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Los Angeles Founder Institute mentor, Scott Painter, Founder and CEO of TrueCar (which recently filed for a $125 million IPO), describes how the biggest funding pitfall for new entrepreneurs is when they assume they can give up very little equity. In his career, Scott has started 37 companies and raised $1.25 billion in venture capital.
According to Scott;
You've got to get your head around the fact that you're giving up 30% of the equity of something you're creating that totally depends on you to make it or not."
(Piggy Bank image via Shutterstock)
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