People submit bug reports to us all the time. This is the first time we've gotten a legal one. Thank you.
DELETED: "We also have the right to invest in any business on the same terms as are offered to Investors, or on better terms if we are able to negotiate them with Entrepreneurs, and we have no obligation to make those investment opportunities available to anyone else."
It was dumb. We also made a few other changes. Let us know if you have any other feedback http://angel.co/terms
We've taken small allocations in a few investments on the site but we've had to talk our way into the deal like every other investor in the world.
The terms are still not perfect nor will they ever be. I would like to rewrite and simplify them one day but that might be wishful thinking.
Thanks to our counsel for the quick fixes. And thanks for the bug report.
The clause was probably an idea that sounded good eons ago when they started AngelList and now makes no sense at all.
No excuses or delays. Nivi iterates immediately and agrees to update us here. Issue squashed. Trust maintained...even improved.
I love seeing role models role-model the fundamentals of running a startup.
I was moments away from completely writing off AngelList when I read the parent comment. Now they seem cool. Disaster averted.