What should we give our first investor in?

Give him a percentage of revenue warrant. I say 3%.

This is a dance that you don't really get to lead.

You haven't even started and need that first check.

Sounds like reality is about to come crashing down on you hard. Take it as a valuable lesson and don't get crushed by the disappointment.

I have no idea but I'd like to wish you good luck!

Convertible, because otherwise you are putting valuation on your startup at a much too early stage, and this might hurt you at the next round.

well, using your low end valuation range of 10m, i guess the first guy in for 100k gets 1% equity.

All you need is 100K and you're being valued at 10M or more? I smell bullshit. If that's your value, you can easily get a good deal without anything like that.

However, on the off chance that your actual valuation is orders of magnitude lower, then go for a convertible debt with a 1-4M cap and have the qualifying event be your series A round for conversion.

Keep in mind whatever you offer on this round will be the base moving forward. In due diligence you'll have to share previous agreements.

Don't start messing around with warrants and advisor equity unless the person is a real Name that you don't think you can get otherwise, and if/when you do, it's better when you have a bunch of good investors already and they all buy in to the idea. Getting a first check is difficult, but this is worse: "We have $xk in from so-and-so. Savvy investor: "Did you give him warrants or options to juice his take?"" You don't want to be telling him anything but the truth, and if it's a no-name guy then you look stupid and your idea looks like you need to bribe someone to put in the first money. Get there on the merits.

The first money is the hardest, most important and biggest risk to the investor. Reward them for it.

Your first investor is your champion, so choose the person who is most in line with your vision, choose the investor that you like the most- NOT the one that will give you the best termsheet.