What A Double-Dip Recession Would Mean For Venture Capital

"If this theory turns out to be correct the entrepreneurs who raised enough money in 2010 to weather a storm will be best placed to survive the second dip. Additionally, those who run lean operations and raised money from supportive investor bases will be best positioned."

Let's say you're a very early stage startup with no raised capital. Let's say you have two equally plausible options today of raising a convertible note with a cap of either $500k or $1M.

What would you choose?