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The first two (product & ambition) make sense, but leverage is a different story.

While a low burn rate helps, a VC firm has more staying power over time than a startup.

Get profitable. You can do this before taking money.

General advice I've heard is that you should be out looking for money well before you need it. Sometimes several months before.

It's going to take many months to go from zero to funded. Deals exist to fall through.

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