Cost Cram Down Management Vertical 
Haystack
JANUARY 12, 2020
Much has been written about the fact that traditional seed stage funds have grown in size and dollars under management. As valuations have gone up early, the cost of ownership has also risen, and in an early-stage fund where the loss ratio is likely to be much higher, high ownership has been increasingly important to these funds.
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.
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