How much to raise

Debate ensuing in my inbox:
– Raise as little as possible! You can raise more at milestones easily. Too much money correlates to failure. Here is Fred Wilson making that point
– Protect equity above all! It never comes back! Etc.

The other view is:
– Companies die by running out of money
– Money lets you play ball. Look up Ben Horowitz re the Fat Man

But I can tell you the answer here very simply:
Raise enough but not too much.

Know very clearly what milestones will be convincing to investors. Raise enough to get to those plus a bit of error room. That’s it!

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