$15k to 20k will probably get two to three founders four months the bay area when you consider additional expenditures such as moving, equipment, business costs

$15k to 20k will probably get two to three founders four months the bay area when you consider additional expenditures such as moving, equipment, business costs, etc. Some YC founders are lucky enough to have savings or family to fall back on, but we weren't. We ended up having to focus on revenue before it would have been optimal; we had to consider raising before it would have been optimal. $150k would have probably meant better terms for us later and would have allowed us to focus 100% on our product during our YC months. Regarding the terms, they are fantastic. Because there is no cap on the note, the debt converts at whatever valuation you get in future funding. That means that you can receive this and pursue the proverbial fantastic deal from Sequoia later on without any cost (aside from the actual equity that you will spend on the deals). Effectively, it's not possible for there to be a "better" offer, because the note is as good as whatever other funding you take.