People who write term sheets are using trust -- human capital -- accumulated over a 30-50 year career, to raise the funds to be able to deploy them in the first place.
For better or worse, the reason any random person off the street can't raise enough capital to start a bank, VC fund, or other capital-intensive project is lack of trust. Goldman Sachs, Sequoia Capital, etc. have trust; you don't.
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People who write term sheets are using trust -- human capital -- accumulated over a 30-50 year career, to raise the funds to be able to deploy them in the first place.
For better or worse, the reason any random person off the street can't raise enough capital to start a bank, VC fund, or other capital-intensive project is lack of trust. Goldman Sachs, Sequoia Capital, etc. have trust; you don't.