We did a startup weekend and actually have paying customers ready to go as soon as we finish our app. I believe we need to talk about how the equity should be structured at this point, because we are all equally responsible for creating the idea and business model together. I believe an equal split is feasible with vesting terms attached to it!
Most startups will raise a $300K Convertible Note first and then close in a $1M Series Seed Round. The Convertible Note is usually raised in an Advisory Round where a few investors engage, advise on the investment strategy, and help you close the round.
Before you try and close the $1M Series Seed Equity Round, you will want to have your core team built, your product at Product/Market Fit, and your conversion funnel optimized (sales funnel if you are using direct sales).
