Totally agree. There's so much nuance to fundraising that isn't expressed here. Dilution is a critical aspect to raising capital: too much will ruin your abilit

Totally agree. There's so much nuance to fundraising that isn't expressed here. Dilution is a critical aspect to raising capital: too much will ruin your ability to raise money in the future. Too little can result in a cancerous drag on growth by leeching away founder enthusiasm and time. It's really important to try and raise the right amount at the right time. I actually found this section more objectionable than the dilution comment since it encourages founders to raise money in drips and drabs. That's a great way to derail an early startup and give up far more equity than if you'd just raised a larger amount in one big, early round. Optimizing a deal is absolutely, 100% what a startup should be doing, but you should be going for a globally optimal deal, not optimizing for just one attribute. Would you counsel a startup not to optimize for sales or user growth? Sales are literally the only other form of revenue for most startups and without users you have nothing. Just as with sales and user growth, however, juggling long-term and short-term needs is critical.