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    From these slides, the stages (phases) of a startup’s lifecycle:

    • Search for Product/Market Fit
    • Search for Repeatable & Scalable & Profitable Growth Model
    • Scaling the Business

    Years ago now I was speaking with a colleague who asked “What problems do you have that money can solve?” He was referring to the second stage here, which I have often thought about as having identified the place where if you put money in one end more money comes out the other end. Such that your business is now capital constrained because it can demonstrate that adding capital grows revenue.