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The kicker is towards the end. Be gets saved, but the terms are usurious from the early investors' viewpoint. And there's not much the latter can do about it since their own pockets aren't deep enough. Ergo, better go straight for the deep pocketed Pro, and stay friends with your relatives as a bonus.

His point on Clarity is also spot on:

> A Pro invests as much money, as many times, for as long as required for the situation to attain Clarity. This Clarity allows only two outcomes, Dead or Liquid. When a Pro declines the invitation to invest in a follow-on round, it means they’ve reached Clarity: In the eyes of the Pro who declines to invest, the company is Dead, their initial stake is worthless. Write it off and move on, no tears, no recriminations.






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