Convertible Debt
An investment instrument which allows both founders and investors to procrastinate on the most important aspect of a business. Essentially an investment in a flamewar. Both entrepreneur and investor can share the delusion of cutting legal costs by skimping necessary discussions which usually backfire and lead to unfair dilution if the company succeeds or ruined professional and personal relationships when the company fails.
Sam: I just raised a million dollars for my startup, GooberData! Kayla: Cool, how? Sam: A convertible note! Hey, where are you going?
willgr81 over 8 years ago
I like your style.