Chris Dixon is killing it on his blog right now. My post on saturday was inspired by a blog post of his and I am going to repeat that today.
Chris laid out the ideal set of first round terms and I agree with them. What's interesting is that Chris is a serial entrepreneur and I am a VC. And yet we agree on what the term sheet should say. That's progress.
In fact, Chris' favorite law firm, Gunderson, has put together a term sheet and a set of documents that we've been using lately to do a "quick closing". We were inspired by a number of people, most notably Paul Graham and Y Combinator who do this as well...[...read more]