Mignano: Small angel investors should not waste money reviewing legal docs
Mike Mignano · Michael Mignano: How I Founded Anchor; Why TikTok could be a $2 TRILLION Company | 20VC #923 · 20VC with Harry Stebbings · Sep 7, 2022 · at 50:00
Michael Mignano is a Partner at Lightspeed Venture Partners and former Head of Talk at Spotify. He shares early angel investing mistakes regarding legal document reviews.
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“I, in the early days of writing checks, I wasted my time and money on reviewing the legal docs. Like I would hire lawyers and get them to review it. And then I pretty quickly learned that like, these are all pretty standard docs. And as a tiny check writer, I can't influence them anyway. And so you just have to trust if you're working with a lead, that's like a major fund or like a major law firm, like you just trust them and you sign them. Don't waste tens of thousands of dollars on legal fees.”
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