A Standard and Clean Series A Term Sheet

While working with companies in YC’s Series A program, we’ve noticed a common problem: founders don’t know what “good” looks like in a term sheet. This leads us to the most important thing to understand about the term sheet: it’s another way in which your Series A investor might be telling you something. Another way in which founders lose some control is a term that doesn’t appear in the standard example above, which is a separate provision that says the investor director’s approval is required for operational decisions like setting the annual budget, hiring/firing executives, pivoting the business, adding new lines of business, etc.

Source: blog.ycombinator.com