the Series A is with a 2-2-1 board structure, i.e. 2 founders, 2 investors and an independent board member. The loss of board control is most significant because it means the founders can be fired from their own company.",e("sup",{id:"footnoteid4",children:e("a",{href:"#footnote4",children:"4"})})," ","Another way in which founders lose some control is a term that doesn’t appear in the standard example above, which is a separate provision that says the investor director’s approval is required for operational decisions like setting the annual budget, hiring/firing executives, pivoting the business, adding new lines of business, etc. When boards are set up to take power away from founders, the investor’s outward justification will frequently be reasons of governance or accountability. But the more power that’s taken away, the more it’s undeniable that the investor is attempting to structure away a perceived risk. So when an investor says that they’re committed to partnering with you for the long-term – or that they’re betting everything on you – but then tells you something else with the terms that they insist on, believe the terms."]}),o("p",{children:["The other way perceived risks manifest is if a term sheet includes non-standard or “dirty” economic terms. Here, the term sheet example is instructive not for what it contains but what it ",e("em",{children:"doesn’t"}),". Examples of such terms would be:"]}),o("ul",{children:[e("li",{children:"Liquidation preference greater than 1x — the investor gets back more than its invested capital first."}),e("li",{children:"Participating preferred — the investor double-dips by getting its money back plus its pro rata portion of exit proceeds, rather than choosing between the two."}),e("li",{children:"Cumulative dividends — the investor compounds its liquidation preference every year by X%, which increases the economic hurdle that has to be cleared before founders and employees see any value."}),e("li",{children:"Warrant coverage — the investor gets extra fully diluted ownership without paying for it at the agreed upon valuation."})]}),e("p",{children:"These are all ways of adding structure to reduce typical venture risk, either directly by boosting the investor’s downside economics, or indirectly by juicing the upside outcomes. The investor is essentially saying, “I’m sort of afraid of losing my money.” It can also foreshadow how they might behave when things aren’t going well, such as pushing you to sell when you don’t want to, or dial back risk when it’s important to take it. Good investors would rather address economic risks by negotiating valuation, and are otherwise happy to give standard terms because they know that the real money in venture is not made with structure, but by building long-term value, which they are confident in their ability to help you do."}),e("p",{children:"The last thing to remember is that your Series A documents are a foundation and precedent for the terms of future rounds. Good foundations make the next term sheet and financing round fast and simple, as future investors just step into the same straightforward terms. Doing the opposite complicates future fundraises, such as future investors asking for the same structure-heavy terms, existing investors refusing to drop terms that subsequent investors want removed as a precondition of investing, etc. Unwinding bad terms is difficult, and oftentimes impossible."}),e("p",{children:"That said, the point is to get a clean deal, not to cycle a lot to get the perfect deal. No one ever built an enduring company just by winning their Series A negotiation. Also, even if you can’t get everything right or the way you want it, you always have the power to execute. If you do that, the value you build can outrun suboptimal terms or establish leverage to renegotiate later. So don’t lose sight of the ultimate goal: closing fast and getting back to work."}),e("h3",{children:"Notes"}),o("ol",{children:[o("li",{id:"footnote1",children:["Some great investors still send longer term sheets, but this has more to do with their preference for going a bit deeper into the details at this stage, rather than deferring this until the definitive documents. The definitive documents are derived from the term sheet and are the much longer (100+ pages) binding contracts that everyone signs and closes on. It’s common to negotiate a few additional points at this stage, though deviation from anything explicitly addressed in the term sheet is definitely re-trading. Also, in a few places, this term sheet refers to certain terms as being “standard.” That may seem vague and circular, but term sheets frequently do describe certain terms that way. What that really means is that there’s an accepted practice of what appears in the docs for these terms among the lawyers who specialize in startups and venture deals, so make sure your lawyer (and the investor’s lawyer) fit that description.",e("a",{href:"#footnoteid1",children:"↩"})]}),o("li",{id:"footnote2",children:["The two most impactful investor vetoes in this section are the veto on a financing, which is covered by clauses (ii) and (iii), and the veto on a sale of the company, which is in clause (vii). We point these out because the concrete implications of these clauses aren’t facially obvious, and because most term sheets use similar technical jargon for these vetoes.",e("a",{href:"#footnoteid2",children:"↩"})]}),o("li",{id:"footnote3",children:["The founders implicitly control those 2 seats because they’re designated by a majority of common, and founders generally control a majority of common for a long time. In even more founder-friendly term sheets, those 2 seats may be designated by the founders themselves (as individuals).",e("a",{href:"#footnoteid3",children:"↩"})]}),o("li",{id:"footnote4",children:["Whether being fired from the company as an employee also triggers the removal of the founder from the board is a separate question and depends on what was negotiated in the financing documents. Sometimes a founder’s right to vote her shares to appoint a director will be conditioned on the founder being currently employed by the company. Whenever conditions are attached to your rights to vote on anything, make sure to ask your lawyer to walk you through the various scenarios in which those conditions matter and how they can hurt you.",e("a",{href:"#footnoteid4",children:"↩"})]})]}),e("em",{children:"This is not legal advice."})]})}),e(R,{expandable:!1,highlightVisible:!1,sections:Nn})]})})]})}const $r=N(An),On=[{title:"Contents",name:"contents",entries:[{title:"Intro",elemId:"intro"},{title:"The Problem",elemId:"problem"},{title:"The Protocol",elemId:"protocol"},{title:"Audit Trail",elemId:"audit"},{title:"Avoids Ambiguity",elemId:"ambiguity"}]},{title:"Elsewhere",name:"elsewhere",displayType:"unordered",entries:[{title:"About Y Combinator",href:u.RETRO_ABOUT.href},{title:"Frequently Asked Questions",href:u.RETRO_FAQ.href},{title:"Financing Documents",href:u.SAFE_DOCUMENTS.href}]}],te="toc-entry";function En(){return o(A,{children:[e(f,{children:e("h1",{className:"ycdc-page-title",children:"The Handshake Deal Protocol"})}),e(f,{children:o("div",{className:"ycdc-toc-container",children:[e("div",{className:"space-y-8 lg:space-y-12",children:o(T,{children:[e("h3",{className:te,id:"intro",children:"Intro"}),e("p",{className:"lead",children:"Silicon Valley runs on handshake deals. A handshake deal is a verbal commitment to a transaction. The actual transaction comes later, when documents are signed and money changes hands."}),e("p",{children:"Why do we need handshake deals? Why not just wait till the actual transaction? Because things can happen fast in the startup world."}),e("p",{children:"So both investors and founders need a way to reserve space in a transaction. Founders need it because creating documents and getting them signed would slow down their fundraising, and investors need it because if they had to wait for documents to get created and signed before they could commit, they'd miss out on the hotter deals."}),e("p",{children:"Handshake deals are not unique to Silicon Valley of course. They tend to arise wherever trust is sufficiently high and speed is sufficiently important. Diamond dealers apparently use them a lot."}),e("h3",{className:te,id:"problem",children:"The Problem"}),e("p",{children:"Unfortunately, things don't work as smoothly in Silicon Valley as among diamond dealers. This is not a closed community of pros who deal with one another day after day. Many participants in the funding market are noobs, and some are dishonest."}),o("p",{children:[e("strong",{children:"Every cycle we get reports of supposed handshake deals that fell through."})," ","Without video of the conversation it's hard for us to be sure whether there really was a deal and the investor welched, or there wasn't and the founders are just victims of their own wishful thinking."]}),e("p",{children:"The problem is compounded by the fact that some investors deliberately mislead startups about how interested they are in investing. Startups' prospects can change rapidly. If investors say no in a way that sounds like yes, they can essentially take a free option to invest. They haven't actually committed, so it costs them nothing, but if the startup turns out to be a hot one, they can retroactively claim that their almost-yes was an actual yes, and that the startup is morally obliged to let them invest."}),e("h3",{className:te,id:"protocol",children:"The Protocol"}),o("p",{children:[e("strong",{children:"Fortunately there is a way to fix most of these problems: to define a standard protocol for handshake deals."})," ","We're going to start using this within YC, and we hope it will spread to the rest of the startup community."]}),e("p",{children:"The protocol defines an offer as an amount to be invested, plus a valuation or valuation cap (or no cap), plus an optional discount. Here are some example offers:"}),o("ul",{children:[e("li",{children:"$100k at $5 million pre-money."}),e("li",{children:"$100k at a $5 million cap."}),e("li",{children:"$100k uncapped."}),e("li",{children:"$100k uncapped with a 10% discount."})]}),e("p",{children:"According to the protocol, you have a handshake deal if and only if the following happens:"}),o("ol",{children:[e("li",{children:`The investor says "I'm in."`}),e("li",{children:"The startup sends the investor an email or text message saying “Can you confirm you’re in for [offer]?” — spelling out the exact offer including the specific amount and terms."}),e("li",{children:"The investor replies yes."})]}),"Unless and until this process is completed, there is no handshake deal. So it is in the interest of investors to complete the 4th step, because until they do the startup is under no obligation to take their money.",e("h3",{className:te,id:"audit",children:"Audit Trail"}),e("p",{children:"Since both parties will usually have mobile devices from which they can send such messages, they should ordinarily do it in person as the final step of the agreement. They should each regard it as suspicious if the other is unwilling to."}),o("p",{children:[e("strong",{children:"At the very least this protocol will tell us who's at fault if we get a report of a handshake deal falling through."})," ","But it should do more than that. A definite protocol that leaves a trail will both prevent founders from misleading themselves, and discourage investors from misleading them."]}),o("p",{children:["I don't think the offer has to specify the documents to be used. In practice this is rarely an issue. People either use one of the"," ",e("a",{href:"/documents/",children:"standard documents"})," (for small investments) or negotiate in good faith (for large ones). Market terms are well enough understood that it should be easy to see who's at fault if one party is making difficulties about the terms, and that's all we ask from this protocol."]}),e("h3",{className:te,id:"ambiguity",children:"Avoids Ambiguity"}),o("p",{children:[e("strong",{children:"The protocol deliberately makes it impossible to say certain things."})," ","For example, an investor can't just say they'll invest $x, without specifying a valuation or cap. Investors who do that can escape their commitment later by claiming the price turned out to be too high. An offer to invest has to specify a valuation or cap, or no cap. Otherwise it's incompletely defined and thus not even an offer."]}),e("p",{children:"It also isn't possible to make a handshake deal on an offer to invest a range of money. Investors will sometimes try to make a deal to invest, say, $50k to $150k. If a startup agrees to that, they're obliged to save $150k of space but the investor is only obliged to invest $50k. An offer to invest a range of money is really two separate things: an offer to invest the bottom end of the range, plus an expression of interest in possibly investing more. So we suggest startups respond to each separately: do a handshake deal for the bottom end of the range, and respond politely to the investor's interest in investing more, but don't feel any obligation to take more money till the investor commits to investing it. Knowing they're guaranteed no more than the lower end of their range should sometimes cause investors to commit upfront to investing more. And if it doesn't, it would have been a mistake for the startup to rely on getting more."}),e("p",{children:"Finally, it isn't possible to add conditions to a handshake deal. For example, there is no way for an investor to use this protocol to offer, as some investors try to do, to invest if other people will—e.g. to say that they'll invest as part of a larger round if you can find a lead. That sort of commitment is so worthless in practice that it's a mistake for startups either to rely on it, or to feel themselves bound by it. It's not even rightly considered an offer, but at best a lead (and one that will rapidly grow cold). While the investor can’t add conditions to a handshake deal, it is possible to change the deadlines in which the offer must be accepted and the funding has to be completed. The purpose of these deadlines is to prevent situations where either the investor delays acceptance of the handshake deal or the startup and the investor have a valid handshake deal, but no time frame in which the investor must send its money. These deadlines avoid any ambiguity about whether or not there is a valid handshake deal and about when the handshake deal expires, and it should certainly expire if the investor fails to fund after a certain period of time. Ten days is a reasonable period of time for both parties to complete the funding process, but they can decide on different timing, provided there is unequivocal agreement (in writing) about a different deadline."}),e("p",{children:"Startups and investors can of course make any sort of arrangement they want. But they don't have a handshake deal according to this protocol unless the terms are precise and unconditional."})]})}),e(R,{expandable:!1,highlightVisible:!0,entryDOMSelector:`.${te}`,sections:On})]})})]})}const Vr=N(En),In=[{title:"Social Media",name:"elsewhere",displayType:"unordered",entries:[{title:"Blog",href:u.BLOG.href},{title:"Twitter",href:u.YC_TWITTER.href},{title:"Facebook",href:u.YC_FACEBOOK.href},{title:"YouTube",href:u.YC_YOUTUBE.href}]}];function Pn({contactsImageSrc:i}){return o(A,{children:[e(f,{children:e("h1",{className:"ycdc-page-title",children:"Contact"})}),e(f,{children:o("div",{className:"ycdc-toc-container",children:[e("div",{children:o(T,{children:[o("p",{children:["Before contacting us, please check the"," ",e("a",{href:u.RETRO_FAQ.href,children:"Frequently Asked Questions"}),"."]}),e("p",{children:"Here are contact emails for different parts of YC:"}),e("p",{children:e("img",{src:i,alt:""})})]})}),e(R,{expandable:!1,highlightVisible:!1,sections:In})]})})]})}const Gr=N(Pn),Rn=[{title:"Elsewhere",name:"elsewhere",displayType:"unordered",entries:[{title:"Demo Day",href:u.DEMO_DAY.href},{title:"YC top companies",href:u.COMPANIES_TOP.href},{title:"Safe Financing documents",href:u.SAFE_DOCUMENTS.href},{title:"Handshake Deal Protocol",href:u.HANDSHAKE_DEAL.href}]}];function Mn({htmlContent:i,ghostEditLink:n,...a}){return o(A,{children:[e(f,{children:e("h1",{className:"ycdc-page-title",children:"Resources for Investors"})}),o(f,{className:"ycdc-toc-container",children:[e(T,{children:e(Yt,{editLink:n,htmlContent:Ft(i,a),contentWrapperClassname:"prose"})}),e(R,{expandable:!1,highlightVisible:!0,sections:Rn})]})]})}const Kr=N(Mn),Dn=[{title:"Contents",name:"contents",entries:[{title:"Who Should Apply",elemId:"whoapply"},{title:"What We Do",elemId:"whatwedo"},{title:"Alumni",elemId:"alumni"},{title:"Quotes",elemId:"quotes"}]},{title:"Elsewhere",name:"elsewhere",displayType:"unordered",entries:[{title:"About Y Combinator",href:u.RETRO_ABOUT.href},{title:"Frequently Asked Questions",href:u.RETRO_FAQ.href}]}];function Ln(){return o(A,{children:[e(f,{children:e("h1",{className:"ycdc-page-title",children:"Biotech & Life Science Companies"})}),e(f,{children:o("div",{className:"ycdc-toc-container",children:[o(T,{children:[o("p",{className:"lead",children:["YC funded our first biotech company, (",e("a",{href:"https://www.ginkgobioworks.com/",children:"Ginkgo Bioworks"}),"), in 2014. Since then, we’ve expanded aggressively into all areas of biotech and the life sciences. Today, YC funds more biotech startups each year than any other investor."]}),e("h3",{id:"whoapply",children:"Who Should Apply"}),e("p",{children:"A revolution is happening in life sciences that is reminiscent of what happened in software in the 90’s. Now that cost and cycle time have decreased for biotech, it’s possible for new startups to do groundbreaking work."}),e("p",{children:"While we also fund companies that are further along, we’re especially comfortable funding life science projects at their earliest stage, right when they’re ready to spin out of university research."}),o("p",{children:["We’ve funded companies that cover the whole life sciences spectrum, including synthetic biology, therapeutics, digital health, diagnostics, medical devices, food technology like clean meat, platforms and tools. The examples range from creating"," ",e("a",{href:"http://notablelabs.com/",children:"personalized"})," cancer treatments to"," ",e("a",{href:"http://solugen.com/",children:"producing industrial chemicals"}),"."]}),e("h3",{id:"whatwedo",children:"What We Do for Life Science Companies"}),e("p",{children:"Every life sciences company is different, so we don’t have a curriculum or a one-size-fits-all program. Instead, we work with each company individually to help solve whatever their current challenges are."}),e("p",{children:"Some of the things we often help companies with include: regulatory approval and clinical trial sites, patents and IP protection, reimbursement and developing their business model, negotiating with tech transfer offices, finding initial customers, and raising money from investors. We also love to get deep into the science and help founders think through the scientific bets they are making."}),e("p",{children:"Life science companies are still expensive to start (though they are getting cheaper), and one of the most important things we do is to prepare companies to raise a large round from investors. Bio companies in YC have been very successful at raising multi-million dollar rounds at the end of the program"}),e("p",{children:"One of the most valuable parts of YC for bio companies is the network of other bio companies we have funded. It is now a diverse network of impressive domain experts who go out of their way to help each other. There are also now a number of YC companies that provide critical services widely used by the other bio companies:"}),o("ul",{children:[o("li",{children:[e("a",{href:"https://www.enzyme.com",children:"Enzyme"})," - FDA consulting as a service"]}),o("li",{children:[e("a",{href:"https://www.scienceexchange.com",children:"Science Exchange"})," - marketplace for scientific supplies"]}),o("li",{children:[e("a",{href:"http://www.atomwise.com/",children:"Atomwise"})," – computational drug discovery"]}),o("li",{children:[e("a",{href:"http://www.cognitionip.com/",children:"Cognition IP"})," – life science patent law firm"]}),o("li",{children:[e("a",{href:"https://www.quartzy.com/",children:"Quartzy"})," - lab management"]}),o("li",{children:[e("a",{href:"https://www.culturebiosciences.com/",children:"Culture Biosciences"})," - bioreactors on demand"]})]}),e("p",{children:"YC doesn’t have its own lab space for founders. We’ve found that what founders want in lab space is simply too varied for one space to work for everyone. Instead, we work with the lab space providers to get preferential access and deals for YC companies. 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Seed funding is the earliest stage of venture funding. It pays your expenses while you’re getting started."}),e("p",{children:"Some companies may need no more than seed funding. Others will go through several rounds. There is no right answer; how much funding you need depends on the kind of company you start."}),e("p",{children:"At Y Combinator, our goal is to get you through the first phase. This usually means: get you to the point where you’ve built something impressive enough to raise money on a larger scale. Then we can introduce you to later stage investors—or occasionally even acquirers."}),e("h3",{id:"morethanmoney",children:"More Than Money"}),e("h2",{children:"We make small investments in return for small stakes in the companies we fund."}),e("p",{children:"All venture investors supply some combination of money and help. In our case the money is by far the smaller component. In fact, many of the startups we fund don’t need the money. We think of the money we invest as more like financial aid in college: it’s so people who do need the money can pay their living expenses while Y Combinator is happening."}),o("p",{children:["See a list of the benefits and resources available to YC founders ",e("a",{href:"/",children:"here"}),"."]}),o("p",{children:[e("a",{href:"/about/",children:"What happens at Y Combinator?"})," ",e("strong",{children:"The most important thing we do is work with startups on their ideas."})," ","We’re hackers ourselves, and we’ve spent a lot of time figuring out how to make things people want. So we can usually see fairly quickly the direction in which a small idea should be expanded, or the point at which to begin attacking a large but vague one."]}),e("p",{children:"The questions at this stage range from apparently minor (what to call the company) to frighteningly ambitious (the long-term plan for world domination). Over the course of three months we usually manage to help founders come up with initial answers to all of them."}),o("p",{children:[e("strong",{children:"The second most important thing we do is help founders deal with investors and acquirers."})," ","Yes, we can make introductions, but that part is easy. We spend much more time teaching founders how to pitch their startups to investors, and how to close a deal once they’ve generated interest. In the second phase we supply not just advice but protection; potential investors are more likely to treat you well if you come from YC, because how they treat you determines whether in the future we’ll steer deals toward or away from them."]}),e("p",{children:"We also get the startups we fund incorporated properly with all the standard paperwork, avoiding legal time-bombs that could cause serious hassles and delays later. We introduce founders to lawyers who will often agree to defer payment for legal work. We regularly help startups find and hire their first employees. We can help with intellectual property questions, like what to patent, and when. One of the least publicized things we do, for obvious reasons, is mediate disputes between founders. No startup thinks they’re going to need that, but most do at some point."}),e("p",{children:"The kind of advice we give literally can’t be bought, because anyone qualified to give it is already rich. You can only get it from investors."}),e("h3",{id:"format",children:"Format"}),e("h2",{children:"Twice a year, we invest a small amount of money in a large number of startups. We have two batches per year – one from January through March and one from June through August."}),o("p",{children:["To apply to Y Combinator, you just fill out an"," ",e("a",{href:"https://apply.ycombinator.com/",children:"application form"}),". We invite the most promising groups to meet us, and we make funding decisions afterward."]}),e("p",{children:"The YC program lasts for three months. During those three months, founders participate in group office hours every two weeks and can meet with partners for office hours as often as needed."}),e("p",{children:"During the batch, we host a weekly talk, where we invite an expert in some aspect of startups to speak. Typically, speakers include startup founders, venture capitalists, and executives from well-known technology companies."}),e("p",{children:"About ten weeks in, we host Demo Day where all the startups can present their products and services to a specially selected audience of investors and press."}),o("p",{children:["Y Combinator is occasionally described as a"," ",e("a",{href:"http://www.newsweek.com/id/34734",children:"boot camp"}),", but this is not really accurate. We probably get called that because we fund a lot of startups at once. But the similarities end there; the atmosphere is the opposite of regimented."]}),e("p",{children:"Funding startups in batches works better for everyone. It’s more efficient for us, and better for the startups, who probably end up helping one another at least as much as we help them."}),e("p",{children:"Because we fund such large numbers of startups, Y Combinator has a huge alumni network, and there’s a strong ethos of helping out fellow YC founders. So whatever your problem, whether you need beta testers, a place to stay in another city, advice about a browser bug, or a connection to a particular company, there’s a good chance someone in the network can help you."}),e("h3",{id:"philosophy",children:"Philosophy"}),e("h2",{children:"We think founders are most productive when they can spend most of their time building. Our goal is to create an environment where you can focus exclusively on building product and talking to users."}),e("p",{children:"We seem to have succeeded in creating a good environment, because many founders have told us that the first ten weeks of Y Combinator were the most productive period of their lives."}),e("p",{children:"We try to interfere as little as possible in the startups we fund. We don’t take board seats or many of the other powers investors sometimes require. We offer lots of advice, but we can’t force anyone to take it. We realize that independence is one of the reasons people want to start startups in the first place. And frankly, it’s also one of the reasons startups succeed. Investors who try to control the companies they fund often end up destroying them."}),e("p",{children:"Why are we so flexible? Our goal is to be the preferred source of seed funding for startups, and to be that we have to do right by everyone. 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I thought it might help applicants if I explained what we look for when we read them."]}),e("p",{children:"Probably the biggest thing people don’t understand about the process is the importance of expressing yourself clearly. Every year we get some applications that are obviously good, some that are obviously bad, and in the middle a huge number where we just can’t tell. The idea seems kind of promising, but it’s not explained well enough for us to understand it. The founders seem like they might be good, but we don’t get a clear enough picture of them to say for sure."}),e("p",{children:"I suspect for every group we invite to interviews, there are one or two more that are just as good but that we pass over because they don’t manage to convey how good they are. If that’s true, another way to say it is that, of groups good enough to make it to interviews, more than half blow the application."}),e("p",{children:"If we get 1000 applications and have 10 days to read them, we have to read about 100 a day. That means a YC partner who reads your application will on average have already read 50 that day and have 50 more to go. Yours has to stand out. So you have to be exceptionally clear and concise. Whatever you have to say, give it to us right in the first sentence, in the simplest possible terms."}),e("p",{children:"All the YC partners read applications. We each do it separately, to avoid groupthink, so I’m not sure exactly what the others do, but it’s probably similar to what I do."}),e("h3",{id:"matteroffact",children:"Matter of Fact Answers"}),e("p",{children:"The first question I look at is, “What is your company going to make?” This isn’t the question I care most about, but I look at it first because I need something to hang the application on in my mind."}),e("div",{id:"r1",children:o("p",{children:["The best answers are the most matter of fact. It’s a mistake to use marketing-speak to make your idea sound more exciting. We’re immune to marketing-speak; to us it’s just noise. ",e("a",{href:"#n1",children:"1."})," So don’t begin your answer with something like"]})}),e("blockquote",{children:e("p",{children:"We are going to transform the relationship between individuals and information."})}),e("p",{children:"That sounds impressive, but it conveys nothing. It could be a description of any technology company. Are you going to build a search engine? Database software? A router? I have no idea."}),e("p",{children:"One test of whether you’re explaining your idea effectively is to ask how close the reader is to reproducing it. After reading that sentence I’m no closer than I was before, so its content is effectively zero. Another mistake is to begin with a sweeping introductory paragraph about how important the problem is:"}),e("blockquote",{children:e("p",{children:"Information is the lifeblood of the modern organization. The ability to channel information quickly and efficiently to those who need it is critical to a company’s success. A company that achieves an edge in the efficient use of information will, all other things being equal, have a significant edge over competitors."})}),e("p",{children:"Again, zero content; after reading this, the reader is no closer to reproducing your project than before. A good answer would be something like:"}),e("blockquote",{children:e("p",{children:"A database with a wiki-like interface, combined with a graphical UI for controlling who can see and edit what."})}),e("p",{children:"I’m not convinced yet that this will be the next Google, but at least I’m starting to engage with it. I’m thinking what such a thing would be like."}),e("p",{children:"One reason founders resist giving matter-of-fact descriptions is that they seem to constrain your potential. “But it’s so much more than a database with a wiki UI!” The problem is, the less constraining your description, the less you’re saying. So it’s better to err on the side of matter-of-factness."}),e("p",{children:"We advise startups presenting at Demo Day to do the same. Better to start with an overly narrow description of your project than try to describe it in its full generality and lose the audience completely. If there’s a simple one-sentence description of what you’re doing that only conveys half your potential, that’s actually pretty good. You’re halfway to your destination in just the first sentence."}),e("p",{children:"One good trick for describing a project concisely is to explain it as a variant of something the audience already knows. It’s like Wikipedia, but within an organization. It’s like an answering service, but for email. It’s eBay for jobs. This form of description is wonderfully efficient. Don’t worry that it will make your idea seem “derivative.” Some of the best ideas in history began by sticking together two existing ideas no one realized could be combined."}),e("h3",{id:"thefounders",children:"The Founders"}),e("p",{children:"After spending 20 seconds or so trying to understand the idea, I skip down to look at the founders. My initial goal is to figure out what kind of group I’m dealing with."}),e("p",{children:"Three friends about to graduate from college? Two colleagues who work together at a big company and want to jump ship? Are they all programmers? A mix of programmers and business people? There are maybe 20 or 30 different configurations of founders."}),e("p",{children:"Once I know what type of group I have, I try to figure out how good an instance of that type it is. The most important question for deciding that is"}),e("blockquote",{children:e("p",{children:"Please tell us in one or two sentences about something impressive that each founder has built or achieved."})}),e("p",{children:"To me this is the most important question on the application. It’s deliberately open-ended; there’s no one type of answer we’re looking for. It could be that you did really well in school, or that you wrote a highly-regarded piece of software, or that you paid your own way through college after leaving home at 16. It’s not the type of achievement that matters so much as the magnitude. Succeeding in a startup is, in the most literal sense, extraordinary, so we’re looking for people able to do extraordinary things."}),e("p",{children:"As with all questions on the application, the best answers are the most specific. A surprising number of people answer with something like:"}),e("blockquote",{children:e("p",{children:"Jordan is an exceptionally dedicated person who gives 100% effort to every project he undertakes."})}),e("p",{children:"This kind of generic claim carries no weight. A single, specific example would be much more convincing. You probably shouldn’t list the startup itself as your most impressive achievement. We already know you’ve created that. Why waste the opportunity to brag about something else?"}),e("p",{children:"If there’s no one thing about you that you feel stands out, what should you list? I’d go with whatever you’ve done that was the hardest—-preferably (though not necessarily) the hardest intellectually. It doesn’t matter if it’s not the sort of thing you’d put on a resume. We’re not looking for the same things as HR departments."}),e("h3",{id:"insight",children:"Insight"}),e("p",{children:"If the founders seem promising, I’ll now spend more time trying to understand the idea. I care more about the founders than the idea, because most of the startups we fund will change their idea significantly."}),e("p",{children:"If a group of founders seemed impressive enough, I’d fund them with no idea. But a really good idea will also get our attention—-not because of the idea per se, but because it’s evidence the founders are smart."}),e("p",{children:"Just as what we look for in founders is not the type of achievement but the magnitude, what we look for in ideas is not the type of idea but the level of insight you have about it. You’re going to start an auction site? That could be a good idea or a bad idea. What matters is how you’re going to hold your own against eBay. What’s going to be distinctive about your solution?"}),e("p",{children:"It’s a common mistake to say the distinctive thing about your solution will be that it’s well-designed and easy to use. That is not an insight. You’re just claiming you’re going to execute well. Whoever wrote the current software was presumably also trying to. So you have to be more specific. Exactly what are you going to do that will make your software easier to use? And will that be enough? The reason a lot of big companies’ software sucks is that they have some kind of natural monopoly. Unless you have a plan for cracking it, it won’t make any difference if yours is better."}),e("p",{children:"We don’t mind if you’re doing something that will face serious obstacles. In fact, we like that. The best startup ideas are generally outliers that seem crazy to most people initially. But we want to see that you’re aware of the obstacles, and have at least a theory about how to overcome them. We’d be delighted to get an application that answered the question “What are you going to make?” with"}),e("blockquote",{children:e("p",{children:"A new search engine to compete with Google."})}),e("p",{children:"so long as this was followed by"}),e("blockquote",{children:e("p",{children:"We know that sounds impossible, but we think we can get a toehold initially by…"})}),e("div",{id:"r2",children:o("p",{children:["Wouldn’t you be interested at this point? Even if the plan had only a 1% chance of working, it would be worth backing. ",e("a",{href:"#n2",children:"2."})]})}),e("p",{children:"Whereas if we can see obstacles to your idea that you don’t seem to have considered, that’s a bad sign. This is your idea. You’ve had days, at least, to think about it, and we’ve only had a couple minutes. We shouldn’t be able to come up with objections you haven’t thought of."}),e("p",{children:"Paradoxically, it is for this reason better to disclose all the flaws in your idea than to try to conceal them. If we think of a problem you don’t mention, we’ll assume it’s because you haven’t thought of it. And since we care more about you than the idea, it’s a mistake to risk sacrificing yourself to make the idea seem better."}),e("h3",{id:"exploration",children:"Further Exploration"}),e("p",{children:"If the founders seem promising and the idea is interesting, I’ll now spend a lot more time on the application."}),o("p",{children:["I’ll take a look at the ",e("a",{href:"/video",children:"video"}),", if there is one. (Statistically we’re much more likely to interview people who submit a video.) I’ll check out the demo. And I’ll look at answers to some of the more mundane questions, like the stock allocation."]}),e("p",{children:"If the founders seem promising but the idea doesn’t, I check the question near the end that asks what other ideas the founders had. It’s quite common for us to fund groups to work on ideas they listed as alternates."}),e("h3",{id:"wildcard",children:"The Wildcard"}),e("p",{children:"There’s one question that acts like a wildcard, at least for me:"}),e("blockquote",{children:e("p",{children:"Please tell us about the time you most successfully hacked some (non-computer) system to your advantage."})}),e("p",{children:"If this wasn’t already clear, we’re not looking for the sort of obedient, middle-of-the-road people that big companies tend to hire. We’re looking for people who like to beat the system. So if the answer to this question is good enough, it will make me go back and take a second look at an application that otherwise seemed unpromising. In fact, I think there are people we’ve invited to interviews mainly on the strength of their answer to this question."}),e("h3",{id:"helpout",children:"Help Us Out"}),e("p",{children:"Generally, the advice I’d give to applicants is: help us out. Investors are optimists. We want to believe you’re great. Most people you meet in everyday life don’t."}),e("p",{children:"If you go around saying you’re going to start the next Google, most people’s initial reaction will be skepticism. Partly because the odds of succeeding are low, so skepticism is the safe bet, but also because most people are threatened by ambition: you seem to be trying to put yourself above them, even if that isn’t your intention."}),e("p",{children:"Investors are different—-not because they’re more generous spirited than other people, but because they get equity. Tell investors you’re going to start the next Google and they immediately perk up. They don’t default to skepticism, because they like risky bets. And they don’t feel like you’re trying to put yourself above them, because they hope to be drawn up with you."}),e("p",{children:"Like all investors, we want to believe. So help us believe. If there’s something about you that stands out, or some special insight you have into the problem you plan to work on, make sure we see it."}),e("p",{children:"The best way to do that is simply to be concise. You don’t have to sell us on you. We’ll sell ourselves, if we can just understand you. But every unnecessary word in your application subtracts from the effect of the necessary ones. So before submitting your application, print it out and take a red pen and cross out every word you don’t need. And in what’s left be as specific and as matter-of-fact as you can."}),e("h3",{id:"example",children:"Example Application"}),o("h2",{children:["Here’s an example of a successful application:"," ",e("a",{href:"/apply/dropbox",children:"Dropbox’s Summer 2007 application"})]}),e("h2",{id:"footnotes",children:"Notes"}),o("ol",{children:[o("li",{id:"n1",children:["This is true of investors generally. Never use vague or inflated language with experienced investors. They’ve heard so much of it that it no longer has any effect on them, except to confuse and annoy them. ",e("a",{href:"#r1",children:"↪"})]}),o("li",{id:"n2",children:["The “next Google” is unlikely to be a search engine, however, just as the “next Microsoft” was not a desktop software company. I used competing directly with Google as an example of a problem with maximum difficulty, not maximum payoff. Maximum payoff is more likely to come from making Google irrelevant than from replacing it. How exactly? I have no more than vague ideas about that. I wouldn’t expect to be able to figure out the right answer, just as I wouldn’t have expected anyone to figure out in 1990 what would make Microsoft irrelevant. ",e("a",{href:"#r2",children:"↪"})]})]}),o("p",{children:[e("strong",{children:"Thanks"})," to Trevor Blackwell, Jessica Livingston, and Robert Morris for reading drafts of this, and to Drew Houston for posting Dropbox’s application."]})]}),e(R,{expandable:!1,highlightVisible:!1,sections:ar})]})})]})}const oa=N(or),bt=p.memo(jt),Xe=class Xe extends p.PureComponent{constructor(n){super(n),this.messagesRef=p.createRef(),this.getSortedJobs=qt(()=>{const a=this.props.recommendedJobIds;return[...this.props.company.jobs].sort((r,l)=>(a&&a.includes(l.id)?1:0)-(a&&a.includes(r.id)?1:0))}),this.toggleShowMore=()=>{this.setState({showMoreDescription:!this.state.showMoreDescription})},this.state={showVideo:!1,showMoreDescription:!1}}componentDidMount(){}componentWillUnmount(){}renderEmployeeImage(){const{employee:n,company:a}=this.props;return o(K,{children:[!(n!=null&&n.avatar_url)&&e("svg",{xmlns:"http://www.w3.org/2000/svg",fill:"none",viewBox:"0 0 24 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text-sm",children:a.founder_bio}),!a.founder_bio&&a.past_companies&&e("div",{className:"company-founder-companies",children:a.past_companies})]})]})},a.id))})]})}renderFounderContact(){const{company:n}=this.props;return n.founders.length===0?e("div",{}):e(K,{children:o("div",{className:"company-connect",children:[e("div",{className:"call",children:o("div",{className:"description",children:["Start a conversation with ",n.founders[0].first_name," about the company or any open roles."]})}),e("div",{className:"profile",children:o("div",{className:"profile-inner",children:[e("div",{className:"photo",children:e("img",{src:n.founders[0].avatar_thumb,alt:""})}),o("div",{className:"details",children:[e("div",{className:"name",children:n.founders[0].full_name}),e("div",{className:"title",children:"Founder"})]})]})})]})})}renderHiringDescription(){const{company:n}=this.props;return o("div",{className:"grid w-full grid-cols-12",children:[e("div",{className:"mx-4 text-sm font-medium text-gray-600 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