How to raise money [by PG]

Paul Graham's essay "How to raise money" covers phase 2 fundraising, the round startups typically do after an initial raise of tens of thousands and before later growth rounds. He argues that founders should only raise when they want the money and investors can be convinced, and should treat investors as having said no until they confirm a definite offer in writing. He also recommends pursuing many investors in parallel, prioritized by expected value, which he defines as the likelihood of a yes multiplied by the size of the investment.