Explain the Term Sheet and Economic and Control terms.
I think it is important to stress that ideas are only part of what VCs look for. As the readings and lessons point out, a great idea is only part of the reason why an idea would be funded. The people behind the idea are perhaps just as critical (if not more so). Be sure to express this point in your interactions.
To raise money for a new venture or those seeking employment in the sector must know the intricacies of the industry and how these work, especially including how the constant need to raise money and the process of doing so influences behavior for both general partners (GPs) and limited partners (LPs).