So you’ve made it past all the VC grilling and received a term sheet. Congratulations! But don’t celebrate just yet. Term sheets are non-binding, and even though they should signify a VC has conviction in investing in you and is ready to move towards closing, they fall through more often than most founders mayexpect.

Here are the three most common reasons why receiving a term sheet may not result in an investment by a VC and what you can do about it.

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