Great way to think about this. Also -- although maybe too obvious to point out -- as you progress through these stages: - You appeal to different kinds of inv

Great way to think about this. Also -- although maybe too obvious to point out -- as you progress through these stages: - You appeal to different kinds of investors. You may gain financing options (~= the old joke/truth that "banks are happiest to loan you money if you don't really need it"). - You need somewhat different skills from people (especially yourself!). Likewise you might be more attractive to different kinds of candidates. - Eventually there's a whole other set of risks, as you evolve into a bigger, more mature company with high organizational entropy. :)