Marketing PR Pre-Money Valuation Seed Money 
www.paulgraham.com
OCTOBER 23, 2010
The market price is less than the inconvenience of signing an NDA. Microsofts originalplan was to make money selling programming languages, of all things.Their current business model didnt occur to them until IBM droppedit in their lap five years later. The best odds are in niche markets.
This is going to be BIG.
SEPTEMBER 7, 2012
The one thing that does effect them all is the cyclicality of funding and exit markets, but if you go back over the last 20 years, there's really only been a very short timeframe where you literally could not get a company funded. If you're doing seed deals, how often does a down round in a seed deal even happen? Down from what?
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