"No debt" really means not enough debt so that you don't own a super-majority of equity. Giving away a few percentage points for enough cash to keep the lights

"No debt" really means not enough debt so that you don't own a super-majority of equity. Giving away a few percentage points for enough cash to keep the lights on is fine. But I've seen arrangements where founders didn't end up owning their companies, even after an ostensible "seed stage" round.