EP27: The 3 Term-Sheet Clauses That Actually Cost Founders (and LPs) Money
Same $10M-to-$6M down round, full-ratchet anti-dilution costs the founder 8 points of the cap table; broad-based weighted average costs 1 point. Drew and Reese open the hood on the three clauses that actually decide venture outcomes — anti-dilution, liquidation preference, and pro-rata — with worked math from the NVCA Model Term Sheet and current Fenwick 2026 market data. Sign-off: Position before you predict. YouTube: https://youtu.be/D5s_DqfBfUk. Educational content, not legal or investment advice.
The skinny
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