Cost Cram Down Marketing Reputation 
Both Sides of the Table
MAY 5, 2013
a) doing what is effectively a down round preemptively when I don’t have to, by underpricing my current round in this market vs. b) accepting the market price along with some risk of taking a down round in the future, if I don’t hit my milestones, why would I ever choose b)?” We know that.
Growthink Blog
MAY 23, 2011
The angel then introduces the entrepreneur to his or her wealthy friends and business connections who, based on the good reputation of the referring angel, also invest. 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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