Getting your first term sheet from a venture-capital firm is among the most exhilarating moments that you'll experience as an entrepreneur. It probably sits up there with the college acceptance letter in the pantheon of milestones. Getting a call from an entrepreneur who has just received a term sheet is one of the highlights of my day. The excitement is palpable. But unlike the college acceptance letter, a venture term sheet can quickly be followed by the dread of trying to understand the gobbledy-gook that you've been presented with. To manage that inevitable angst, you'll quickly need to wrap your head around what matters a lot, what matters less and what doesn't really matter in a term sheet.
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