This Week In Startups is made possible by: Wilson Sonsini Today's show: Spinouts are everywhere right now, and most founders get the cap table wrong. Jason sits down with Becki DeGraw, partner at Wilson Sonsini, to break down how to do it right, starting with his 80/20 rule for splitting the new cap table and why letting the old company keep too much of it kills your ability to raise. Becki also covers the legal side: who owns the IP, non-competes between the two companies, and the trap founders fall into when they're still on the old board. PLUS, the one question every Series A investor will ask. Guests: Becki DeGraw on LinkedIn: https://www.linkedin.com/in/rebecca-degraw-639bbb62/ Wilson Sonsini: https://www.wsgr.com/en/ Relevant Links: Wilson Sonsini Goodrich & Rosati (WSGR) — **https://www.wsgr.com/** Becki DeGraw — https://www.wsgr.com/en/people/becki-degraw.html Waymo — Jason's headline example of a big-company spinout — https://waymo.com/ Expedia's 1999 Microsoft spinout — https://www.britannica.com/topic/Expedia-com-American-company Nvidia's ~$20B deal for Groq's asset— https://www.cnbc.com/2025/12/24/nvidia-buying-ai-chip-startup-groq-for-about-20-billion-biggest-deal.html Timestamps: Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com Check out the TWIST500: https://www.twist500.com Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp Follow Lon: X: https://x.com/lons Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis Check out all our partner offers: https://partners.launch.co/ Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland Check out Jason's suite of newsletters: https://substack.com/@calacanis Follow TWiST: Twitter: https://twitter.com/TWiStartups YouTube: https://www.youtube.com/thisweekin Instagram: https://www.instagram.com/thisweekinstartups TikTok: https://www.tiktok.com/@thisweekinstartups Substack: https://twistartups.substack.com