Disrupting disruption with disruptive disruptions since 2010.
Stock-like compensation arrangements that mimic equity ownership without actually granting shares, often used to avoid dilution or regulatory complications. All the incentive alignment with bonus legal complexity.
A fledgling company designed for rapid growth and scale, typically fueled by venture capital, caffeine, and the unwavering belief that this time will be different. These entrepreneurial ventures aim to disrupt industries, change the world, and achieve unicorn status—though most will pivot three times and run out of runway first. It's where innovation meets delusion in the most optimistic way possible.
Restructuring that gives early investors and employees liquidity without selling the company, like a pressure release valve for cap table tension. An exit without the exit.
A system where VCs give small pools of capital to well-connected individuals to make investments on the firm's behalf. A brilliant way to outsource deal flow while paying in equity instead of salary.
A go-to-market strategy dependent on human sales teams to drive customer acquisition, typical in complex B2B products with long sales cycles. The opposite of letting the product sell itself.
A marketplace where shareholders can sell their existing equity to other investors, providing liquidity before an IPO or acquisition. It's the emergency exit when waiting for an actual exit feels like waiting for Godot.
Selling existing shares to other investors rather than the company issuing new shares, allowing early shareholders to get liquid without diluting anyone. The financial equivalent of sneaking out the back door.
The right to invest more than your proportional share in a subsequent round, allowing early investors to increase their ownership. Pro rata's aggressive older sibling who always wants more.
Having personal capital at risk in an investment or venture, theoretically aligning interests between founders and investors. It's the 'put your money where your mouth is' principle, except everyone's mouth is usually writing checks their bank account can't cash.
Serviceable Addressable Market—the portion of TAM you can realistically reach with your business model and resources; basically TAM divided by reality.
Simple Agreement for Future Tokens—a legal instrument for investing in future cryptocurrency tokens, for when you want equity but make it crypto.
The price per share at which employees can exercise their stock options. Set artificially low so they can actually afford to buy their equity on the off chance it's worth something.
A Stripe-era instrument designed to be even simpler than convertible notes—basically a promise to give equity someday, maybe.
The second institutional round where your company proves Series A wasn't a fluke—investors pony up $15M-$50M hoping you've figured out unit economics.
The portion of TAM you can actually reach with your sales and marketing strategy—much smaller than TAM but still wildly optimistic.
An independent appraisal of your private company's value for tax purposes—made by third parties specifically so the IRS can't argue your strike price was fraudulently low.
The realistic revenue you can capture in the next 5-10 years—the number that makes your board members slightly less nervous than TAM.
Sequential funding rounds labeled alphabetically, each supposedly representing the company's progression from barely-viable to 'we probably need more money anyway.'