those companies with $5 million to $200 million in sales). The availability and cost of this capital depend on a number of factors:
-Perceived risk, in view of the quality of the management team and the opportunity.
-Industry, market, attractiveness of the technology, and fit.
- Upside potential and downside exposure.
-Anticipated growth rate.
-Age and stage of development.
-Amount of capital required.
-Founders' goals for growth, control, liquidity, and harvest.
-Fit with investors' goals and strategy.
-Relative bargaining positions of investors and founders given the capital markets at the time.