Venture capital
First VC term sheet. What matters beyond valuation?
Starting point
Model ownership after the round, including any option pool and conversion of earlier funding. Use one set of figures to check what the investor and founders mean by pre-money and post-money valuation.
What to agree in practice
Walk through reserved matters, a future round and a sale using simple scenarios. Check when investor consent would be needed and how exit proceeds would be allocated. This makes the economics easier to assess.