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      "text": "up when attracting them.6 As the startup evolves, “the further into the start-up process one gets, the more specific and idiosyncratic will be the resources and information needed for further successful completion of the process” (Davidsson and Honig 2003:302).",
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      "text": "Finally, as a condition of investing capital in the company, outside investors will often require one or more board seats, in addition to receiving an ownership stake (Gorman and Sahlman 1989).7 Outside investors need voting rights because of contractual incompleteness; they want to ensure that decisions and actions will maximize their financial returns.",
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      "text": "7 Startups in the high-tech and life-sciences industries rarely have the collateral and fixed assets necessary to secure bank loans (e.g., Sherman 2005), so outside capital almost always comes in the form of equity instead.",
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      "text": "6 Some founders may try – but fail – to attract cofounders before deciding either to go solo or to defer founding the startup (Ruef 2010). However, the resource-dependence implications should be the same regardless of whether the founder decided ex ante to solo found vs. cofound or decided to do so after failing to find cofounders.",
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