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      "text": "In the midst of building the startup, founders can sometimes sell some of their equity and receive cash to use for personal purposes... These arguments contrast with the positive view of the effects of raising capital...",
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      "text": "Hypothesis 1a (core founder): If the core founder has prior founding experience and if the core founder taps personal networks to attract employees, the founder will retain more control.",
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      "text": "As founders give up equity and board seats in order to attract investors, the founders' percentage of board seats progressively decreases, until the point where the founders are a minority of board members...",
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