What this teaches
Part of Andreessen's legendary 2007 startup guide, written as a founder before a16z existed: how to size a raise against milestones and market windows, the pathologies of too little money and the subtler pathologies of too much.
Why it matters
Pre-VC-era Andreessen writing purely from founder experience; the too-much-money failure modes read as prophetic.
Key lessons
- Raise against milestones that change your risk profile
- Too much money masks problems until they're fatal
- Market windows, not spreadsheets, should drive timing
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