This is great advice—many founders reverse the cause and effect here. We think of them as milestones in the company's success. For example, as a SaaS company s

This is great advice—many founders reverse the cause and effect here. We think of them as milestones in the company's success. For example, as a SaaS company selling to government (often bucketed with enterprise), us reaching "Series A" means we have a repeatable sales playbook and defined customer acquisition funnel. It may be inefficient, but we can say that roughly X dollars in equals Y dollars out. The funding is a tool that can only be used once we have reached that milestone in our company's maturity. Seed stage companies can't put $10m to work, and shouldn't try to, because they aren't at that point in their development.