“loaned $1.5 million to the company, in return for which…” — Acquired at 9:16
“loaned $1.5 million to the company, in return for which they got an option to buy all the stock of the company for $3 million. Imagine if VC's structured deals that way today with founders. It wouldn't quite set up the right set of incentives. No, but you got to crawl before you can walk. Yeah, yeah. Fairchild would…”
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