NACO's Startup Common Docs

At the start of 2017, the National Angel Capital Organization (NACO) created a taskforce of member and stakeholders to develop nationally applicable standardized term sheets for Angel stage deals.

Standardizing Deal Structure

This project was designed to develop standards that guide investors and founders to structure deals that align their interests, position the company for future investment and growth, protect the rights of each party, and reduce some of the friction inherent in negotiating deal terms. Common Docs are a community resource meant for adoption and use by those working on early financials.

Term Sheets

Click the button below to view the initial four term sheets produced by the NACO Common Docs project. These ideas will be updated based on stakeholder feedback and new documents will be added as the project continues to develop.