A key milestone in the lifecycle of many successful companies (and, admittedly, many unsuccessful companies) is obtaining financing from angel or venture capital investors, but in negotiating with experienced investors entrepreneurs are usually at a distinct disadvantage because they are unfamiliar with standard terms. While we strongly suggest entrepreneurs consult their lawyers rather than negotiate a term sheet mano-a-mano, we know this often doesn’t happen. Our goal in this pamphlet is to give readers the ability to better evaluate these documents themselves by introducing them to the standard terms in an early-stage equity financing.
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