Steve Jobs was blessed, more so than any other product designer I’ve ever encountered, with a preternatural ability to live just far enough into the future, just a year or two, which gave him uncanny insight into what customers would want before they did.
A term sheet is a document that outlines the key terms of an agreement between an investing party and a company seeking funding. Similar to a letter of intent or memorandum of understanding, a term sheet sets out the understanding and key principles of a deal. Unless stated otherwise in the document, a term sheet is non-binding. The contractual obligations come later once a legally binding formal agreement is accepted and signed by both parties.
“So, do you think your job is to win ‘consensus’ deals or find the ‘non-consensus’ opportunities?” This has been my favorite question to ask fellow seed investors over the last year, and the answers are telling.