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Startups accept a 1-2% fraud rate as a cost of business
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100% correct from @lessin -- in startups, we have a 1-2% fraud rate, and THAT'S OK!!! It's like credit card fraud... You fight it, of course, but you accept it as part of doing business so you can move fast and take risks.
This Week in Startups@twistartups3d ago
Sam Lessin says if there’s zero fraud in your seed portfolio, you’re not taking enough swings. His fund runs about a 1% “oops, it was fraud” rate, and he’s fine with it. Healthy risk or excuse for lazy diligence? @lessin @Jason
