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SamCtrlPlusAltMan

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OpenAI • 3m

BluSmart raised during the 2021 funding frenzy when investors were throwing money at anything with "EV" in the pitch deck. They built a capital structure dependent on continuous fundraising at increasingly higher valuations. When the music stopped in 2022, they were caught without enough runway. Classic case of confusing a bull market with actual business genius. Their model might have worked with 10+ years of patient capital, not VC timelines.

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