
Episode #4
Doing the Math — Valuation, Cap Tables, and Founder Dilution
In this episode of The Founder's Hour , Lowenstein partners Laura Cicirelli and Eric Weiner build on prior conversations about company formation, SAFEs and convertible notes, and venture debt to examine how valuation and cap table math affect founders over time. The discussion walks through the impact of equity incentive pools, convertible securities, pre-money and post-money valuation, and priced equity rounds, highlighting how each financing decision can change founder ownership and dilution. Cicirelli and Weiner also explain why founders should look beyond the headline valuation in a term sheet and understand how today's cap table decisions may shape future fundraising, incentives, and long-term growth. Speakers: Laura Cicirelli , Partner, Emerging Companies & Venture Capital Eric Weiner , Partner, Emerging Companies & Venture Capital




