Default to bootstrap. Raise only if: - The market has a winner-take-all dynamic. - Speed-to-scale is the moat. - You can credibly become a $100M+ busi...
Angels are individuals who invest their own money — usually $10K–$250K per check. They move faster than VCs and are often the first money in....
The SAFE (Simple Agreement for Future Equity) is YC's standard pre-seed instrument. Key terms:...
A priced round (Seed, Series A) sets a real valuation, issues preferred shares, and brings legal complexity....
Don't fixate on valuation. Watch:...
Each round dilutes you. Common arc: - Seed: 15–25% out - Series A: 18–25% out - Series B: 12–18% out...
Send a monthly update to all investors. Format:...
A bridge is a small round between priced rounds, usually because growth was slower than planned....
Older cousin of the SAFE. Has interest (typically 5–8%) and a maturity date (12–24 months). At the next round, converts to equity....
Most exits are acquisitions, not IPOs. Three categories:...