To those only vaguely familiar with the opaque world of fundraising, a “Term Sheet” is a sort of mythical creature that exists in startup land. They come around once in a while, usually linked to fantastic stories of overnight riches, or baked into the plot of a TV series. But for outsiders, it’s hard to describe what they actually look like, or even confirm if they are a real thing. Kind of like a Narwhal.
1/3 of people stopped reading by now. Also, ya boy copped a Canva sub. Get at me.
So what does a VC Term Sheet actually look like? How are they structured? What are the key “Terms?” And what’s a “dirty” term sheet?
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