There was a post on AVC last week (inspired by a post by Chris Dİxon) on what type of issues are important on early stage VC term sheets. Both posts and the comments are must-reads for any entrepreneur looking to raise venture capital.
On the heels of this conversation, came a draft first round term sheet published by TheFunded Founder Institute, laying out what they see as standard, acceptable terms. It's great to see that a FFI, which specifically supports founders, has put out terms that are fair. I think this document can be a starting point in many funding situations.