Day 3: Convertible Ohhhhhh’s (Notes)
I met a friend today. I told her the update of what is going on with XCX, she’s not a tech person or someone involved in professional training, however she said the idea is wonderful and she really understood it.
I asked her if she knows anyone that could be a potential investor and she asked me how it works, how much money we need and in what chunks. So i highlighted the ideal, which is 4 or 5 people investing 200–250 each. i also mentioned that 100k would be entry, to which she said “i’d like to invest $100k”. It took me back a bit, i didn’t expect her to say it. But it was an incredible feeling hearing those words, especially from someone you’ve known for 5 years.
She asked me how it works and i started talking about the convertible note. I’ve read loads of blogs and articles about convertible notes, i’ve watch you tube videos about them and still, some of the details confuse me. I managed to explain it in such a way that it made sense but i know i could have explained it better, i’m lucky that F was the first person that I trailed my convertible note speech to because she is a friend — but i defiantly have to get better at explain this unless i want to sound like a dick when i’m talking to seasoned investors.
So now i need to update the pitch from the meeting with M, speak to my lawer about the terms for the convertible note, get those terms agreed and then send them over to F who has a personal wealth investment manager and so he is going to look at it, then they will make the recommendation to F.
This is the first time in my life that someone has turned around and said i will give you $100k. its a wonderful feeling to have had an idea, invested all i have in building a MVP and then to hear those words.
$100k almost down, $900k to go.
Following this i researched loads about convertible notes, this is by far the most useful video i’ve watched