Are You Thinking About Dilution?

In 2009, when Blackboard was raising money for modernizing medicine, we were in the midst of the worst economic climate in US history. I actually really appreciate the ability to start companies when the market is bad because it means fewer people are starting companies at the same time. And so there's a lot of thinking about what's the right time to start a company. So then, for the founders that are listening, how do you think they should be thinking about dilution then?