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How to Get 10,000 Users & Your First Term Sheet

With Omeed Tabiei (Optimist Legal) & Jonathan Maxim (Viral App Launch) • July 23, 2026 • 96 min

What We Covered

Growth Track (Jonathan)

• Mistake #1: Raising before traction — investors defer while you burn runway
• Mistake #2: Spending on marketing you can’t measure — $2K influencer posts, generalist marketers with no methodology
• Mistake #3: Ignoring the paperwork until the check arrives
• The ratio investors care about: 3:1 CAC to LTV minimum. If you can’t state that number on demand, you’re not ready.
• Split testing strategy: 10 hooks, identify top 2 performers, cut 80% of wasted ad spend
• The 7×7 rule: $7/month, 7-day free trial — establish velocity before cranking price
• Dream 100 investor outreach: 100 targets, 3 contacts each, 30-day outreach, 30-day pitch, 30-day close

Legal Track (Omeed)

• Delaware C-Corp from Day 1 — keeps all options open for investment AND exit. Miss this and you could pay massive capital gains tax you didn’t have to.
• Vesting: 4 years with a 1-year cliff. Every investor will require it. Even with co-founders who are friends or family.
• IP assignments: Anyone who has ever created anything for your company — code, logos, marketing — needs to sign one. This is the #1 deal killer in diligence.
• Cap table hygiene: Verbal equity promises, missing releases from departed contributors, side letters — investors will find all of it in diligence.
• The 4 term sheet terms that actually matter:
  1. Liquidation preference — how much of your exit the investor gets first
  2. Participation rights — after they get their preference, do they also share the remainder? These two terms together are how founders build billion-dollar companies and get zero.
  3. Board composition — this is how founders get fired from their own companies (Trust & Will, Steve Jobs, Adam Neumann)
  4. Drag-along rights — investors can force you to sell, even when you don’t want to