Definition by the book

A term sheet is a non-binding agreement setting forth the basic terms and conditions under which an investment will be made. It serves as a template to develop more detailed legally binding documents. Once the parties involved reach an agreement on the details laid out in the term sheet, a binding agreement or contract that conforms to the term sheet details is then drawn up. 

What it really means

A term sheet is a document containing a list of conditions for a potential investment in a company. It typically includes the price the investor(s) will have to pay per share in the company; proposed timing, process and conditions to closing the deal with a subsequent shareholder agreement.

Learn more

• https://blog.ycombinator.com/a-standard-and-clean-series-a-term-sheet/
• https://thepathforward.io/coming-terms-your-terms/
• https://www.menabytes.com/term-sheets-101/
• https://startuptools.org/?noredirect=true