Rounds - Take all of the Money!

Make rounds sensible related to each other & forecast.
Investors want to know you can get somewhere on their money. Minimum 12 months, target 18-24.
Investors bet against you. Automatically they believe it will take more time and cost!
Investors need a reason to pay more than the last round.
Investors don't want to own more than 40% of your company but they won't take less.

Ownership - Value not control!

If you never sold shares you'd be 100% responsible for the value & income you derive...
If you're successful it will be just like you owned it all...
If you're middling - fighting ain't worth it & hey! Two out of three are in your favor...
On the other hand every, every, every, SHARE, is precious, think through who's going to get what...
Don't forget the employees. Investors will require you to allocate for them...
Don't let anyone bully you, on the other hand DO allow someone to be pre-emptive!

Pricing - Sell stock you'd buy!

MAKE SENSE! only sell what you would sell to your mother & father. So be HONEST with yourself...
Think about shares like your product - in a way you're selling the solution, benefits, & financial results of your vision...
Know what people are getting for similar companies in similar conditions, try for more, & settle for the same...
Each time you STEP UP the price it has to make sense - how much was it yesterday? & how much tomorrow?
There's pretty standard rounds, and valuations, you can't go too far outsude the normal...

Exits - Face it. Only 2 ways out!

Pick an exit! - Acquisition for lots of money or an IPO...
Be real. Ideas are a dime a dozen & no one will pay just for an idea...
Think metrics! The market or an acquirer will pay how much per what? account? application? customer?
Forecast & value metrics to justify exit timing & amount...
What are the PUBLIC COMPANIES valued at? Make sure to focus on followed companies and what they report...
Use IPO FILINGS to get language & facts about your segment, competitors, & much more...

Tips - Be RELENTLESS!

It's not in your interest to show all the cards in your hand. Be honest, don't yak about every concern of yours, say you "don't know" when you don't...
Suggest your valuation then seek their support or guidance ...
Say "We were thinking a $2m valuation, raising $500k now. What are your thoughts?"
Everybody has an opinion as to what you should do - listen but follow only what makes sense to you...
Know the forecast, business model, market size, & competition. Know as many facts as you can. Don't bullshit. DO Push...