The Most Underestimated Asset a Founder Has
In early discussions about fundraising, founders often focus on valuation.
But valuation is not the most important asset a founder possesses.
Leverage is.
Leverage emerges from positioning. It is shaped by the way the opportunity is framed, the discipline of the capital structure, and the clarity of the founder’s strategic objectives.
Once leverage is lost, it is rarely recovered.
Sophisticated founders protect leverage by preparing thoroughly before entering capital markets.
The best negotiations are often decided before they begin.
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