A lesson in dilution & entry prices: Below are 2 sample startups. They're made up, but loosely based on real examples & completely feasible. 1) Company A raises a seed at a $10M valuation, raises an A for 20% dilution, then never raises again, eventually exiting for $1B. Seed round MOIC = 80x (1B/10M * 80%) 2) Company B raises a hot seed at a $50M valuation, then 5 more rounds, totaling 80% dilution. It eventually exits for $10B, a decacorn! Seed round MOIC = 40x (10B/50M * 20%) In this case, a mere unicorn exit gives investors a 2x higher cash on cash return than a decacorn exit. Founders and early employees also make more $ from the former. Dilution matters. Entry price matters. Valuations alone can be misleading.