Raises funding terms
Altman announces the company is increasing the amount it provides to approved startups. In return, it will take a slightly larger equity stake of 7%.
$97k was about right at the time, but the cost of living in the Bay Area has gone up substantially. So we’re increasing the total to $120k, which we hope is enough for the founders to run their business and pay their living expenses for at least six months, and sometimes longer.