- We went out and got our customers to agree to buy $6,000,000 from us.
- We went out and got our prototypes built — and shipped.
- We went out and closed a $3m deal with our key manufacturing strategic partner.
Yes. In my first start-up, the VCs pulled our term sheet between signing and closing. They had a legitimate reason — our COO had pulled out of the deal. Which was my fault, for recruiting a prestigious, but sketchy, COO. But it was a very stressful time, when the term sheet was pulled. I had 9 employees and no way to make payroll. In fact, we were about $250,000 in debt. I had about 11 days to avoid shutting everything down. So: