Complete business diligence and prepare for legal diligence before you sign a term sheet. Signing a term sheet early is a recipe for a hostage negotiation.
(Ful Post: http://venturehacks.com/articles/diligence)
Babak Nivi is a co-founder of AngelList and Venture Hacks. Previously, he was an entrepreneur-in-residence at Bessemer Venture Partners and Atlas Venture. He has worked on startups including Songbird, Grockit, and Kovio. He went to school at MIT where received 2 patents and published in Science.