Since 2018, fund managers have adopted and iterated on the open-sourced Indie.vc term sheet. We consider the Indie.vc term sheet to be a redeemable equity product; however, there are some major differences between the Indie.vc term sheet and the redeemable equity term sheet in this playbook. The Indie.vc term sheet is structured as a convertible note with the investor receiving rights to the investee company's shares and several types of conversion events. This playbook's term sheet is structured more closely to preferred equity with the investor receiving the investee company's shares upfront at investment and takes a more conservative approach by avoiding mandatory redemption payments. Also, the Indie.vc term sheet does not need the company to be profitable before receiving redemption payments, unlike this playbook's term sheet.