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Raising a lot of money did not necessarily mean a company’s exit value would be higher: 79% of the companies raised less than $50 million in total funding before exiting.

By connecting with content in this way, the community acknowledges supporters as essential curators, establishing their reputation while providing a venue for others to follow their selections. So splits have not only potentially created a new funding model for content but for curation as well.

Strong API-first businesses sit in this sweet spot: they provide mission critical but non-core functionality to their customers, like accepting payments, providing cloud security, or sending communications to customers.