I'm not interested in second-tier startups, and I disagree with your premise that those things equate to second-tier startups. It all depends when you get invol

I'm not interested in second-tier startups, and I disagree with your premise that those things equate to second-tier startups. It all depends when you get involved. And FWIW I'm no longer interested in board seats though I think they are completely misunderstood by first-time entrepreneurs and it is good to have an active investor (hence party rounds suck). As for valuations, the key is ownership %. You can get there a number of ways (put more money in, advising relationship, etc.), but if you are super early you can also get there with a low valuation (and I'd argue it makes sense since the risk is much higher).