Pre-Money Valuation Product Revenue Seed Money 
www.paulgraham.com
OCTOBER 23, 2010
During the Internet Bubble there were a number of startups founded by business people who then wentlooking for hackers to create their product for them. In nearly every failed startup, the real problem was that customersdidnt want the product. Probably because the product wasa dog, or never seemed likely to be done, or both.
www.paulgraham.com
APRIL 28, 2010
It wasnt because they werent accredited investors that I didntask my parents for seed money, though. When we were starting Viaweb,I didnt know about the concept of an accredited investor, anddidnt stop to think about the value of investors connections.The reason I didnt take money from my parents was that I didntwant them to lose it.
This is going to be BIG.
SEPTEMBER 7, 2012
Reality is that venture is a bunch of individual stories, individual assessments of teams, unique products, and a whole lot of stars lining up for particular companies for success to happen. In the late 90's, it wasn't surprising that companies with no revenue that were funded at 100 million dollar valuations didn't survive.
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