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The Ultimate Start-Up Guide by Carol Broadbent, Tom Hogan

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10

Funding

PAUL GRAHAM, Y COMBINATOR

COMPETITORS PUNCH YOU IN THE JAW, BUT INVESTORS HAVE YOU BY THE BALLS.

CROWDED OCEAN

WHEN IT COMES TO GETTING FUNDED, REMEMBER, YOU’RE NOT THE SMARTEST PERSON IN THE ROOM (EVEN IF YOU ARE).

YOUR PITCH IS POLISHED. You’ve taken your “humble pills,” determined to be confident in your presentation, but still let the VCs believe that they know more about your business than you do. You’ve put on one of your few collared shirts (no suit—you don’t want to come across as desperate). It’s time to raise some money.

You need money to grow your company. You know that and the VCs know that. There’s also a law of attrition that you should be aware of (because, believe us, the VCs are aware of it): 25 percent of start-ups ...

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