Paul Graham Proposes A ?Handshake Deal Protocol,' Puts It Into Practice At Y Combinator

Y Combinator founder Paul Graham just published a blog post suggesting a new way to handle handshake deals, i.e., verbal commitments for investments and other transactions. That kind of commitment is can be a necessary prelude to a more formal agreement ? Graham writes, "Things can happen fast in the startup world ... so both investors and founders need a way to reserve space in a transaction." However, he notes that these deals also fall through:

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