Cram Down A Test of Character for VCs and Founders
b'Cram downs are back \\u2013 and I\\u2019m keeping a list. At the turn of the century after the dotcom crash, startup valuations plummeted, burn rates were unsustainable, and startups were quickly running out of cash. Most existing investors (those still in business) hoarded their money and stopped doing follow-on rounds until the rubble had cleared.'