This is why YC has the protocol where you immediately memorialize that with “Confirming you are in for $DOLLARS at $VALUATION.” via email or SMS, and anyone who confirms and then later claims they were not in gets entered into a List Of Unserious People.https://twitter.com/AliBHamed/status/1084900098289602561 …
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Replying to @patio11
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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Replying to @gortok
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.
4:11 PM - 14 Jan 2019
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