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The Dilution Concern for Founders
If my students at Cornell University take away one thought from the entire semester of instruction, that thought is embedded in the following exposition:
First, I draw on the blackboard an inverted bell shaped curve, the top of the curve heading downwards rather than up. Then, I remind them of the old saying in the commercial real estate business: "There are three rules for making money in commercial real estate and they are Location, Location, Location." I then migrate that old joke to the venture capital business. "There are three phenomena that trivialize even the best of investment strategies: Dilution, Dilution, Dilution."
by Joseph W. Bartlett
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