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。

youdao

In that case the money invested in the angel round just converts into stock at the valuation of the next round, no matter how large.

在那种情况下，投到天使轮里的钱只是转换成下一轮估值的股份，不管估值多高。

youdao

A good rule of thumb, although by no means mandatory, is to consider selling if the company's valuation becomes significantly higher than its peers.

一个绝不是必须要用经验法则是如果公司估值大大高于同类企业的估值就该考虑卖出。

youdao

The funding will remain as convertible notes with no valuation cap and no discount.

FORBES: Y Combinator Revamps Funding, Adds New VC Partners

Although no valuation has been released for the transaction, Lenovo executives say that it is not sufficiently material to require disclosure in financial statements.

FORBES: Lenovo Buys Software Company

There is no tech bubble valuation like in 2000, just the bubble of disappointment.

FORBES: Tech Blue Chips Whiffing Like Testosterone-less Yankees