Ancpuners

The tension being managed here is that the entreperner wants to raise money as late as possible because they want to have the most traction, so they can have the most leverage and get the best terms on the round possible. Ye, you don't want to be the twentieth term sheet issued to a company. You want to be first. So i encourage all ancpuners to adopt this tool. And what's great is it creates immense optionality. But both sides are managing the sort of very same tension. Ah, but basically, they want to raise the most money with the least delusion possible.