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My suspicion, and only suspicion, is that you are largely right. Of course, I also think it matters how far along you got in the process and waht kind of stories you can tell from it.

I suspect that the founders of a company that put out an actual product with real users, hired non-founder employees, and perhaps got VC level funding at one point is much more valuable in the market than someone who filed the papers to officially incorporate but died while still working out of a garage with no non-founder employees and few users.

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