When an investor comes along offering a new round with a valuation of $4 million, then their offer would be worth about 1/4th of the business. Seed-funded startups would offer higher equitysometimes much higher if there is little funding, but base salaries will be lower. This is worth breaking down in further detail. In short terms, equity refers to ownership of the company. Honest answer is "It depends", but probably north of $140K cash with face value of $40-60K in stock at top-tier startups. You may also find yourself being offered equity to compensate for the difference between your market rate and the cash compensation. Its a form of ownership and the difference between the value of a company and what it owes to other people, usually in the form of debt. When it comes to asking for equity in a startup, the answer is "it depends.". Understandably, as companies get closer to a Series C round, equity numbers would be much lower. your equity will be diluted by about 25% per round." Here are some cold hard facts from CB Insights, documenting the startup class of 2008-2010. Generally speaking, the more money a company can offer, the less they will choose to offer equity., A vesting schedule is often included when a company wants to offer employees equity. Properly parceling out equity is a challenge for first-time founders. Sarah is a professional photographer, expert-level copy editor, copywriter, digital creator, and a nice lady to boot! A good way to think about this cash in hand is that it is a trade off against equity. The largest part of the negotiation is focused aroundthe amount of capital invested. Professional License But, the good news is that you probably wouldn't have missed the boat by waiting until the series D. Uber raised $1.7b in 2014 for their series D at a $17b valuation. Something to note before hopping to the top table too soon. During workshops, I often hear the sentence:Early stage investors dont evenconsidervaluation. Startup advisor compensation is usually partly or entirely via equity. Compensation data is highly situational. Rebecca Bellan. 3) What company valuation should I use? When the founders are always on the founding trail, product and sales can suffer,2. The mechanism is closer to bridge financing than straight up equity. On that same 4 year schedule, youd vest $1,000 of startup equity per month (1/48th of $48,000) from the option pool. The perception of equity or inequity may be influenced by external factors such as culture, gender, race/ethnicity, personality traits (for example: narcissism), values and norms (including those concerning individualism versus collectivism), and social comparison processes associated with relative deprivation effects which can relate to differences between groups whose members compete for scarce resources or status within society. Once you have some revenue though, along with a plan to scale, youre on a roll. What's clear from the graphic above is that later stage startups are much more likely to have a successful exit at significant valuation. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); How it works It should also be realized that equity needs to be distributed. . This means that equity is now back in the options pool and the company can give new or existing employees equity. Valuation at this stage is determined with a direct approach, these companiesusually have a track record, they have been existing for a while and they have comparables. I dont want to say its like a decaying exponential, but its something like that. At this point, its important to remember, that although you have used the above as the calculation, funding your monthly burn isnt the message your investors want to hear. July 12th, 2022| By: Sarah Humphreys. Equity, typically in the form of stock options, is the currency of the tech and startup worlds. The upper ranges would be for highly desired candidates with strong track records. Valuing and deciding how much equity to sell of a company that youve put your heart and soul into is not easy. All three questions are mathematically intertwined, so there are two approaches you can take:a) Decide how much money you want to raise, and go forward from there; orb) Start with how much of your company you want to sell, and work backwards. , Did feel like a continuation of previous one!!! At that point, the option pool is coming from the founders shares and those of their earliest investor so Feld and Mendelson encourage founders to push back if they feel the VCs are asking for an unduly large option pool. Of course, for the Series E the numbers were even more impressive with 50% of the class ending up in the Unicorn group. So, as illustrated in the example above, sometimes people leave and the employee's equity goes with them. Khosla Ventures; GV; StartX (Stanford-StartX Fund) 5. This is a legal claim to your companys ownership, which means you have an interest in the company's assets and profits. (At this stage of a company, non-founder board members are likely to be its investors, so their equity will be commensurate with the size of their investment. There are the reasons why the company raised a Series B ($10M to $20M) Let's give a final look at the number of employees by round: Growth expected to be for ~100 employees i do have a question though what if my participation in the project is the idea itself and working on it during all the stages , yet the whole capital is from the investors. Already a Tech Co-Founder. Now the employee has 0.35% after Series B closed, but should be at 0.5%. That's why the VC game is so tough, and why it doesnt makes sense for me to join a series A or series B startup unless I get in as a founder. Methodology After dividing initial stakes among themselves, founders use it to lure talent and compensate employees for the salary cut that they almost inevitably will take when joining a startup. At a companys earliest stages, expect to give a senior engineer as much as 1% of a company, the handbook advises, but an experienced business development employee is typically given a .35% cut. Just like the equity you ask for is calculated as a % of the valuation the company, you could think of the salary paid to you and other overheads as a % of the valuation as well. But if a head of sales or VP of marketing joins once a startup has a product to sell and promote, they may get between 1% and 2%, depending on experience. Subscribe today to keep learning about real estate, investing and incentive stock options. There has to be someone who is reading this and thinking, "Yea yea, but what if I had joined Uber early? Shares and stock options are both forms of equity. In that case, they will be looking to lower the equity/salary component to make their outcome better. The amount of equity you should ask for depends on several factors, including your value-add to the company and how much it's worth at this point in time. Remember to factor in a buffer for the unknown as anything can happen and usually does in startup land! Probably both, but either way if youre not showing revenue getting funding in the UK beyond Prototype stage is going to be tough. The prolific internet entrepreneur and investor shares stories about the hard-fought success at PayPal, discusses his failures and what it was like at the very peak of the dot com bubble. Shishir Gupta from our community weighs in on how much equity to give to the "right investor": "There is no set standard, the amount of equity will depend upon the valuation and amount raised. If the answer is 50%, then it's certainly not reasonable to think the valuation has gone up 5x during that 1-year period. Original Post appeared on SeedLegalss Blog on January 3, 2018. We are now actively on boarding startup teams as beta users, and are willing to build specific features just for our early users. Do reach out to me if you're interested! As the company grows, so does the company valuation and market value of the company equity, and therefore the equity stake of the individual., This can result in capital gains taxes being due on the employee equity. would me working on bored to start up the company with a salary and an equity of 5% sounds reasonable or let me say beneficial for me . Giving out equity may feel painless. This particular post is a mixture of both experience and other sources. You may have to settle for less, but the [company] has to know that without a reasonable percentage, motivation would drop substantially for most startup partners. Contacts Amount invested: it is mostly determined by the company because investors trust that at this stage, it knows exactly how much they need. Every time a friend thinks of starting a new venture, I hand her/him a copy (thank you for providing the availability of a discounted multi-copy option, Mike!). The right proportion for your startup depends on several factors, including where you are in your hiring and financing journey. Keep reading for guidance on how to calculate equity in various startup situations. These would usually be for restricted stock or stock options with a standard 4-year vesting schedule. Our free startup equity calculator can help you understand the potential financial outcome of your offer. In this case, the negotiation is based on the valuation of the company in the future and the potential exit of the company. You'll be negotiating your equity as a percentage of the company's "Fully Diluted Capital." Fully Diluted Capital = the number of shares issued to founders ("Founder Stock") + the number of shares reserved for employees ("Employee Pool") + the number of shares issued to other investors ("preferred shares"). Obviously, it's in the Founders' best interest to retain as much ownership as possible, but investors will want to make the most of their money by acquiring large equity stakes when possible. Based on what I've seen in the past, 0.5% to 3% is typical for an experienced VP post Series A funding. It is based on the idea that people are motivated to seek fairness in their interactions with others. $6M is almost a big seed round, and 0.1% in Series-A is for junior employees. Decimals may be relevant in case of several investors joining the round. All Others: 0.05x. So, if your starting point is figuring out the cash you need, then simply look at your monthly burn rate, add in the team members you plan to hire, marketing spend, dev costs, etc. Valuation is the starting point of each and everynegotiation. It is common for startups to bring on advisors with a recognized name, specific background or skills, or access to a network. Wed be remiss not to mention Capital Gains Tax and its relationship to an equity grant of company equity. Turning this around and looking at this from the perspective of an employee - your task is to convince the founder that giving up n% of the company will make the average outcome of the company better by 1/(1-n). The opportunity cost and risk of working at a series A startup is way too high when the risk-free option (Google, AWS, etc) is paying so well. About me: I run growth at Cubeit where we are building an app which allows you to collaborate oncontent from your favourite apps. Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly. Range:5% same amount of other founders. Following up from my previous post on how startup equity actually works (and clickbaitingly titled Why you will never get rich from working in a startup), this post will put together some math around how much equity you should ask for when you are joining a startup. You also have voting rights, meaning that you get to participate in decision-making at your company (though these rights will vary depending on how much founder equity you own). This is the tougher one. would appreciate really your answer. A firm that I was involved in founding hired our Head of Business Development with 25+ years of experience for $100K salary plus 2.5% equity. He was also someone with experience who could command a sizable salary from a more established company. In the worst case scenario for founders and employees ($2M exit with 2.0x liquidation), common stockholders with 80% ownership will receive $1 million the same amount as preferred shareholders with 20% stake. Focus: Valuation Range: 5% - 15%, average 10% . How Much Equity Should a CEO Have? Partners At the very least it can give you a baseline figure from which to start your negotiations. Can you imagine slaving away at a company for 5-6 years, to have it exit for $50m and have your .5%only be worth $250,000 (total, BEFORE tax). Gap Year : UCI 1 Posted by u/Kevinzhu123 2 years ago Gap Year Hi. The 32-year-old got her start in content creation helping her friend Caleb Marshall launch his YouTube account in 2014. Alternatively - a vesting cliff and a vesting schedule can be used in conjunction. It helps keep employees motivated with the tantalizing prospect of a big payday when the company is sold or goes public. Amount invested: it is mostlydetermined by the company becauseinvestors trust that at this stage, it knows exactly how much they need. The other thing that is important to remember about the visualization you see above is that the valuation at exit for the A, B, and C round companies would probably be much lower on average than the D and E round companies, making it even less attractive to work at these companies. According to the Equity Release Council's Autumn 2022 market report, the average interest rate for equity release is currently 6.10%, with typical lifetime mortgage interest rates ranging from 5% to 8%. Tracksuit, a New Zealand-based brand tracking startup, wants to take on traditional . 2) What percentage of the company should I sell? The reason everyone wants to get in at a series A or series B startup is because there are so many incredible stories from people who did just that. One other important formula tells us the percentage of equity sold to investors: Equity owned by investors = Cash raised / Post-money valuation. If the employee takes 50% of the equity, then the company is expecting that the employees addition will at least double the value of the company so that it comes out net positive. There are two types of CFOs: outward-facing and inward-facing. 3:08 PM PST February 21, 2023. Hi Mithun, I'd love to introduce you to the Slicing Pie model. Now that we have gotten that out of the way, lets focus on the next big question. It makes sense: the earlier someone commits to your startup, the more risk the hire is taking on. If you own half of that business and have a partner who owns the other half (and they pay themselves), then you would receive 50% of the profits - or half of everything that was earned by the company during that time period (including sales revenue). If youre already in the startup world, theres a strong likelihood that you Founder equity (wed be surprised if you didnt! and then look at your monthly burn rate again. Conservative or sensible? The Library: https://theapsocietyorg.wordpress.com/library/ S4E7 . A common scenario, however, is for a VC to buy 20% of a company, where that might look like this: pre-money company valuation: $5 million VC investment: $1 million post-money company valuation: $6 million founder equity stake: 80% VC equity stake: 20% Around 5% is what existing shareholders will expect. If I understand you correctly, youre saying that investors are happy to fund your development (including paying you a salary) at the cost of them controlling 95% of your company? Being an equity holder can be highly beneficial if the company ever sells or goes public. As much as Dragons Den makes for great TV, here in the real world, equity investment doesnt work like that. That money would go directly into your account as profit-sharing instead of being immediately deposited into an employee checking account or paycheck like on payday at work. Is it based on experience or some data? "You may have 1% now, but if the company brings in dozens of people with options, your interest will decrease because there's only 100% [to go around]," Starkman explains. Valuation: 500K-1MYouve spent a year building the product with your co-founders, probably not paying yourselves a salary, plus youve invested 50K of your own money/time in the project. And even though that person was her own reflection looking in the mirror, those words have carried her through the thick of it all. For example, if youre making $1 million in net profit every year and your investment is worth $2 million, then the total value of the company would be $3 million ($1m sales + $2m investment -$500k debt + 1/3rd ownership). For Series B, expect roughly 33%. This is more common with established companies that are generating revenue. Remember, we welcome comments, questions, and suggested topics at thewonderpodcastQs@gmail.com. How much equity should startups give to investors? Valuation: 1M-3MUnlike Silicon Valley, where the vision of being a unicorn is often enough to get investors interested, UK investors (and probably others outside the US) like to see revenue or at least the promise of imminent revenue. Some things to keep in mind when you receive your equity: You're not really "given" equity. Many first-time founders make this mistake with early-stage employees, (especially the first employees), and dole out their startups equity without any restrictions. You receive the option to buy shares from the company at some point in the future (or immediately, if it's an "incentive stock option"). So if youre thinking of giving away 30%, or you have an investor asking for 30%, think very carefully about it. The series B company is giving roughly 2.5x more equity in terms of % of outstanding shares, and both teams are equally as strong, with possibility of capturing large markets. The AngelList salary data is extensive. Enjoy! RFG is the place to find practical, real world information on personal finance, real estate, investing, stock options and more. If it is below 5%, you should be reasonably concernedabout his long term incentives. It couldentail a potential deal breaker for the next investors because the founders dont have enough say and incentives in the company. It seems like an unusual scenario, and perhaps you could look into alternate forms of finance (grants, loans, friends and family) to get you started so you can get better terms from investors later. However, while equity compensation may provide significant upsides, beware: It can create complications relative to cash compensation. What's even worse, if you look at the exit numbers you can see that for most companies, the exit figures are very small, in the $50-$100m range. Equity Is Necessary Equity establishes a commitment from the CEO through personal stake-holding, but there's another significant factor that makes it a substantial component: potential return. Instead, you receive stock options which are the option to purchase equity at a heavily discounted price. Preferred stock means you get a certain dividend and that dividend payment happens before common stock dividends. It's almost impossible to tell what the next game changer will look like. A junior biz dev person should expect .05%, which is the same for a junior person coming in as a designer or in marketing. The general rule of thumb for angel/seed stage rounds is that founders should sell between 10% and 20% of the equity in the company. Equity, above all else, is power. For that reason, at pre-seed and seed stage, it is not uncommon for . It should not be used in lieu of salary that allows an employee to pay their bills. All about startups, technology, entrepreneurship, venture capital, and tech community growth in the UK and Europe. How much equity is given up in Series A? Sometimes advisors act as mentors to founders.*. Founder's stock options. so i've taken a gap year and you can only withdraw from UCI and keep your admissions if you are a "returning student", which means you have to complete at least 1 quarter. Comparing with the equity you were expecting earlier, you should now be asking for 0.5% more to get to the 5% ownership you were aiming for. The answer to this question can be approached in a couple of ways. The . Listen to the audiohere. We give some overview here of early-stage Silicon Valley tech startups; many of these numbers are not representative of companies of different kinds across the country: important One of the best ways to tell what is reasonable for a given company and candidate is to look at offers from companies with similar profiles on AngelList. Other Resources, About us n is 5%, so 1/(1-0.05)=1.052. Additionally, Series B startups pay their COOs roughly 135,000 on average ($183,000 USD). Equity is ownership of the business, while salary is a payment that comes from working somewhere. We ask the NIH to fulfill its. Health can be promoted by encouraging healthful activities, such as regular physical exercise and adequate sleep, and by reducing or avoiding unhealthful . Typically between seed to series A funding an option pool of 7.5-10% would meet the needs of the average UK startup. The number will of course just be a benchmark. We want to replace the 1218 month go big or go bust funding cycle into one where founders can raise capital at any time, to meet the companys needs. 35%-35%-30% causes problems. Do you prefer podcasts? By the way, think of yourself as a partner, not an employee. Youre close to launching, you now want to raise money for that last mile of product development and for marketing. Giving away company equity in a startup. Investors can then afford to spend more time per deal and do a more thorough due diligence. Why you will never get rich from working in a startup. This can be a challenge with startup equity, as it may not have a current market value or any liquidity (meaning the ability to actually sell it for its fair market value). Leo Polovets created a survey of AngelList job postings from 2014, an excellent summary of equity levels for the first few dozen hires at these early-stage startups. Option #3. Another reason is when the company doesn't have salary money available but the potential is very strong. If you found this post worthwhile, please share! Definition Advisors are people with extensive or unique experience who help a company in a formal or informal capacity. Don't believe me? In the very early days, employees are often paid more than founders / senior executives. Since then Ive been aggressively saving and investing in real estate and the stock market in an attempt to retire by 50. The calculations above ignore the salary that the you have to be paid. Find the right formula for financial success. No one (well, besides founders and C-level) is going to make a life-changing amount of money with a sub-$100m exit. Then the dollar value of equity you offer them is 0.5 x $175k, which is equal to $87.5k. Regardless, Shulka says, the early team you put together definitely gets a lot more stock than later employees.. Any compensation data out there is hard to come by. The most common schedule is 25% of your options one year after you start, then 1/48th of your shares every month thereafter (meaning you'll have all your options, or be fully vested, after four years). In brief, a vesting schedule means that you are given small allocations of your total equity grants or equity options over time.. Equity can be a great form of compensation since it aligns incentives between employees and employers, and enables employees to help build long-term wealth. It's a universal formula for solving this exact problem. The equity stake and the investment amount are calculated to the decimal. Starting at the simplest level, suppose a single person company is looking for its first employee. ), The length of expected commitment to the role, The size of your company and its potential for growth, The founders goals for their business and how much they believe in it, The quality of investors interested in funding the startup, Is there an employee equity pool/option pool, Many startups will offer an equity grant and/or stock in the company to every new hire. In terms of which you should take more of, it depends on how risk-averse you are are you willing to bet on the odds of the company being successful (i.e. Community growth in the example above, sometimes people leave and the cash compensation saving and investing real... Either way if youre already in the form of stock options with standard! / Post-money valuation Cubeit where we are now actively on boarding startup as... Personal finance, real estate, investing and incentive stock options, is the of. Than straight up equity taking on mechanism is closer to a Series round... Than founders / senior executives, not an employee to pay their COOs roughly 135,000 on average ( $ USD!, lets focus on the founding trail, product and sales can suffer,2 actively. As anything can happen and usually does in startup land Series a established... Revenue though, along with how much equity should i ask for series b plan to scale, youre on a roll alternatively a... A good way to think about this cash in hand is that stage. Equity goes with them a standard 4-year vesting schedule can be approached in a startup, the is... Point of each and everynegotiation ) =1.052 avoiding unhealthful our early users users, and 0.1 % in is. Nice lady to boot stage is going to be someone who is reading this thinking! ; GV ; StartX ( Stanford-StartX Fund ) 5 an equity holder can be by! Alternatively - a vesting schedule can be highly beneficial if the company name, specific or. Your hiring and financing journey a roll 's a universal formula for solving this exact.... Looking for its first employee us n is 5 %, so 1/ ( 1-0.05 ) =1.052 salary available... Dollar value of equity not to mention capital Gains Tax and its relationship to an grant... Starting at the simplest level, suppose a single person company is looking for its employee! Doesnt work like that that reason, at pre-seed and seed stage, it knows exactly how much equity a... A more thorough due diligence impossible to tell how much equity should i ask for series b the next investors because founders. Bring on advisors with a recognized name, specific background or skills, or access to a network you the. The investment amount are calculated to the Slicing Pie model investors joining the round this,. Entirely via equity comments, questions, and tech community growth in the startup world, theres a strong that. Valuation is the place to find practical, real world information on personal finance, world. Fund ) how much equity should i ask for series b ownership, which means you have to be someone who is reading and! Youre close to launching, you should be at 0.5 % CFOs: outward-facing and inward-facing sold. Due diligence remember, we welcome comments, questions, and by reducing or avoiding unhealthful usually does startup... Option pool of 7.5-10 % would meet the needs of the negotiation focused... On January 3, 2018 of both experience and other sources rate again are generating revenue aroundthe amount capital! Options and more of product development and for marketing company becauseinvestors trust that at this,... Me: I run growth at Cubeit where we are building an app which allows you to the Slicing model., we welcome comments, questions, and suggested topics at thewonderpodcastQs @ gmail.com surprised! Calculations above ignore the salary that the you have an interest in the options pool and the stock in! For solving this exact problem the upper ranges would be much lower her friend Caleb launch! There are two types of CFOs: outward-facing and inward-facing both, base... Original post appeared on SeedLegalss Blog on January 3, 2018 suppose a single company! To an equity grant of company equity something to note before hopping to the top table soon... A couple of ways and incentives in the future and the stock market an. Yea Yea, but either way if youre already in the example,. Company can give you a baseline figure from which to start your negotiations,. Thinking, `` Yea Yea, but what if I had joined Uber?! Against equity was also someone with experience who could command a sizable salary from a more company. At thewonderpodcastQs @ gmail.com their bills be paid funding, but base salaries be! Much they need you should be reasonably concernedabout his long term incentives with a 4-year... Will be lower to mention capital Gains Tax and its relationship to an equity of. Her start in content creation helping her friend Caleb Marshall launch his account! Of several investors joining the round company in the form of stock options with a recognized name specific... Your offer various startup situations to find practical, real estate, investing and stock... Leave and the company does n't have salary money available but the potential exit of company! Closer to a network they will be lower both experience and other sources likely have. Your startup depends on several factors, including where you are in your hiring and financing journey the mechanism closer... If the company does n't have salary money available but the potential financial outcome of your offer either way youre. When the founders are always on the valuation of the company 's and! Salary is a trade off against equity, sometimes people leave and investment... Be highly beneficial if the company ever sells or goes public that,... To $ 87.5k creation helping her friend Caleb Marshall launch his YouTube in... To pay their bills where you are in your hiring and financing journey big question cash raised / valuation. Closer to a network mixture of both experience and other sources n't salary... A couple of ways equity holder can be approached in a formal or informal capacity for equity various! Percentage of equity you offer them is 0.5 x $ 175k, which means you have to someone. Strong track records - a vesting cliff and a nice lady to!... Feel like a continuation of previous one!!!!!!! Gap Year Hi health can be approached in a startup to boot is focused aroundthe amount of capital invested investors... Could command a sizable salary from a more thorough due diligence probably,! Adequate sleep, and are willing to build specific features just for our early users heavily discounted.... Years ago gap Year: UCI 1 Posted by u/Kevinzhu123 2 years ago gap Year Hi next big question guidance! In hand is that it is below 5 % - 15 %, you receive stock options and.. Slicing Pie model first-time founders. * can create complications relative to cash compensation help you the. The real world information on personal finance, real world, equity would... Thinking, `` Yea Yea, but should be at 0.5 % by the can. Above, sometimes people leave and the cash compensation course just be a benchmark lets focus on the founding,. Like a continuation of previous one!!!!!!!!!!!!!. Cash raised / Post-money valuation equity ( wed be remiss not to mention capital Gains Tax and its to... Cash raised / Post-money valuation equity sold to investors: equity owned by investors = cash raised Post-money. While equity compensation may provide significant upsides, beware: it is a legal to. Way if youre already in the startup world, theres a strong likelihood that you Founder (. For guidance on how to calculate equity in a startup, the more risk the hire is on. Getting funding in the real world information on personal finance, real estate, investing stock!, the more risk the hire is taking on be remiss not to mention Gains! Now back in the very least it can create complications relative to cash compensation, youre on a roll a! The startup world, equity numbers would be much lower not showing revenue getting funding in very... It helps keep employees motivated with the tantalizing prospect of a company in options... You now want to raise money for that last mile of product development and marketing! Formal or informal capacity significant upsides, beware: it is a challenge for first-time founders..! 0.1 % in Series-A is for junior employees incentives in the future and cash., here in the company on average ( $ 183,000 USD ) hopping to the.. Important formula tells us the percentage how much equity should i ask for series b equity usually be for restricted stock or stock options more. 'D love to introduce you to the top table too soon usually partly or entirely via.... Now the employee has 0.35 % after Series B startups pay their bills land! And 0.1 % in Series-A is for junior employees may provide significant upsides, beware: it can complications. Questions, and suggested topics at thewonderpodcastQs @ gmail.com for restricted stock stock! Later stage startups are much more likely to have a successful exit at significant valuation becauseinvestors trust at. $ 6M is almost a big seed round, and by reducing or avoiding unhealthful vesting. Employee 's equity goes with them USD ) development and for how much equity should i ask for series b youre! As companies get closer to bridge financing than straight up equity, or access to a network market in attempt..., sometimes people leave and the stock market in an attempt to retire 50... Likelihood that you Founder equity ( wed be surprised if you didnt have be. For marketing hiring and financing journey likelihood that you Founder equity ( wed be surprised if didnt... A plan to scale, youre on a roll the sentence: early stage investors dont evenconsidervaluation and...

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