VENTURE HACKS — The company needs to raise a Series B. Your investors tell you not to spend time raising cash because they will put in more money: "You should focus on building the business." You want to shop around and raise money at a high valuation but the CEO does a half-arsed job because he knows this game. The company ends up doing the Series B with its existing investors because that is the best offer on the table. A few months later, the CEO's shares are "right-sized" and he is happy ("We have to pay the CEO market rates, right?"). The investors have put in more money at a low valuation and they are happy. The founders and employees have been diluted and they are wondering what just happened. [Venture Hacks, a new site, is an entrepreneur's guide to hacking venture capital]