Fellowship V2
> Instead of taking our equity up front, we’re going to be issuing a convertible security that only converts into shares when the company 1) goes IPO or 2) has a funding event or acquisition that values the company at $100M or higher. [...] it’s both founder friendly [...]Is it (founder friendly)? It places YC (even more) firmly on the VC side of the classic VC/founder conflict: VCs want founders to go big or go home, or as pg puts it "VCs want to blow you up, in one sense of the phrase or the other." [1] Not that I don't think YC can handle it, but still.1. http://paulgraham.com/aord.html