Juan Orbea

- Thinking about research as a market.

Investing

Simple Agreement for Future Equity (SAFE)

A SAFE gives investors the rights to purchase stock in a future equity round, often with a specific cap and/or discount. No specific price per share is determined at the time of the initial investment.

They’re a simple and fast way to get early investments into a company. The SAFE was originally

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Fund Structure

Traditional Fund

Traditional funds typically do a “big bang” fundraise and begin deploying capital after the First Close. Once the fund is officially closed, they’re unable to accept new LPs.

That said, it’s not uncommon for fund managers to leave their fund “open” for several months while deploying and raising additional capital.

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Another and generally better algorithm has you repeatedly drop yourself in random parts of the terrain, do simple hill climbing, and then after many such attempts step back and decide which of the hills were highest.

Who are the mitochondria in your company? Make that list. Invest in your relationships with these people, and in the people themselves.