Beggars can't be choosers

Why your first check will suck

A friend recently raised a $500,000 seed round with a few million valuation. When I heard this I was initially appalled. Five hundred thousand on a $2 million valuation is a travesty and this guy was well below that, in territory that I hadn’t seen since reporting on startups in Central Europe where the valuations use to top out at about $800,000.

But th…