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Startup founders are sometimes surprised when they spend a year or two executing against their roadmap, make a lot of progress, and still have to struggle to raise more capital. Why wouldn't investors be interested in a company if it's much further along than it was last year? Why are the few investors who are interested only willing to invest at a lower valuation?
Unfortunately, all progress is not created equal. Sometimes moving forward gets founders closer to the goal of building a huge, profitable company, but sometimes it shows that they're on the wrong path, or that their goal is unattainable.
Via Pantelis Chiotellis
