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Summary
SamNav editorialWhen I invest (outside of YC) I make offers with the following term sheet. I’ve tried to make the terms reflect what I wanted when I was a founder. A few people have asked me if I’d share it, so here it is. I think it’s pretty founder-friendly....
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When I invest (outside of YC) I make offers with the following term sheet. I’ve tried to make the terms reflect what I wanted when I was a founder. A few people have asked me if I’d share it, so here it is. I think it’s pretty founder-friendly. If you believe the upside risk theory, then
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Original source
Read the full essay on Sam Altman's blog
blog.samaltman.com/a-founder-friendly-term-sheet
Opens the original in a new tab · last reachable 2026-06-05