Intransparency and closed rooms. Financing rounds with undisclosed value, less or equal to the last round. Financing rounds that are less than 3x of the last on

Intransparency and closed rooms. Financing rounds with undisclosed value, less or equal to the last round. Financing rounds that are less than 3x of the last one. Too many financing rounds with slowing growth. Growth of less than 50% per year. Hiring Freezes. Founders leaving. None of this is a hard criterion, but more than one of them and the chances of your equity being worth something quickly appoaches zero.