Startups and Macro Risk

Loose capital allows the less qualified to participate in each market.

Then, there are macro and tail risks.

Founders should decide how much to raise based on how much money they need to reach the next set of milestones. Startups have many layers of risk stacked on top of each other. Leo Polovets, managing partner at Susa Ventures, calls startups a “bundle of risk.”6 These risk layers could be as broad as “product risk,” but ideally the risk layers should

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