It looks like your convertible note math is off. Given the $1M minimum trigger, the $100K note will not equal 10% of the company unless we plug in absurd numbe

It looks like your convertible note math is off. Given the $1M minimum trigger, the $100K note will not equal 10% of the company unless we plug in absurd numbers ($100K premoney Series A with a note discount). Based on this Quora answer, the cap is $3M with a 20% discount. http://www.quora.com/What-are-Techstars-convertible-notes-terms http://www.quora.com/What-are-Techstars-convertible-notes-te... Say you raise $1M on a $3.9M pre-money. The $1M investors wind up with almost 20% (a little less because the note investors pay the $3M price), the note investors about 2.6% (they get $130K worth of Series A plus interest), and the remaining ~77.4% is your former cap table, including TechStars, diluted by the $1M and note conversion.