107 karma · joined December 9, 2010
Twitter: http://twitter.com/rajibedi
"..conversion price will be the lower of (i) the price per share determined by applying the discount to the Series A price per share; and (ii) the price per share determined by dividing the cap by the Series A pre-money valuation."
But this doesn't mean "if the valuation hits the cap, the discount does not apply" because even if the valuation is higher than the cap, the discount may still be more beneficial. So there is a gray area. If you change cell C19 to $3,500,000, for example, you'll see that the discount still applies, and not the cap.
Yes, "now" is a niche filled by doingtonight. It also highlights trends in the market that doingtonight builds on (blogs > twitter, kodak gallery > instagram, etc).
Similarly, "then" portrays the problems we are trying to solve (or markets we are trying to make more efficient) all within the context of "life at night".
Rather than hunting for plans posted on Twitter and/or Facebook, you can always rely on doingtonight to find out what people are doing tonight, without having to sort through all kinds of unrelated conversations.
We also think people have a different identity at night, and don't want to mix that up with their identity on the rest of the social graph.
But you're absolutely right that we have to do a lot of work before we realize this potential!