← Glossary
Deal Terms & Legal
Anti-dilution
A clause that adjusts an investor's shares if you later raise at a lower price, protecting them in a down round.
Why it matters
'Weighted average' is standard and mild; 'full ratchet' is harsh and re-prices their whole stake — resist it.
Hear it from people who've done it
Get the real-world version of "Anti-dilution" drawn from hundreds of conversations with founders and investors.
Ask the Network →Go deeper
Episodes on Venture Capital
Perspective X with Pauline Fetaui · 2 July 2026
Taryn Williams: Building and Exiting 6 Companies — and the Cost No One Talks About
Investment Thesis with Kali Norman · 26 June 2026
Rohan Workman of Skalata — Backing overlooked founders as AI rewrites the thesis
First Cheque with Cheryl Mack & Maxine Minter · 17 June 2026
How to Think About M&A as a Startup with Alex Feldman
Related terms
← Back to the full glossary
Produced by W2D1 Media
Want a show like this for your fund or company?
We're W2D1 Media — the team behind the Day One Network and Blackbird's Wild Hearts. We turn podcasts into trust, authority and pipeline.