> Also, "one start-up did not present because it already had a Series A term sheet with a 'no-shop' clause.". I'm confused. A "no shop" clause isn't a "no adv

> Also, "one start-up did not present because it already had a Series A term sheet with a 'no-shop' clause.". I'm confused. A "no shop" clause isn't a "no advertise" clause, so why not present? "We're not talking with any other potential investors, but here's what we're doing." As PG says, deals are always about to fall apart, and often do, so it's silly to act as if they're done before they actually are.