Why? •  Many VCs will assume you would take Sequoia’s money if it is offered. •  If that’s the case, there is no point giving you a term sheet now….Better to wait and see what Sequoia does. •  If Sequoia passes, one of two bad things happens to you... –  The VC might think he/she has negotiating leverage with you since Sequoia is gone –  Even WORSE, the VC might assume Sequoia passed for a good reason. •  There is only one good answer to “who else are you talking to...” –  “The usual suspects.”