I’m very excited to be a judge in the MIT Venture Capital Competition tomorrow. This competition is the inverse of the MIT $100k Entrepreneurship Competition. In that event, MIT’ers present their business plan / startup ideas, and the best potential company wins. In the Venture Capital competition, MIT’ers play the role of Venture Capitalists. The judges aren’t selecting the best company, they are selecting the best nascent VCs. As an entrepreneur, being a judge of that is a delicious irony 8).

As part of the warmup for the event, I gave a talk last week on the basics of term sheets. The subject is very well covered on the web, especially Brad Feld’s series of blog posts and on Venture Hacks, and most of material is loosely based on theirs – I include it here in case a summarized overview is useful.