Eight commitments.
Public, voluntary, free to sign.
The Reform Pledge is for venture firms who believe standard terms should mean what they say. It is not a contract, not a regulatory framework, and not a substitute for actual reform of fund economics. It is a public statement of intent — and a record of which firms have made it.
The eight points, in plain language.
These are not aspirations. They are positions a signatory firm publicly takes on its term sheet defaults. Signatories may choose which points they affirm; we record and display each affirmation against each firm.
- 01
1× non-participating preference at the standard.
We will not request greater than a 1× non-participating liquidation preference in any primary financing round. We accept that fair downside protection means our money back, not a multiple of it, and not a double-dip on top of common.
- 02
Broad-based weighted average. No ratchets.
We will use broad-based weighted average anti-dilution as our default. We will not seek narrow-based or full-ratchet anti-dilution in any primary financing, and we will not seek IPO ratchets at any stage.
- 03
Founder-controlled boards through Series A.
Through Series A, we will not propose any board structure that puts founders in the minority of votes. We accept that founder control is a feature of early-stage governance, not a problem to be engineered out.
- 04
No vesting resets on already-vested founder equity.
We will not seek to reset vesting on shares founders have already earned. We may negotiate re-vesting on unvested portions; we will not retroactively un-pay founders for past work.
- 05
No redemption rights as standard.
We will not seek redemption rights in primary venture financings. Where redemption is unavoidable due to fund-level constraints, we will disclose the constraint, set the trigger no earlier than the seventh anniversary, and exclude accruing dividends from the redemption amount.
- 06
No-shop periods of 30 days or less.
We will run our diligence inside a 30-day no-shop window, with automatic termination if we miss any agreed milestone. If we need more time, we will renegotiate openly rather than relying on a long initial lock.
- 07
Mutual pro-rata. No asymmetric preferential rights.
Where we negotiate pro-rata, ROFR, or co-sale rights, we will offer the equivalent right to founders on the same terms. We will not propose asymmetric preferential rights as standard.
- 08
Quarterly board cadence. Monthly KPI dashboards.
We will accept quarterly formal board materials and monthly auto-generated KPI dashboards as the standard reporting cadence at seed and Series A. We will not require monthly board-quality packs absent specific cause.
We list you. We watch. We hold the record.
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Public listing. Once verified, your firm appears on the signatory list with the points you affirmed. The list is permanent; sign-on dates are recorded.
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Profile integration. Your TURNSHEET firm profile (when claimed) shows your Pledge commitments alongside your indexed deal record. Founders see both at once.
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No fee, no exclusivity. Signing is free. It does not create any commercial relationship with TURNSHEET. You can revoke your signature at any time; the historical record remains.
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Verification. We verify the signatory's identity and authority to sign on behalf of the firm. We may reach out by email or phone before publishing.
What we are not asking you to do.
- ×
We are not asking you to renegotiate existing portfolio agreements. The Pledge applies prospectively to new deals.
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We are not creating a fiduciary obligation. The Pledge is a public statement, not a contract. Your existing duties to LPs, GPs and counsel are unchanged.
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We are not asking you to give up downside protection. Every commitment is consistent with the consensus market standard for top-tier US and European venture practice.
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We are not asking for your fund documents, your LPA, your DDQ, or any non-public information. The Pledge speaks only to your term-sheet defaults.
We're collecting the first cohort now.
The first 25 verified signatories are listed as founding signatories — permanently, with date of signature. After 25, signatories are listed as standard.
Signing now is meaningful. Signing later is welcome.
Add your firm's name.
Tick the points you affirm. Verification follows in 1–3 business days.