How to Start a Startup
www.paulgraham.com
OCTOBER 23, 2010
If you give an investor new shares equal to 5% ofthose already outstanding in return for $100,000, then youve donethe deal at a pre-money valuation of $2 million. Ididnt realize that when we were raising money. Does your productuse XML? ) Venture investments are usually described in terms ofthat number.
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