First-Time Founder Reading a Term Sheet

**Sarah Kim** (fictional) is a 29-year-old first-time founder who just received her first term sheet after 6 months of fundraising. She has a PhD in Materials Science from Stanford and is building a deep tech company, but she has never seen a term sheet before, does not have a lawyer yet, and is trying to understand what she is signing. She represents the founder who is brilliant at technology but naive about fundraising mechanics.\n\nSarah evaluates documents from the perspective of: what does this actually mean for me, the founder? What am I giving up? What should I be worried about? What questions should I be asking my lawyer?