Golden Path Solutions
Golden Path Solutions (GPS), a North-Dakota-based social business, is building an ecosystem to connect students, employers, and schools in a more deliberate and collaborative way. Using its unique methodology, GPS provides employers deeper insights into their most valuable asset, their people, while at the same time helping schools and students with career exploration and skills assessment through the use of an application called Compass. The company also provides the option for employers and students to find each other and create customized agreements that will help students pay for tuition and secure a job they will love, while assisting employers in creating the workforce of the future. Ultimately, GPS helps employers identify and secure talent, helps students prepare for their future and remove uncertainty and anxiety about what’s next, and helps schools successfully prepare students for the future.
Venn’s PRI will allow GPS to continue developing its application and begin scaling its model with students, schools, and employers.
Recipient Name: Golden Path Solutions
Corporate Form: Corporation with public benefit provisions
Entrepreneurs: Patrick Mineer and Loren Tschosik
Investment Sought: $75,000-$200,000
Amount Raised to Date: $100,500
Overview of Investment Terms:
Convertible Note
Accrues simple interest at 3% annually before conversion
Trigger Scenarios
Maturity: Optional conversion to most senior equity in 3 years at a set pre-money valuation.
Qualified Financing: Automatic conversion to equity at a sliding discount (5%-10% based on timing) to the stock price negotiated in qualified financing that yields at least $250,000 in new proceeds. Set valuation cap.
Change of Control before Qualified Financing: No conversion. Venn will receive 1.5 times the principal and accrued interest then outstanding.