A major reason entrepreneurs like convertible notes is that they break up collusive behavior by investors. (Early investors like this, too.)
@bmann It means you don't have to convince 20 people, simultaneously, that they all need to be the first to move on a deal.
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@patio11 covered in Mark's article. Equity deals don't have to all close at once either. -
@bmann If you assume the presence of an investor willing to be a lead not conditional on others the coordination problem goes away, yes. - 1 more reply
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