IMO, there is a strategical business way to operate in a new field vs. the competition. Never unveil everything when entering a new field. Yes, they are new in this venture. That is a known fact.
I made a lot from software & bio startups, these folks were extremely secretive upon becoming established. Websites, cash-flow burn rates, even profits didn't matter at the start. Did I have some losers? Yes. Winners? Yes
It's all a process.. I know you get that. Some make it, some don't.. understanding the business side & weighing the facts as they come out. I am so cool with folks that can do that fairly.
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