[dgreensp]

In addition, if I’m reading the article correctly, the reason why it would have been better to raise money when the projections looked amazing is that they didn’t pan out, and to expect them to be accurate was greedy?

I’ve been a founder, so I know that raising money is all about telling a story about the future, and the time to raise is when your graph supports that story, or before you have a graph. If a week later, everything is different, well, that’s start-ups for you. But I think it’s good to be able to take a step back from this and recognize how bizarre it is, and that a business doesn’t have to be structured this way.

[inmygarage]

Author here. Every week was better than the last, and I didn't expect all the bank/third-party stuff to get SO bad. It felt manageable in October 2021, but for most of H1 2022, the period of our best growth, it got a lot worse. The greedy part was waiting for a "perfect" time to raise. I think this may be obvious, but no such thing exists (as you probably know).