Submit your 3-5 page write-up (follow directions in the syllabus), where you address the following questions: What is the PunchTab's business model? Given this model, does it make sense from a business perspective to do a seed round? What is the difference between a convertible note and a traditional "priced" round from venture capital investors? Should Kumaran care whether investors offer him one option or the other? Which characteristics of angels and VC investors are relevant for Kumaran to consider when raising money for his venture? Given these differences, how should he think about choosing who to take money from? Assume that one VC company provides all of the funding needed to build out PunchTab (not just for seed round, but total) - the amount of investment required and the current size of the total market (revenue per year) are provided in the case. Also assume the following: The total market targeted by PunchTab is expected to grow 7.0% per year VC company expects PunchTab to gain 15.0% market share at the time of exit VC company's research shows that the market value of companies in this sector are priced at 3.5 times of sales.