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This is a brilliant writeup! I like the points you've hit on, and how you specify how to change them for the better. As a startup in the consumer Internet space currently raising seed capital, I can attest to the Product > Market > Revenue strategy. Although we are raising a total of $300k, the bulk of our cost will be in the Product development stage. I've been given estimates of ~$118k to have just the e-commerce engine developed. Luckily for us, once this is done, we will pretty much be cash flow positive within our first month of operation. The one thing I am noticing across the board with the VCs we've spoken to is the prevailing sheep mentality you alluded to. It's an unfortunate fact indeed, and one that most certainly contributes to the increasing demise of the traditional VC investor, and the rise in the angel investors, and those VC who participate in early round funding. Thanks for the write up, Dave. And I wish you much success on your 500 Startups venture fund.
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Jul 30, 2010