I'm reading about the funding environment in SF right now, which feels pretty frothy, but I imagine conversations about it between founders:
SaaS company: "You can raise a seven figure seed round with code but no customers!?"
Cryptocurrency: "$5M doesn't even buy you a deck."
SaaS company: "You can raise a seven figure seed round with code but no customers!?"
Cryptocurrency: "$5M doesn't even buy you a deck."
If this sounds a little convoluted, you can imagine the transaction between people with money and people with execution ability as "If you provide me certain proof points, I shall purchase your future availability with my money."
You're allowed to bid whatever you want to in terms of required level of proof points and financial terms, and founders are allowed to accept any bid which they can (credibly represent) as having sufficient proof points for.
Some people with money describe the present state of affairs as "lacking discipline", which is another way to say "My competitors are offering more money for less proof points than I would like to offer."
