The Capital Food Chain

• Smart guy w/ a plan

• Smart guy w/ prototype or Beta

• Smart guy w/ proven product, team, customers

• Smart guy w/ sustainable revenue growth, profit in 15 months

• Dumb guy with broken growth trend

• Dumb guy with seriously broken business

• Friends, family, angels

• Early stage VC

• Later Stage VC

• Public Markets

• Special breed private equity

• Financier of last resorts – “Workout”

Entrepreneur

Investor

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