The dilution journey no one shows you: Day 1: 100% Pre-seed: 90% Seed: 74% Series A: 51% Series B: 40% Series C: 32% You started with everything. After Series C, you own a third. 75% of VC-backed companies never return capital to investors. If exit is below liquidation preference, founders get $0. Most founders don't realize what they're giving up until it's too late.