

Demo your startup to win a $100k convertible note.  Bring It. Kill It. Get Paid. - jeffepp
http://fundedbynight.com

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gyardley
'Getting paid' and/or winning a prize is a very different thing from taking an
investment. You don't 'win' a convertible note, you agree to give up an as-
yet-to-be-determined portion of your company for it.

The participants will almost certainly understand this, but I still find the
rhetoric a bit off-putting.

~~~
GBond
Probably phrased that way for "oompf" factor. "Win a favorable term loan"
doesn't quite have the same ring to it.

Might I suggest the a new terminology for founder favorable seed-round
convertible notes?: "Yuri bucks"

edit: BTW, great to see an innovative startup event taking place in downtown
Detroit.

~~~
gyardley
Not too hard to fix and retain the oompf:

'Demo your startup to receive a $100K convertible note. Bring it. Kill it. Get
funded.'

~~~
jtriest
like that too. will talk it over with the team. thanks!

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jeffepp
The event is Sponsored by Rackspace <http://rackspace.com> (Thanks, you rock!)

The VC 'funders' are Ludlow Ventures (<http://ludlowventures.com>) & Detroit
Venture Partners (<http://detroitventurepartners.com>)

 __I should also mention this is a non-profit event __

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nopal
<http://www.businessfinance.com/convertible-note.htm>

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dstein
But if it's in Detroit what are your chances of getting out of the city with
the money?

~~~
Rariel
Because people are stuck up for convertible notes all the time.

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marcamillion
> we're as transparent as a new layer in photoshop...

That has to be one of the most interesting descriptions I have heard for ANY
investor.

I have no affiliation with that company or the investors.

That line was pretty clever though.

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skullsplitter
As a developer working w/ a MI based startup this is intriguing. Well see how
it plays out but its an encouraging sign for startup's outside of the sv-hub.

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acgourley
if travel_cost < win_chance*100000 then go() end

DVP has a mission statement in investing in Detroit companies, does this mean
there is a bias towards locals?

EDIT: yes you're all correct - the formula is more complex than that, I should
have said that for many people (including myself) the other factors are an
order of magnitude less substantial.

~~~
jtriest
hey.. jonathon from Ludlow Ventures here. no local bias in the event. we're
certainly excited to have the event in detroit, but the best company will win
regardless of where they are from/located.

~~~
zizee
Even international companies?

~~~
jeffepp
Yes, International companies are welcome to apply and compete.

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adellecharles
So great to see that this is running as a non-profit. I think it's an awesome
initiative and looking forward to the event.

~~~
jtriest
thanks for the kind words!

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zach
Wow, it's like a battle of the bands for startups.

This would be a great premise for an episode of an as-yet-unproduced TV show
about startup founders. However, the people watching would probably think that
it was completely contrived.

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metageek
I'm willing to believe this is entirely aboveboard.

But the name rhymes too well with "fly by night".

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calbear81
I'm not sure about a site where the word "transparent" is misspelled as
"transparant". Good luck any startups that are attending!

~~~
jeffepp
Good attitude. Clearly, the work of someone volunteering their time for a non-
profit is indicative of the event as a whole.

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micahb37
this looks awesome!

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tastybites
"Winning" a chance to give away part of my freedom?

~~~
jtriest
we look at it as an opportunity to partner with and help grow an amazing
company.

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trustfundbaby
I feel a bubble coming on.

~~~
dshankar
How is this a sign of a bubble? Offering a $100k purse to a startup is not
unheard of (see TC Disrupt etc.)

This is actually worse that those prizes since its an _investment_ and not
free cash.

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mikelanger
I think this an awesome idea really works well for young startups!
<http://stuffbuff.com>

