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How to Build a Cap Table
If you're building a business which has a lot of capital investment upfront, I'm okay with sort of phrasing a little bit more at the start. Because capital at that time will probably give you a slight competitive advantage and also will give you more time to experiment and do more things to try and just get to the next milestone faster. But for iterative businesses, I think we supremely hawkish with how you end up building your capital. And ideally, just get operators, operator investors on board and maybe one or two sort of institutional investors who can sort of anchor their round for you.