Scout programs give operators venture capital to deploy on behalf of a VC firm, extending sourcing reach. Here's how Sequoia Scouts and similar programs work.

A SPAC is a blank-check company that takes a private target public. Here's how SPACs actually work, why the 2020-2021 bubble matters, and when a SPAC still makes sense.

A term sheet is a non-binding document outlining the key terms of a proposed VC investment. Here's every section that matters and which terms to negotiate first.

Syndicates let angels pool capital into a single investment vehicle. Here's how SPVs work, who leads syndicates, and what founders should watch.

A unicorn is a private company valued at $1B+. Decacorns sit above $10B; hectacorns above $100B. Here's the 2026 landscape and why the labels can mislead.

Venture debt is non-dilutive capital on top of a priced equity round. Here's how term sheets, warrants, covenants, and drawdown mechanics actually work.