TL;DR Feedback is about the other person. A need is about yourself. Learning how to distinguish the two helps to communicate constructively.

Why should we care about the difference?

Receiving feedback is one of the best ways I know to grow both professionally and personally. Expressing needs, in a non-violent way, is one of the best ways I know to improve relationships with others.

However, it seems that people often confuse giving feedback and expressing their needs (me included!). This, in my experience, often leads to misunderstandings and conflicts. Learning to distinguish clearly between the two helps me to communicate constructively.

What’s the difference?

1. Giving feedback

In short, feedback is about the…

This post was originally published on the Ledgy blog.

At Ledgy, we’ve raised a Seed round in 2018 of €1m. To bridge towards Series A, we decided to raise a convertible loan. We had made this decision before the Corona-crisis kicked in, but since the signing happened at the peak of the global outburst, the pandemic still played a role on the final loan structure. The whole process was overall super efficient, lasting one month in total. …

This is how you write a component with a state with the React framework traditionally. Notice the state variable on the second line.

This is how you write a component with a state with React Hooks. Notice that there’s no state variable defined.

If you’ve never understood what’s a pre- and post-money option pool, here’s your chance. Get a piece of paper and a pencil, write down the formulas and don’t give up until the end of this post!

How it all started

Sheryl and Elon are two good friends who decided to cofound a company called SpaceBook (the social network for aspiring communities on Mars). Their initial cap table looks as below, with the total number of shares being
1 million:

They now want to raise a seed round. They manage to get a deal with an investor, Peter:

  • Peter invests $500,000
  • Everyone agrees on a…

Photo by _HealthyMond . on Unsplash

(Originally published in the VSETH newsletter to the attention of first-year ETH students.)

“Heard you’ll be studying at ETH. Isn’t that really hard? I bet you’ll be the only woman.“ Sounds familiar? Then the following lines might be interesting to you.

The gender issue is a hot topic right now. And it’s increasingly difficult to write about it without sounding trivial or boring. But it’s a fact, the gender gap is still present at ETH, and it needs to change. But how? …

While most people were on holiday we were busy releasing more features 😉 Check them out below!

If you need to get started with using Legdy, have a look at our new FAQ and Getting Started pages.

Phantom stock options

Welcome to Ledgy’s FAQ! Hit command+F to look for key words to find your question. Can’t find the answer to your question below? Drop us an email at with the subject FAQ and your question. We’ll get right back to you and might add your question here as well.


How do I get started?

Read our Getting Started guide.

How can I invite an investor to see my cap table?

Go on the Shareholders page, add you investor’s email address (at this point the shareholder does NOT receive any email). Then just click the invite button on the right-hand side. You can choose three access right levels.

  1. Personal: The investor will be able see her…

Quick start

When you first sign up on Ledgy you will see this screen:

Ledgy lets you export all your data as CSV files. You might be thinking “Well great, but I hate all the formatting problems when opening CSV in Excel or Google Sheets”. Don’t worry we’ve thought about this and here’s a step-by-step guide to import CSV with all special characters and numbers well-formatted.


To open your CSV file optimally in Microsoft Excel or Google Sheets you need to make sure that

  • The encoding is UTF-8
  • The decimal separator is a dot → .
  • The thousand separator is a comma → ,

Quick guide to open CSV in Excel

The team at Ledgy has been busy with its own fundraising the last couple of weeks. It was the perfect occasion for us to “scratch our own itch” and upgrade the round modeling feature on Ledgy.

The sunny days also inspired us to get some coding done around the (option) pool. 😎

Read on for more details and find out about other awesome features such as Shareholder groups and view-only access now live on Ledgy!

Round Modeling

Yoko Spirig

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