Cost Cram Down Distribution Revenue 
Steve Blank
NOVEMBER 2, 2009
In times when venture capital is hard to get, investors extract high costs for failure (down-rounds, cram downs , new management teams, shut down the company.) Sales people cost money, and when they’re not bringing in revenue, their wandering in the woods is time consuming, cash-draining and demoralizing.
Growthink Blog
MAY 23, 2011
With this capital, the company propels itself to $50 million+ in revenues, and to either a sale to a strategic acquirer or to an initial public offering. Technical progress and market traction are much slower and cost a lot more than anticipated. There are a lot of dark, hard days.
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