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  "notes": "Educational content from the Ewing Marion Kauffman Foundation regarding venture capital deal structures.",
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      "text": "Closing a valuation gap: One method is to adjust the implicit valuation using one or more factors. Warrants, Liquidation preferences, Dividends, or a combination.",
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      "text": "If entrepreneurs and investors get close on a deal except for an explicit valuation, several approaches are available for resolving the impasse.",
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      "text": "Kick the ball down the road: When a subsequent financing round is envisioned in the near-term, early-stage investors can defer the negotiation of valuation to the next round.",
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      "text": "Without a collar on a high valuation, for example, investors could encounter the unusual venture that takes off like a rocket... Here's an example that illustrates both perspectives.",
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      "text": "Deferred valuation collars: Deferred valuation approaches can include a \"collar,\" which is a minimum and a maximum valuation that protects investors and entrepreneurs if the subsequent valuation is outside that collared range.",
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      "text": "Investment Valuations of Seed- and Early-Stage Ventures (continued)",
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      "text": "What if You Can't Agree on Valuation?",
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