Startups need different kinds of capital at different stages of their development. Moreover, the types of capital needed for a lifestyle business, often a founder’s capital or funds from friends and family, are not the same as those that a gazelle requires. Gazelles ultimately seek to go public or find an acquirer and thus have ambitious growth objectives that can only be achieved with ever larger amounts of capital. Gazelles
go through four predictable growth stages, each of which generally require different sources of capital:
Find a business ...
