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Chip, great advice. Although it seems basic, I've seen so many entrepreneurs not follow it. People often shoot for a raise amount that is not tied to their milestones. And people often dismiss the importance of the long-term relationship with the VC. When I've gone in to clean up VC backed companies, the problems often go all the way back to a not-well-thought funding round. Des


Very well and succinctly put, Chip. Far too many entrepreneurs chase the financing source(s) first, and as a result wind up receiving self-serving advice and "help" from investors who predictably try to force-fit the business into the particular investors' funding models. In my experience I've seen this happen with investors of all stripes, from angels to "super angels" to traditional VCs to corporate/strategic investors.

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