Oxide and Friends Founder vs. Investor with Liz Zalman and Jerry Neumann
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Nov 22, 2025 
Liz Zalman, a founder and coauthor of Founder vs. Investor, shares her candid experiences with tough term sheets and the stress of last-minute deal changes. Jerry Neumann, an investor and coauthor, discusses why VCs sometimes retract offers, citing fear and career risks. Seth Winterroth, an Oxide investor, highlights the importance of supportive investor relationships during crises. Together, they dive into the nuances of founder-investor dynamics, board responsibilities, and the value of transparency in negotiations.
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Vet Investors Regardless Of Warm Introductions
- Do reference-check investors even if they come via a trusted connection; prior internal relationships don't replace vetting.
- Back-channel portfolio founders to learn how investors behave under stress.
A Viral Post Sparked The Book
- Jerry wrote a blunt blog post about founder-board dynamics that went viral and prompted the book discussion with Liz.
- The post criticized harmful board behavior and spurred conversations many VCs preferred to avoid.
Investors Stepped In After Lead Backed Out
- After Oxide's lead backed out, Seth and other investors heroically stepped in to salvage the round and support the company.
- Their swift action prevented a 6–12 month fundraising delay and kept the company afloat.