MOU/LOI - memo of understanding / letter of intent. More concrete and binding than a conversation. Less so than a contract.
The only words you need to know are "term sheet". You will get a term sheet before you get any other form of commitment. You don't care about the other details, because when you get a term sheet, you can tell other VCs that you got it, and now you have competition.
I don't think you need to know the jargon to do the VC thing, other than you should know the lifecycle of a deal, which is something that's kind of missing from this post.
You need to know what should be happening before the term sheet and after the term sheet --- pitching, market due diligence, the partner meeting, term sheet, all the rest of the due diligence, 9 months of waiting with 86.7% chance of flaking, the room at the law office with the papers you have to sign, steak dinner.
The VCs know you're not an MBA, even if you try to sound like one.
The only words you need to know are "term sheet". You will get a term sheet before you get any other form of commitment. You don't care about the other details, because when you get a term sheet, you can tell other VCs that you got it, and now you have competition.
I don't think you need to know the jargon to do the VC thing, other than you should know the lifecycle of a deal, which is something that's kind of missing from this post.
You need to know what should be happening before the term sheet and after the term sheet --- pitching, market due diligence, the partner meeting, term sheet, all the rest of the due diligence, 9 months of waiting with 86.7% chance of flaking, the room at the law office with the papers you have to sign, steak dinner.
The VCs know you're not an MBA, even if you try to sound like one.