Which of the following stages of equity financing comes last in the traditional order of progression?

Question

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The traditional order of progression for equity financing typically begins with investment by friends and family of the founders, followed by investment by the founders themselves. After those initial stages, outside investment from angel investors and venture capital firms may be sought. Finally, an initial public offering (IPO) may be considered as a way to raise capital by offering the shares of the company to the public. Therefore, the last stage in the traditional order would be an IPO.

Which of the Following Stages of Equity Financing Comes Last