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Unicorns - Hype, Hope and Hubris

Gaining unicorn status in a frothy market by employing senior preferred convertible stock builds media hype, encourages founders' hubris, creates valuation uplift, lifts early investors hopes & helps VCs raise Fund 2.

But as the tide goes out in weaker markets startups sit under a mountain of debt-like claims & common stock holders may be wiped out.



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