You said “It is considered bad form to share the contents of a termsheet with other investors” and “You do not want to be seen ‘shopping around’ your unsigned termsheet”.

The benefits to a founder of shopping around seem clear, so could you quantify the downside risks? Do the risks matter for a “hot deal”?

PS: Thank you so much for your awesome article: it is especially gratifying to see something that isn’t from the valley (I am in NZ).