A term sheet is not a gift; it is a test of who controls the narrative.

A term sheet does not validate a business—it reveals the balance of power. The ability to dictate terms is determined long before negotiations begin.

There is a fundamental misconception that securing a term sheet is a victory in itself. It is not. A term sheet is an artifact of positioning, a reflection of who has shaped the narrative leading up to it. It is not granted based on merit alone but on the perceived inevitability of success. The stronger party does not receive terms; it sets them.