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Listen to Karl talk about his book The Fairshare Model. The Fairshare Model was conceived to deal with the uncertainty involved in establishing a value for a venture-stage company. There are ways to mitigate the risk of getting it wrong in a private offering, deal terms. But there is no equivalent in an IPO. The Fairshare Model changes that with a deal structure that places no value on future performance. It does that by providing shares for future performance that vote but cannot trade; they convert into the tradable stock based on performance milestones.
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