Regulations never sleep
Regs never sleep. And they can wake you up early. Early in the day and early in the startups life-cycle. When pitching for an early round, it’s tempting to think “Investors at this stage just need 1 slide or 2 to present our classification and a vague regulatory plan. In any case, they can always ask later, during the due diligence”. Experience proves that investors have done their homework: