NOTE: This is the third post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. The next several posts in this series deal with the terms in Charter. Tags: Anatomy of a Term Sheet Financing Legal Basics MORE
NOTE: This is the fourth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. While the term “liquidation preference” suggests the provision applies only if the company goes belly-up, in reality there is likely to be little to fight over if this happens. MORE
NOTE: This is the sixth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. While the timing of conversion is not a very hot topic in negotiating a term sheet, the anti-dilution provision can be if the investors decide to play hardball. MORE
I recently negotiated and signed a term sheet with a company I am very excited about working with. Now that I have been a venture capitalist for over five years I’m able to recognize more patterns and one is around term sheet negotiation. I’ve had a few term sheet negotiations that have been less than satisfying. That term sheet was never signed and it was probably best for both of us. FRC Entrepreneurs negotiation term sheet MORE
In this chapter we discuss all of the terms that make up the economics of the deal, including price, liquidation preference, pay-to-play, vesting, the employee pool, and antidilution. In addition to defining and describing each terms, we give extensive examples in this chapter. Almost all of the terms also have a special bonus “The Entrepreneurs Perspective&# from our good friend Matt Blumberg, the CEO of Return Path. MORE
Just like the preferred equity financing process, the convertible debt financing process can start with a term sheet, rather than a full set of financing documents. A convertible note term sheet is beneficial because it postpones a lawyer from cranking out a full set of docs until consensus is reached regarding convertible debt offering’s material terms. It also makes any potential back-and-forth on terms easier to manage. MORE
If you haven’t read the first part on equity term sheets, I strongly recommend doing so before moving on. For a general introduction to term sheets and the trade-off between high valuation and complex investment structure, please refer to the introductory post to the guide. MORE
What is a term sheet, and why should you care about it? Questions about term sheets? Ask in comments below, or contact Early Growth Financial Services for help understanding your term sheet, and other financial support. Related Posts: Seven Things You Need to Understand—and Care About—In a Venture Capital Term Sheet 9 Ways to Negotiate Your Best VC Terms Calculating Your Equity Value. MORE
In the introductory post to my term sheet guide, we covered a general introduction to term sheets and the trade-off between high valuation and complex investment structure, as well as focused on the basics of a convertible loan. MORE
And they love control terms. The terms we discussed in the preceding chapter define the economics of a deal; the next batch of terms define the control parameters of a deal. While VCs often have less than 50 percent ownership of a company, they usually have a variety of control terms that effectively give them control of many activities of the company. Yup – many VCs are control freaks. MORE
Last week, for just the second time ever, I passed on an investment opportunity because of the terms of the deal--both the price and the legal structure of the agreement. It was a company whose product I believed in and whose founder I liked, but a firm lobbed in a term sheet at a price 33% higher than what I had offered using a very light agreement meant for a much earlier stage company. They even tried to change their Terms of Service in the middle of the alleged scam. MORE
It can be tempting to skip the term sheet and simply have your lawyer prepare the investment documents. Finance Grow investing investors money raising capital raising money term sheet venture capital MORE
And your term sheet waits at the bottom. Still lots of hard work and good fortune to close the deal, but your term sheet is right on the other side MORE
After completing a long process identifying the right venture firms to pitch, running an exhaustive fundraising process, finding a mutual fit, and successfully negotiating terms… at last, the term sheet is signed. The two- to six- week time between the signing of the term sheet and closing is “venture limbo.” But frequently, there is time spent negotiating business terms which weren’t specified in the tern sheet itself. MORE
Remember a term sheet agreement is not a deal until the check clears. However, there is no set pattern of terms an entrepreneur might be able to anticipate from either. Your best strategy is to bring your own term sheet to the negotiation as a starting point. MORE
NOTE: This is the eleventh post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. We’ll return to the “Right to Maintain Proportionate Ownership” provisions (which fall between this post’s two topics in the NVCA term sheet) in our next post. MORE
The precursor to getting the money, however, is signing a term sheet with an investor, and, so, the offer of a term sheet is usually cause for rejoicing. There is, however, a hidden risk for entrepreneurs in signing a term sheet, which involves the so-called "No-Shop" or "Exclusivity" provisions. . There are two parties to a term sheet, the Company and the VC. MORE
My firm and Tech Wildcatters are co-hosting a live mock Series A term sheet negotiation on April 25th from 1-3pm. The event will take place at Tech Wildcatters at 2700 Fairmount St in Dallas Texas. Brad Hunstable, founder and CEO of Ustream, will play the role of the startup founder and a “TBD” VC will […]. Startup Lawyer MORE
When a VC invests in a startup, the two parties usually sign a term sheet that lays out the major terms of the investment round. 90%+ of term sheets result in a closed deal that is more or less equivalent to what was discussed. MORE
2. Nature of a Term Sheet and Summary of Offering Terms. Tags: Anatomy of a Term Sheet Financing 1. Overview. 3. Dividends. 4. Liquidation Preference. 5. Voting Rights and Protective Provisions. 6. Conversion and Anti-dilution. 7. Pay-to-Play. 8. Redemption Rights. 9. Stock Purchase Agreement. 10. Registration Rights. 11. Management Rights and Investor Director Approval. MORE
Remember a term sheet agreement is not a deal until the check clears. However, there is no set pattern of terms an entrepreneur might be able to anticipate from either. Your best strategy is to bring your own term sheet to the negotiation as a starting point. MORE
NOTE: This is the ninth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. The importance of the SPA, however, lies is in the terms and conditions it places on the financing, which serve primarily to protect the investors. Tags: Anatomy of a Term Sheet Financing MORE
Perhaps they're way off in their valuation (usually far too high), or paralyzed by fear at seeing the other terms, because they have no idea what's normal, and what's worth a fight to the death (their startup's). Still, no one wants the terms to be so complex that the deal never closes. MORE
NOTE: This is the tenth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. Registration rights are standard in a Series A financing and, as noted above, of limited consequence to the company, so any negotiation is usually best left to after the term sheet is signed. MORE
The very first time I ever negotiated a term sheet (and then legal docs for closing the round) I found the experience very frustrating. He marks up the term sheet. Seems like the term sheet will be done in a day or so. MORE
If the term sheet process turns to pure torture, it may be time to respectfully bow out. If they ask superficial questions or don’t understand business, a successful long-term relationship is not likely. entrepreneurs startups term sheet sharks angel investors business MORE
Get her seven tips on going from talking to term sheets MORE
27 
getting the first term sheet can be a critical milestone in nurturing a successful business. Things to keep in mind: Anticipate investors’ concerns and information requirements; Be aware of the pitfalls; remember that all agreements are Conditional, with the terms subject to change. What is a term sheet? Valuation terms Every term sheet contains certain key elements, … Continue reading → Equity / Debt / Venture Funding MORE
Chapter 3 of Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist is a transitional one that sets up the next few chapters on Term Sheets. We talked about what to do and, at the risk of giving away super-top-secret VC magic tricks, decided to write a blog series on Brad’s blog ( Feld Thoughts ) that deconstructed a venture capital term sheet and explained each section. The next few chapters cover the most frequently discussed terms in a VC term sheet. MORE
And even though a term sheet might be four to eight pages long and the definitive documents might be 100 pages or more, other than economics, there are really only three things a VC needs in a deal. I searched his blog (using Lijit and the term pro-rata ) and quickly found a great post titled The Three Terms You Must Have In A Venture Investment. He attributes this to his first VC mentor, Milt Pappas, and the three terms are the same ones referenced above. MORE
On the heels of all the noise around Groupon’s $ 100m financing at a $7.5b (billion) post valuation, I thought I’d put out a call for “old VC term sheets – prior to 1990.&#. The basis for the book comes from the Term Sheet series that Jason and I wrote on this blog in 2005. As part of this, I’m looking for some early VC term sheets. MORE
Introduction This post originally appeared as part of the “ Ask the Attorney ” column I am writing for VentureBeat ; it is another installment of my ongoing series regarding venture capital term sheets. VC Issues conversion rights investors liquidation preferences mandatory conversion rights protective provisions term sheets valuation vc venture capital MORE
What Can You Do if a VC Pulls Their Term Sheet? A term sheet is not a legally binding document. So if you’re a VC – you better have a pretty damn good reason for pulling out of deal after offering a term sheet. MORE
We could have insisted on a term sheet, even though term sheets are non-binding. I believe the startup should have pushed for the term sheet as soon as possible. Either the acquirer would have said no (end of story right there), or the sheet would have been signed. A term sheet increases the likelihood that the acquisition will go through, even if it’s non-binding. I read this story yesterday about a failed startup acquisition. MORE
all talk about the best way for entrepreneurs to optimize their fundraising process with the end-goal of receiving a term sheet. It’s often spoken as if the second that magical term sheet document is in hand, the process is over. Agreement of key terms between entrepreneur + VC firm. Some VCs merely view term sheets as “marketing documents.” Entrepreneurs pushing for a term sheet from one firm to use in leverage with other firm’s negotiation. MORE
For some time Jason and I have felt that VC’s have had an unfair advantage when it comes to understanding term sheets. So a few years back we wrote a whole series of blog posts (the Term Sheet series ) which became the basis for the book Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. The result is Veri’s Understanding Term Sheets. Term Sheet venture deals veri MORE
But do you know what to do once you’re asked to sign a term sheet? And a good lawyer can be a real advocate for you: by keeping negotiations on track, explaining terms, and making sure any deal you sign doesn’t have problematic (and costly) clauses that could leave you at risk. You came, you pitched, you conquered. Congratulations! Let me say that first, you should have already retained a good startup lawyer. Most investors will expect this. MORE
The second, on why term sheets even exist, came out of our realization that many of the investments we’ve made in the past few years were done with handshakes and email outline of terms, rather than term sheets. Term Sheet book venture deals MORE
Andrej Kiska is an Associate at Credo Ventures. In the past five years, seed-stage investing has experienced a boom. In North America, seed funds now represent 67 percent of all VC funds, up from 33 percent in 2008. MORE
Negotiating a term sheet for an investment is a long, drawn out fight of wording and compromises. “Hi my name is Mark. I’m looking for €300k for a 20% stake in my company.”. MORE
NOTE: This is the twelfth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. Tags: Anatomy of a Term Sheet Financing Legal Basics MORE
A good example was during the negotiation of a term sheet. These usually involve a handful of angel investors, and a few entrepreneurs, who all want to build the very best term sheet for their exciting nascent enterprise. By Basil Peters. MORE
In this chapter we cover the non-economic and non-control terms in the term sheet. Up to this point we’ve been exploring terms that matter a lot and fall under the category of economics or control. As we get further into the term sheet, we start to encounter some terms that don’t matter as much, are only impactful in a downside scenario, or don’t matter at all. Some matter, some don’t, and context matters a lot. MORE
Term Sheet Related Topics Startup Professionals Musings
SEPTEMBER 26, 2015
Perhaps they're way off in their valuation (usually far too high), or paralyzed by fear at seeing the other terms, because they have no idea what's normal, and what's worth a fight to the death (their startup's). Still, no one wants the terms to be so complex that the deal never closes.
Permanent Record
OCTOBER 31, 2011
I recently negotiated and signed a term sheet with a company I am very excited about working with. Now that I have been a venture capitalist for over five years I’m able to recognize more patterns and one is around term sheet negotiation. I’ve had a few term sheet negotiations that have been less than satisfying. That term sheet was never signed and it was probably best for both of us. FRC Entrepreneurs negotiation term sheet
Feld Thoughts
NOVEMBER 7, 2011
For some time Jason and I have felt that VC’s have had an unfair advantage when it comes to understanding term sheets. So a few years back we wrote a whole series of blog posts (the Term Sheet series ) which became the basis for the book Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. The result is Veri’s Understanding Term Sheets. Term Sheet venture deals veri
Both Sides of the Table
SEPTEMBER 30, 2015
What Can You Do if a VC Pulls Their Term Sheet? A term sheet is not a legally binding document. So if you’re a VC – you better have a pretty damn good reason for pulling out of deal after offering a term sheet.
YFS Magazine
OCTOBER 8, 2016
It can be tempting to skip the term sheet and simply have your lawyer prepare the investment documents. Finance Grow investing investors money raising capital raising money term sheet venture capital
The Startup Lawyer
APRIL 2, 2014
My firm and Tech Wildcatters are co-hosting a live mock Series A term sheet negotiation on April 25th from 1-3pm. The event will take place at Tech Wildcatters at 2700 Fairmount St in Dallas Texas. Brad Hunstable, founder and CEO of Ustream, will play the role of the startup founder and a “TBD” VC will […]. Startup Lawyer
Early Growth Financial Services
DECEMBER 4, 2014
But do you know what to do once you’re asked to sign a term sheet? And a good lawyer can be a real advocate for you: by keeping negotiations on track, explaining terms, and making sure any deal you sign doesn’t have problematic (and costly) clauses that could leave you at risk. You came, you pitched, you conquered. Congratulations! Let me say that first, you should have already retained a good startup lawyer. Most investors will expect this.
Early Growth Financial Services
MARCH 13, 2014
getting the first term sheet can be a critical milestone in nurturing a successful business. Things to keep in mind: Anticipate investors’ concerns and information requirements; Be aware of the pitfalls; remember that all agreements are Conditional, with the terms subject to change. What is a term sheet? Valuation terms Every term sheet contains certain key elements, … Continue reading → Equity / Debt / Venture Funding
Startup Professionals Musings
JANUARY 27, 2012
Remember a term sheet agreement is not a deal until the check clears. However, there is no set pattern of terms an entrepreneur might be able to anticipate from either. Your best strategy is to bring your own term sheet to the negotiation as a starting point.
Inc Startups
JANUARY 25, 2016
Get her seven tips on going from talking to term sheets
Genuine VC
APRIL 29, 2013
all talk about the best way for entrepreneurs to optimize their fundraising process with the end-goal of receiving a term sheet. It’s often spoken as if the second that magical term sheet document is in hand, the process is over. Agreement of key terms between entrepreneur + VC firm. Some VCs merely view term sheets as “marketing documents.” Entrepreneurs pushing for a term sheet from one firm to use in leverage with other firm’s negotiation.
Feld Thoughts
OCTOBER 28, 2016
The second, on why term sheets even exist, came out of our realization that many of the investments we’ve made in the past few years were done with handshakes and email outline of terms, rather than term sheets. Term Sheet book venture deals
Ask The VC
JULY 28, 2011
Chapter 3 of Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist is a transitional one that sets up the next few chapters on Term Sheets. We talked about what to do and, at the risk of giving away super-top-secret VC magic tricks, decided to write a blog series on Brad’s blog ( Feld Thoughts ) that deconstructed a venture capital term sheet and explained each section. The next few chapters cover the most frequently discussed terms in a VC term sheet.
The Next Web
FEBRUARY 1, 2015
Andrej Kiska is an Associate at Credo Ventures. In the past five years, seed-stage investing has experienced a boom. In North America, seed funds now represent 67 percent of all VC funds, up from 33 percent in 2008.
Hunter Walker
APRIL 20, 2014
And your term sheet waits at the bottom. Still lots of hard work and good fortune to close the deal, but your term sheet is right on the other side
VC Ready Blog
JULY 20, 2010
NOTE: This is the tenth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. Registration rights are standard in a Series A financing and, as noted above, of limited consequence to the company, so any negotiation is usually best left to after the term sheet is signed.
The Next Web
FEBRUARY 7, 2015
In the introductory post to my term sheet guide, we covered a general introduction to term sheets and the trade-off between high valuation and complex investment structure, as well as focused on the basics of a convertible loan.
The Next Web
FEBRUARY 15, 2015
If you haven’t read the first part on equity term sheets, I strongly recommend doing so before moving on. For a general introduction to term sheets and the trade-off between high valuation and complex investment structure, please refer to the introductory post to the guide.
Diego Basch
FEBRUARY 28, 2012
We could have insisted on a term sheet, even though term sheets are non-binding. I believe the startup should have pushed for the term sheet as soon as possible. Either the acquirer would have said no (end of story right there), or the sheet would have been signed. A term sheet increases the likelihood that the acquisition will go through, even if it’s non-binding. I read this story yesterday about a failed startup acquisition.
VC Ready Blog
AUGUST 24, 2010
2. Nature of a Term Sheet and Summary of Offering Terms. Tags: Anatomy of a Term Sheet Financing 1. Overview. 3. Dividends. 4. Liquidation Preference. 5. Voting Rights and Protective Provisions. 6. Conversion and Anti-dilution. 7. Pay-to-Play. 8. Redemption Rights. 9. Stock Purchase Agreement. 10. Registration Rights. 11. Management Rights and Investor Director Approval.
Scott Edward Walker
JUNE 9, 2011
Introduction This post originally appeared as part of the “ Ask the Attorney ” column I am writing for VentureBeat ; it is another installment of my ongoing series regarding venture capital term sheets. VC Issues conversion rights investors liquidation preferences mandatory conversion rights protective provisions term sheets valuation vc venture capital
Ask The VC
AUGUST 1, 2011
And they love control terms. The terms we discussed in the preceding chapter define the economics of a deal; the next batch of terms define the control parameters of a deal. While VCs often have less than 50 percent ownership of a company, they usually have a variety of control terms that effectively give them control of many activities of the company. Yup – many VCs are control freaks.
Ask The VC
JULY 30, 2011
In this chapter we discuss all of the terms that make up the economics of the deal, including price, liquidation preference, pay-to-play, vesting, the employee pool, and antidilution. In addition to defining and describing each terms, we give extensive examples in this chapter. Almost all of the terms also have a special bonus “The Entrepreneurs Perspective&# from our good friend Matt Blumberg, the CEO of Return Path.
This is going to be BIG.
MAY 27, 2014
Last week, for just the second time ever, I passed on an investment opportunity because of the terms of the deal--both the price and the legal structure of the agreement. It was a company whose product I believed in and whose founder I liked, but a firm lobbed in a term sheet at a price 33% higher than what I had offered using a very light agreement meant for a much earlier stage company. They even tried to change their Terms of Service in the middle of the alleged scam.
VC Ready Blog
JULY 6, 2010
NOTE: This is the sixth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. While the timing of conversion is not a very hot topic in negotiating a term sheet, the anti-dilution provision can be if the investors decide to play hardball.
Ask The VC
AUGUST 2, 2011
In this chapter we cover the non-economic and non-control terms in the term sheet. Up to this point we’ve been exploring terms that matter a lot and fall under the category of economics or control. As we get further into the term sheet, we start to encounter some terms that don’t matter as much, are only impactful in a downside scenario, or don’t matter at all. Some matter, some don’t, and context matters a lot.
Allen's Blog
DECEMBER 4, 2014
The precursor to getting the money, however, is signing a term sheet with an investor, and, so, the offer of a term sheet is usually cause for rejoicing. There is, however, a hidden risk for entrepreneurs in signing a term sheet, which involves the so-called "No-Shop" or "Exclusivity" provisions. . There are two parties to a term sheet, the Company and the VC.
Startup Professionals Musings
APRIL 22, 2012
If the term sheet process turns to pure torture, it may be time to respectfully bow out. If they ask superficial questions or don’t understand business, a successful long-term relationship is not likely. entrepreneurs startups term sheet sharks angel investors business
VC Ready Blog
JULY 22, 2010
NOTE: This is the eleventh post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. We’ll return to the “Right to Maintain Proportionate Ownership” provisions (which fall between this post’s two topics in the NVCA term sheet) in our next post.
Genuine VC
OCTOBER 2, 2012
After completing a long process identifying the right venture firms to pitch, running an exhaustive fundraising process, finding a mutual fit, and successfully negotiating terms… at last, the term sheet is signed. The two- to six- week time between the signing of the term sheet and closing is “venture limbo.” But frequently, there is time spent negotiating business terms which weren’t specified in the tern sheet itself.
VC Ready Blog
JULY 16, 2010
NOTE: This is the ninth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. The importance of the SPA, however, lies is in the terms and conditions it places on the financing, which serve primarily to protect the investors. Tags: Anatomy of a Term Sheet Financing
VC Ready Blog
JUNE 29, 2010
NOTE: This is the fourth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. While the term “liquidation preference” suggests the provision applies only if the company goes belly-up, in reality there is likely to be little to fight over if this happens.
VC Ready Blog
JUNE 25, 2010
NOTE: This is the third post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. The next several posts in this series deal with the terms in Charter. Tags: Anatomy of a Term Sheet Financing Legal Basics
ArcticStartup
MAY 8, 2014
Negotiating a term sheet for an investment is a long, drawn out fight of wording and compromises. “Hi my name is Mark. I’m looking for €300k for a 20% stake in my company.”.
The Startup Lawyer
AUGUST 24, 2010
Just like the preferred equity financing process, the convertible debt financing process can start with a term sheet, rather than a full set of financing documents. A convertible note term sheet is beneficial because it postpones a lawyer from cranking out a full set of docs until consensus is reached regarding convertible debt offering’s material terms. It also makes any potential back-and-forth on terms easier to manage.
Feld Thoughts
MAY 7, 2012
And even though a term sheet might be four to eight pages long and the definitive documents might be 100 pages or more, other than economics, there are really only three things a VC needs in a deal. I searched his blog (using Lijit and the term pro-rata ) and quickly found a great post titled The Three Terms You Must Have In A Venture Investment. He attributes this to his first VC mentor, Milt Pappas, and the three terms are the same ones referenced above.
Early Growth Financial Services
NOVEMBER 13, 2012
What is a term sheet, and why should you care about it? Questions about term sheets? Ask in comments below, or contact Early Growth Financial Services for help understanding your term sheet, and other financial support. Related Posts: Seven Things You Need to Understand—and Care About—In a Venture Capital Term Sheet 9 Ways to Negotiate Your Best VC Terms Calculating Your Equity Value.
Berkonomics
MAY 15, 2014
A good example was during the negotiation of a term sheet. These usually involve a handful of angel investors, and a few entrepreneurs, who all want to build the very best term sheet for their exciting nascent enterprise. By Basil Peters.
Feld Thoughts
DECEMBER 28, 2010
On the heels of all the noise around Groupon’s $ 100m financing at a $7.5b (billion) post valuation, I thought I’d put out a call for “old VC term sheets – prior to 1990.&#. The basis for the book comes from the Term Sheet series that Jason and I wrote on this blog in 2005. As part of this, I’m looking for some early VC term sheets.
VC Ready Blog
JULY 27, 2010
NOTE: This is the twelfth post in our series about standard terms in early stage equity financings. These posts refer to the model Series A Term Sheet put out by the National Venture Capital Association (NVCA) and available for download here. * * * * * * * * * *. Tags: Anatomy of a Term Sheet Financing Legal Basics
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