[hinkley]

The first time I read about this topic, the author suggested counter-offering a smaller investment for a slightly higher dilution/$ to soften the blow.

As in, “I don’t need $50m (for 20%), how about $23m for 10%?”

I have never been to any of these meetings, but it seems like the guy who just skyrocketed your valuation for his 20% is going to be “louder” than the earlier investors who also own 20%. The % of investment versus the % of investors will probably skew things a bit, too.