Adam Jackson
👤 SpeakerAppearances Over Time
Podcast Appearances
connect clients with the talent that need them.
And so it's built and maintained and upgraded by our talent, right?
Which is, it could either be, you know, individual freelancers who write code or design UI or write product specs or groups like agencies like mine.
So the investors, the purchasers in those rounds were purchasing tokens.
And so, yeah, the equity in my dev shop is not worth anything.
So there's no reason to raise money.
It was a pre-negotiated term of those rounds.
Yeah.
So you've heard of SAFEs, right?
Simple Agreement Future Equity.
These investors bought SAFs, Simple Agreement Future Tokens.
SAFs have conversion caps.
SAFs have conversion caps, right?
And so there was a conversion cap in the SAF.
It's different levels for different SAFs, but-
They were all somewhere below a dollar, basically.
And that's the conversion price.
Exactly.
Most of the VCs are still locked up.
The some that have been unlocked are in circulation.