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Jason Fried
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Fried developed 37signals and Basecamp around paying customers rather than institutional venture rounds. There was an outside ownership transaction: in 2006 Jeff Bezos bought a minority stake from Fried and David Heinemeier Hansson. The founders say the money went to them, with none used to finance the company. That makes this a useful distinction between raising working capital and selling some existing ownership while a profitable business continues to fund itself.
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