Their marketing is also a bit misleading. The landing page claims to award/grant $120K to each team.
However, until you get near the last question of the separate 'FAQ' page, there is no mention of equity exchanges or convertible debt financing, nor that $100K of the prize is optional and if chosen, require the team to take ongoing financial obligations to the sponsor(s).
Comments
Their marketing is also a bit misleading. The landing page claims to award/grant $120K to each team.
However, until you get near the last question of the separate 'FAQ' page, there is no mention of equity exchanges or convertible debt financing, nor that $100K of the prize is optional and if chosen, require the team to take ongoing financial obligations to the sponsor(s).
Aren't the original YC terms 7% for $20,000 plus $100,000 uncapped note?