A convertible note is a financial instrument where an investor provides money to a startup, which is treated as a debt-like instrument with specific terms that need careful review.

Investor School is a four-day course teaching the basics of startup investing, held for the first time at Y Combinator in Mountain View.

A key focus will be on evaluating companies, especially for non-technical investors, emphasizing the importance of meeting and discussing with founders.

Day one of Investor School will cover the fundamentals of angel investing, including its history and why it matters.

Investors in convertible securities may write smaller checks and might not be as engaged as those who invest in priced rounds, which can affect the level of support and attention they provide to the startup.

Using convertible securities can lead to a larger number of investors in a startup, which can complicate administrative processes when seeking consent for future financing rounds.

Investing in a startup through a SAFE, convertible note, or equity will yield similar returns if the startup is successful, as seen with Airbnb's valuation growth.

The course is designed for angel investors who are investing their own money and enjoy working with founders, not for professional venture capitalists.

Understanding the mechanics of dilution and cap tables is essential for founders to navigate the fundraising process effectively. I hope this will not be anything new to you as we discuss raising money on post-money SAFEs and what happens as you hire people and issue equity to employees.