A founder-friendly term sheet
<i>All founders equity shall be subject to a repurchase right which also reflects a standard 4 year vesting schedule.</i><p>If we were taking outside money tomorrow, this would be a point of contention.  I understand the idea behind a vesting schedule for founders (the investors don't want you to walk away two days after they invest), and I might grudgingly agree to something like that.  But no way would I ever agree to make 100% of my founder equity subject to vesting or repurchase.  The bottom line is, I've spend 2+ years working on this company, and without the work I (and the other co-founders) have put in, there is no company, no valuation, no nothing.  I'm not going to put all of that equity at risk just to make an investor feel good.  If we're all supposed to "be in this together" and have aligned interests, they would have to accept that we've already earned the right to a significant portion of the company.