This is good for founders, too, because something about the founder mentality convinced you that everything other than obvious disinterested basically rounds to yes.
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And to be fair, investors have historically used a lot of phrases which a) are not Yes and b) have the property of sounding Yeslike c) intentionally.
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e.g. “I love this deal and want to do it at $TERMS” sure sounds like a Yes but it is, critically, not a Yes. (Consider the case where your counterparty may, ahem, lack independent authority to commit the firm to the deal.)
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There are, relatedly, a lot of ways to not say “I do not have independent authority to commit my firm to a deal.”
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I’ve only seen a few term sheets in my life, but coming from a gov background where even MOUs are detailed, am I missing some details or are term sheets (seed round) really not that detailed?
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Term sheets are more detailed but there is an expectation that the terms there will either be standardized (e.g. a SAFE) or cluster around market norms. There is no legal recourse until the docs get signed.
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I really like this, having been an employee of a startup or two and having (more than once) suddenly found myself unemployed because an investor wasn't "in" like they said they were. That's the main reason I want to bootstrap.
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I know that feeling.
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