Seed financing can be costly and time-consuming, which is why Ted Wang of Fenwick & West put his seed round documents online for open source entrepreneurs to use for free.
"The legal documents to do a seed round should be a lot less complicated and cheaper than those for a major round of funding," said Ben Horowitz, General Partner of Andreessen Horowitz. "We think Ted's work is a great start towards that goal."
According to the press release, Wang's documents, located at SeriesSeed.com, have already been used to help fund several companies such as Blippy.com and Civic Solar.
A new category of seed investors has emerged to fund this early stage of the company's growth, but the financing documents that lawyers were using were from a past era when it took several million dollars to fund a company, the press release said.