I don't think 80% at an early stage is ever justified as it not only hurts future investors from considering you in future rounds, but it hurts founders. I lik

I don't think 80% at an early stage is ever justified as it not only hurts future investors from considering you in future rounds, but it hurts founders. I like PG's equity equation to calculate the value of investors. I don't think any investment can increase your odds of success by 400%. [0]:http://paulgraham.com/equity.html http://paulgraham.com/equity.html