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Ep. 602: Mike Salguero Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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How to Raise Money for a Startup

We put down a $5,000 deposit and said we wanted 90 days due diligence to look at the website. And this was the fall of 2008 where Bernie Madoff just ran off with everyone's money. So it was really hard for us to go out and say, hey, this company is worth $5 million but we're going to buy the only asset for $150,000. Like that didn't really compute with people. Yeah, so we took down the website, started working on it out of my apartment. We started scaling a subscription based listing service where makers would pay an annual fee. Built out of sales team and just got going. Ended up taking five rounds of financing

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