" In 93 percent of the cases examined, the strategy that a company emerges with (at exit) is completely different from the strategy it set out to implement. Citing a Harvard Business School study that found that it takes four to five years for the right product and business model to emerge, the Crescent Ventures study concludes that "a funding strategy that deploys capital incrementally while the business model is sharpened and the market is better understood" is infinitely preferable to a strategy that releases the funds in more conventional large tranches."