Folks have been quick to point out that convertible notes are nothing new; I took a $250K convertible when I started my first company.
What would really take some guts is for CRV to commit to the second half of the “frictionless VC” concept I outlined in 2005, which is to render a go/no-go decision after 1 week and 2 meetings. This would take much of the hassle out of raising money and enable faster entrepreneurship.
Convertible notes are nothing new–if it takes 3 months to negotiate a deal, what’s the benefit? But getting a decision in less than a week? That’s something that benefits everyone.