Question
A VC has agreed to invest in our startup. At this point we have a basic (non-written) agreement on the 'broad strokes' of the investment. My question is: What are best practices to close the deal soon without creating any legal/financial problems for the startup down the road?
For the term sheet, is it enough to use one of the numerous ones offered online?
Our business is based in the US, a consumer-oriented web startup. The prototype we launched recently created some initial traction.
Answers: 1 public & 0 private
You can use a standard format term sheet found on the Internet. Read it very carefully and ask yourselves a lot of what it's. You know the expectations and intent of the parties better than any attorney will, so craft your own agreement. Have an experienced attorney look it over one you are done. If he is experienced, he will spot a few what if's that you missed simply because he has been there before.
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