

Bootup Labs - sachinag
http://bootuplabs.com/about

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GotToStartup
"We've blogged about Four things to have a hope of being funded, but the most
important two at an earlier stage are having a co-founder and a starter
executive summary." um ... ya this is going to be a problem.

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jetsnoc
Also, this is a 100k convertible line of credit. I don't know they're
conditions, but Bootup Labs could easily use a convertible note to their
strategic advantage... For example, bankrupt the business, take more
ownership, or strong-arm a board position by offering not to covert the note.

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myprasanna
Is this true? Can someone with more knowledge of convertible line of credit,
comment on this?

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sachinag
If you can legally work in Canada, you're _insane_ if you don't try to get
into this program. $150K - 10x what YC does, but still with buy-in from top-
tier US VCs? Eight months to just get to ramen profitable (not paying back the
$150K)? This is awesome.

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cperciva
It's not quite as good as it sounds. You get $50-150k in exchange for 5-15%
equity, which sounds like a post-money valuation of $1M, far higher than what
YC provides; but then you have to pay bootuplabs $50k out of that. In effect,
bootuplabs puts a dollar value on the assistance which YC provides to startups
for free.

If you're doing a startup which only needs $20k in order to reach the point
where you can find other funding, bootuplabs will take 7% of your company,
exactly in line with YC's typical 6-7% for $20k... but I'd much rather have
the YC team advising me than the bootuplabs team.

