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Google becoming a billion dollar company without VC investment is possible, but it wouldn't have happened nearly as quickly, and it's quite possible that it would have been acquired by Yahoo or Microsoft.

I disagree completely on Facebook becoming a billion dollar company without VC. VC funding is what allowed Facebook to monetize much later and gain huge cash reserves by selling tiny portions of equity at extremely high valuations.

Were those cash reserves at Facebook used for anything besides hiring people to write advertisement monetization code? I was under the impression that the rate at which Facebook accumulated users would have been very similar to what actually happened had they just received angel investment and used the original employees.

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