How did it become standard for startups to raise enough money for 18 months? Seems like...
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So if you raise for 18 months to accomplish X, Y, Z so you can raise the next round... you really need to accomplish that in 9 months, not 18! So either burn less or raise more or, ideally, both.
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Fundraising strategy could be generalized as “never count on the kindness of strangers in the financial world in order to meet tomorrow’s obligations,” to paraphrase Buffett.
