Altman founded location-based social networking site Loopt during his sophomore year at Stanford University. He sold it to mobile payments company Green Dot Corp. last year for $43.4 million.
Today, Altman is a partner at top Silicon Valley accelerator Y Combinator. Y Combinator has its own standard term sheet, but Altman uses his "founder-friendly" term sheet when he invests outside of YC.
It's one that basically reflects what he wanted when he was a founder, Altman writes on his blog. What's most important about it, Altman says, is what's not in it, such as an expiration date, a confidentiality agreement, and legal fees.
Head on over to Altman's blog to take a look at his founder-friendly term sheet.
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- Sam Altman