Tyler Tringas

But there is still this classic early part of the process where 50, 100, 150, 200 grand will really, really get you over the hump, especially if you don't have a spouse who can cover your costs while you're

kind of building, or you don't happen to inherit a bunch of money or something like that, you know, this can be a material obstacle to starting a business.

And so, but once you get to the other side, you know, you have these businesses that actually, you know, I mean, it's not just micro PE, like everybody everywhere is thinking about, wow, these are great businesses.

I would love to buy them.

I would love to build one.

I would love to own one, you know, I would love to invest in one, but you've got to get over that hump to this sort of sustainably profitable business.

I mean, profitable, just kind of growable through free cash flow kind of phase.

And so that was the thing that I was thinking about.

How can we fund that?

And sort of immediately ran into two principal problems.

The first one is the actual...

kind of typical quiver of investing products for early stage startups just weren't aligned with, let's say someone who comes to me and said, Hey, I want to build the next base camp or I want to build the next wild bit or something like that.

I want to build a profitable, sustainable business.

Um,

If I write you a check on a convertible note that is premised on the idea that at some point you're going to raise a Series A and a Series B and all that sort of stuff, and you don't do any of that stuff, but you build a really successful, profitable business, I don't really have a way to get my money back.

So that was problem number one, was how do we design...

something that aligns us with these kinds of outcomes.

Right, exactly.

So, you know, it's just about alignment, right?

I mean, there is, you're right in that there is a way for me to get my money back.