Anyone who wants to raise fresh capital from venture capitalists often has to conduct tough negotiations. Founders regularly try to negotiate individual conditions in the contract, the so-called term sheet, in their favor. But according to Ilya Strebulaev, professor at the Stanford Graduate School of Business and one of the best-known VC researchers in the world, founders quickly reach a limit. According to Strebulaev, there is a clause that investors almost never give in to.