So true. But here's the hat trick: take the money, but keep your innocence. Understand you are in a bubble, and you may be forced to play by the rules of a hot

So true. But here's the hat trick: take the money, but keep your innocence. Understand you are in a bubble, and you may be forced to play by the rules of a hot market. But also be aware -- which your newly funded competitors are almost surely not -- that a bubble is in play. Work hard to keep customer loyalty a higher priority than maximizing the next round. Use your market power (meaning the investment market) to go for quality of investors and decency of terms (esp downside logistics); let your puppy competitors take the crazy valuation with draconian preferences. As to the "you have history, I'm investing in the blank slate kids" problem -- again, use the leverage to find the investors who really understand the long term, and who themselves know that this is a frenzy, not a rational market. Those people, if you get them, will not jump ship the second things start to look a bit more realistic. Focus on core competency, customer/employee loyalty, and creating great products and services. TL; DR: Take the money, but don't let it go to your head.