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The instruments is essentially a modified SAFE with a clause for distributions (which keys off a multiple of the founder's salary) and no expiration date. The intent was to keep it…

Candidly, I thought the piece was going to be a broader look at VC alternatives. I was as surprised as anyone to see that Indie.vc WAS the story.

thanks for the encouraging words.

we convert at the pre-determined equity amount.

Let's try this an example. Say at the time of funding founders are paying themselves $100k salaries each. They can pay themselves up to $150k each (150% salary at time of funding o…

our assumption is that we'd need to wave our rights to distributions should an equity financing come together.

That's all part of the experiment. Given the only forcing function for distributions is tied to founder salary, there is no reason founders couldn't simply keep investing in, and g…

It certainly isn't for everyone. Perhaps it can grow to larger companies over time, but we wanted constraints on the initial experiment. People who are applying seem to be equally …

There is no timeframe on repayment of the loan. If founders want to keep reinvesting in the business that is fantastic. If they want to start taking more out for themselves, that's…

Hopefully the application and interview process will help us weed out the scammers.

hey all- thanks for taking an interest in the post, I've really enjoyed reading your feedback. the impetus for this one was a series of conversations with entrepreneurs who said th…

Great post Paul. One thing to highlight is that traditional VCs, historically, don't make "venture level" returns in efficient markets. Your examples highlight the cash efficiencie…