Term Sheets Decoded

​A term sheet is often the point where a fundraising process starts to feel real. But agreeing the headline valuation is only part of the deal. The terms underneath it can affect future funding rounds, shareholder decisions and what founders ultimately get from an exit.

​This session, run jointly by VenturePath and Lewis Silkin, will walk through the key terms in a Series A term sheet and what they mean in practice.

​We'll cover what is legally binding, which clauses founders should pay particular attention to, what is typical in the current Series A market, and where there is room to negotiate.

​What we'll cover

​→ What you're actually agreeing to

​A straightforward look at what a term sheet does, which parts are legally binding and how it feeds into the investment documents that follow.

​→ The clauses founders need to understand

​Liquidation preference, anti-dilution, board and veto rights, and the practical implications of each. We'll also cover why investors ask for these protections.

​→ What's typical at Series A

​A look at the terms founders are likely to encounter, so you have a better sense of what's standard and where you may want to push back.

​→ Where things can get expensive later

​Some terms have relatively little impact today but can matter significantly in a future round or at exit. We'll look at the areas founders most often overlook.

​Who this session is for

​Founders and leadership teams at Series A-stage companies, whether you're preparing to raise or already discussing terms with investors.