I believe that over capitalizing companies too early often favors the VC. It takes options off of the table. It produces only one kind of outcome. It drives perverse incentives. If you’re creating truly innovative products, you often have no idea whether the proverbial dog will eat the dog food. You have a hunch. Testing is what helps determine whether you’re really on to something. Here’s what those VCs (and us entrepreneurs, myself included) didn’t understand: 9 women can’t make a baby in a month.
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