Term Sheet
/tɜːrm ʃiːt/concept · noun
The short, mostly-non-binding document outlining the key terms of an investment — valuation, amount, board composition, liquidation preference , vesting — negotiated and signed BEFORE the lawyers start drafting the 100-page deal docs.
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Add my companyIn 2021 a16z made its standard Series A term sheet publicly available, joining Sequoia (whose Series Seed terms have been semi-public for years). The move set a transparency baseline that smaller VCs increasingly match — the days of opaque, founder-unfriendly term sheets are largely over.
