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Adeo Ressi , founder of The Funded , a site where people rate venture capitalists and the Founder Institute , an incubator of sorts , has long ranted about what he calls “the atrocities of investors.” Now, a lot of people, including prominent angel investors and venture capitalists, are starting to listen to him. Tomorrow Ressi will announce a new, basic term sheet for use by investors and founders. The goal is to protect founders and reduce legal fees, which average $50,000 or more per venture round. Earlier this month angel investor and Hunch founder Chris Dixon wrote a blog post requesting that venture capitalists start to use standard, founder-friendly deal terms for venture rounds. He set out the terms he proposed in that post.
The Funded Publishes Ideal First Round Term Sheet
Venture Hacks — Updated: Our top 10 term sheet hacks
I’ve also included the new presentation below. Watch it in full screen mode for maximum pleasure. The full screen button is at the bottom right of the embed and it looks like this:
