Bridge rounds are everywhere in 2026, some opportunistic and some are desperate. Jason sits down with Becki DeGraw, partner at Wilson Sonsini, and asks what really changes when an investor moves you off a SAFE and onto a convertible note, why the Series A bar keeps rising, and how to negotiate if you have leverage. 0:00 What a spinout actually is 0:50 Becki: the real "why" behind spinouts 2:24 IP licenses and the "acquihire" workaround 3:09 University spinouts 4:41 Google/Waymo and…