Prepare for fundraising: Materials: Pitch deck Backup slides Due diligence references: founders, customers/users, industry experts Financials: 2/3-year model and actual financials Practice your narrative, over and over Know it well, be comfortable with interruptions and not going linear Pitch friendlies: advisors, fellow entrepreneurs, existing investors Incorporate feedback, and initiate introductions once The higher the risk, the lower the valuation, the smaller the raise The valuation is a measure of all the risks that have not been eliminated (team, tech, production, goto market, etc.) Pre-Seed: < $1M To build the product Sources: Angels, AngelList, pre-seed firms, accelerators Runway: 9/12 months Team: handful Valuation: $3 to $6M pre Dilution: 5% to 15% Seed: $1M to $3M To launch the product Sources: Seed funds, angels, AngelList, other funds Runway: 18/24 months Team: < dozen Valuation: $6M to $10M Dilution: 20/25%