| Progression of Investors |
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| • | Founders:
keep records & ensure legal separation |
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| • | Family,
Friends & Fools |
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| • | Doctors
& Dentists |
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| • | Angels |
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| • | Lead
Venture Capitalist |
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| • | Other
VCs due diligence by referral |
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| • | Government
Funding |
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| • | Warning:
syndicate to keep no of shareholders<10 |
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