Louis Lehot, Partner at Foley & Lardner and Danielle D’Agostaro, Partner at WVV were panelists at The Art of the Bellyflop a livestream for startup founders hosted by 4thly and Foley.
The livestream focused on how startup ventures start with high expectations but things don’t always go as planned. As things may start to go belly up, what do founders need to know to navigate through VC term sheets.
The key takeaways were:
- This is a golden time to create a startup and raise capital but you need to do it smartly to grow
- Entrepreneurs should look for a VC partner that aligns with your vision and mission
- Other things to consider are if the fund is known for committing funding round after round and can it help you with your business
- Be aware it’s a different environment today than it was a year ago and accept the fact that you are going to see term sheets that are different than you would have seen a year ago
- The good news is there are lots of different sources and structures of capital available so look at all of them
- Try to get more than one term sheet and we recommend having a clean term sheet
- Have a good attorney to go through the term sheet
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