The best thing for founders, if they can get it, is a convertible note with no valuation cap at all.

对于创始人们最好的，如果他们可以得到的话，是一个没有任何估值上限的可换股票据。

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In that case the debt-like features of a convertible note are much less attractive for an investor than traditional equity.

FORBES: When Convertible Notes Make Sense For Consumer Companies

These, and other considerations, should be discussed with your lawyer before thinking about investing in a convertible note or using it as an entrepreneur.

FORBES: When Convertible Notes Make Sense For Consumer Companies

When we closed our seed financing the structure of the deal (a convertible note) gave us 12 months to prove to the market that our concept had legs.

FORBES: Build A Better Company By Risking Public Humiliation