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What are examples of good startup term sheets?
You don’t. Let me break this into two parts Convertible notes If you are raising a SAFE or CN then there are only two things that really matter. Discount Cap You can say what you are raising (can be uncapped note…). Write it in your deck etc. I would just write. Raising $2m convertible note 20% discount $10m cap You’ll prob negotiate that with investors- at least a lead. You can just say you are doing a CN and leave it like that. I generally recommend not saying anything more. You ‘can’ also download a SAFE off the net or get a template CN and draft the doc(s) and provide them to investors. T then need to push back on anything. I’ve done that before. More serious investors will likely use their own docs, one reason being their lawyers know the docs and so it’s efficient. Priced round If you’re raising more money, you’re likely doing a priced round (equity is being transferred now). In this/ case, it’s far more likely that the investor has their own definitive docs and that’s what you use. T will issue you with a term sheet if t are any way experienced. T will then go all ‘good guy’ and explain why gouging terms are in your interest. Seen it happen and laughed constantly. Learning Unless you are a VC you don’t need to learn how to write a term sheet. You need to learn the terms. I’m going to make a crash course on this once I get other courses done. Check out books.- Venture deals - general required reading Acceleration - more legal. I found it too basic for me, but then I know stuff these days… There are only so many terms that you need to know. If you really want to understand things, in my experience, you need to pick a term and deep dive into google. Generic blogs on everything don’t give details. Find blogs (normally by lawyers) if you really want to nerd out. TBH, it’s a lot of work. If you are a founder, get a VC lawyer of a financial advisor (I review term sheets) who will just give you the answers. There is no harm in learning all this stuff, but your job is execution. So decide where to focus. If you like the content, would love an upvote and for you to follow me.
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I For Series B, it's essentially the same as traditional. I was initially surprised by how much more difficult the process is than traditional. What surprised me about the Series Seed processes this time was that the company had decided to go very slow and deliberate, and actually hired a term sheet firm. So, I guess the summary is… The idea is to avoid a term sheet for more than a few seconds. It takes about six months from the time you commit. That's three months before an investor puts their money in. You need to really understand the terms you're considering to do it right. You are expected to have a good grasp of your company's business and market fit. I think in general terms, that's a good thing. For example, you might want to know the “opportunity cost” of being too focused on cash versus the “opportunity cost” of being too.