Convertible notes let startups beat such deadlocks by rewarding
investors willing to move first with lower (effective) valuations.
Which they deserve because they're taking more risk. It's much
safer to invest in a startup Ron Conway has already invested in;
someone who comes after him should pay a higher price.
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High Resolution Fundraising eeks, because all the angels sit around waiting for the others to commit, like competitors in a bicycle sprint who deliberately ride slowly at the start so they can follow whoever breaks first. <span>Convertible notes let startups beat such deadlocks by rewarding investors willing to move first with lower (effective) valuations. Which they deserve because they're taking more risk. It's much safer to invest in a startup Ron Conway has already invested in; someone who comes after him should pay a higher price. The reason convertible notes allow more flexibility in price is that valuation caps aren't actual valuations, and notes are cheap and easy to do. So you can do high-resolution fundraisi Summary
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