Not such bad advice here, especially consider that it is coming from a service provider (i.e., corporate attorney). My own opinion is that realistically, the only startups that could close an investment deal in 2010 are mature companies that have demonstrated a robust revenue model and are in need of money (and <i>only</i> money) for expansion. My advice to them is the same as what I received in 1999 after I secured my first term-sheet. After almost three years of hard work I finally had something to show to my attorney friend and I asked him what to do next. He said, “now go out and get another one just like it.” In other words, getting a term-sheet is only the first measurable step and to close any deal, you must have competitions. But all entrepreneurs should remember that “Every problem in a startup (including funding) can be solved with the timely arrival of a PO.” So even if you can't close any investment deal in 2010, as long as you have sustainable revenues, all other problem can be solved. In other words, focus on "value creation" and the "valu-ation" will follow.