Startup funding: SAFE Agreement: SAFE Agreements: Simplifying Startup Investments

1. Introduction to SAFE Agreements

SAFE (Simple Agreement for Future Equity) Agreements represent a pivotal innovation in the startup investment landscape. Conceived as an alternative to traditional equity and convertible note financing, SAFE agreements streamline the process for startups seeking early-stage funding. Unlike convertible notes, SAFEs are not debt instruments; they do not accrue interest or have a maturity date, which can alleviate the financial pressure on young companies. Instead, they offer investors the right to convert their investment into equity at a later date, typically during a future financing round, at a valuation cap or discount rate.

From the perspective of founders, SAFE agreements offer a swift and less cumbersome means of securing funds without immediately diluting ownership. For investors, they provide a relatively straightforward path to equity in a potentially lucrative startup, with terms that are often more favorable than those of later-stage investors. However, the simplicity of SAFEs can also be a double-edged sword. The lack of complexity means fewer protections for both parties, and the valuation cap can sometimes lead to disputes if the startup's valuation increases significantly.

Here are some in-depth insights into SAFE Agreements:

1. Valuation Cap and Discount Rate: The valuation cap is the maximum valuation at which an investor's funds can convert into equity. For example, if a SAFE has a $5 million cap and the company later raises funds at a $10 million valuation, the SAFE investor's funds convert as if the company were only valued at $5 million, resulting in more shares for the investor. The discount rate works similarly, giving investors a percentage reduction on the price per share during the equity conversion.

2. pro Rata rights: Some SAFEs include pro rata rights, allowing investors to maintain their percentage ownership in subsequent funding rounds. This can be crucial for investors who believe in the long-term potential of the startup and wish to avoid dilution.

3. Conversion Triggers: Conversion events are predefined circumstances under which the SAFE converts into equity. These are typically a priced equity financing round, a liquidity event, or sometimes a dissolution event.

4. MFN Clause (Most Favored Nation): An MFN clause ensures that if a startup issues a subsequent SAFE with more favorable terms, earlier SAFE holders can adopt those terms. This protects early investors from being disadvantaged by later, more attractive agreements.

5. Early Exits: In the event of an acquisition or IPO, SAFE holders may either convert their investment into equity at the cap or receive a payout equivalent to their investment or a multiple thereof, depending on the terms of the SAFE.

6. Potential Risks: While SAFEs are designed to be founder-friendly, they can sometimes lead to conflicts, especially if the company's valuation grows beyond expectations. Investors might find themselves with a smaller piece of the pie than anticipated, and founders may face dilution if they have to issue more shares to satisfy SAFE holders.

To illustrate, let's consider a hypothetical startup, "TechNovate," which issues a SAFE with a $2 million cap and a 20% discount rate to an early investor for $100,000. If TechNovate's next funding round values the company at $10 million, the investor's SAFE would convert at the $2 million cap, significantly increasing the number of shares they receive compared to a direct investment at the $10 million valuation. This scenario highlights the potential upside for investors, while also showcasing the importance of carefully structured terms to balance the interests of both founders and investors.

SAFE Agreements have undeniably simplified the investment process for startups, but they require careful consideration to ensure they align with the long-term goals of both the company and its investors. As with any financial instrument, the key to success lies in understanding the nuances and implications of the agreement for all parties involved.

2. The Evolution of Startup Financing

The landscape of startup financing has undergone significant transformation over the years, evolving from the traditional avenues of bootstrapping and bank loans to a complex ecosystem involving angel investors, venture capital firms, and innovative funding instruments like simple Agreements for Future equity (SAFE). This evolution reflects the changing dynamics of the startup world, where rapid scale and growth have become paramount, and the need for more flexible, founder-friendly funding options has risen to the forefront.

1. Bootstrapping: Initially, many startups relied on bootstrapping, where founders would use their own capital or operational revenue to fund the business. This approach allowed for full control but often limited the speed and scale of growth due to financial constraints.

2. angel investors: As the startup ecosystem matured, angel investors emerged as key players. These are individuals who provide capital for a business start-up, usually in exchange for convertible debt or ownership equity. A notable example is Peter Thiel's $500,000 angel investment in facebook in 2004, which was crucial for the social network's early development.

3. Venture Capital: The introduction of venture capital (VC) brought about a paradigm shift, with professional investors seeking high-risk, high-return investments in startups with strong growth potential. VC funding rounds, categorized into seed, Series A, B, C, and beyond, became milestones for startups aiming to scale quickly.

4. Crowdfunding: Platforms like Kickstarter and Indiegogo democratized startup financing by allowing anyone to invest small amounts in startups in exchange for early access to products or equity. Pebble Technology, for example, raised over $10 million on Kickstarter, highlighting the power of community support.

5. Accelerators and Incubators: Organizations like Y Combinator and Techstars provided a blend of seed investment, mentorship, and networking opportunities, often culminating in a demo day where startups pitch to investors. Dropbox and Airbnb are among the success stories that benefited from such programs.

6. SAFE Agreements: Introduced by Y Combinator in 2013, SAFE agreements simplified the investment process by deferring the valuation of a startup until a later financing round, thereby reducing legal costs and negotiation complexities. They quickly gained popularity for their simplicity and flexibility.

7. corporate Venture capital (CVC): In recent years, corporations have established their own VC arms to invest in startups that align with their strategic interests. Google Ventures (GV), for example, has made significant investments in companies like Uber and Slack.

8. initial Coin offerings (ICO): The rise of blockchain technology led to the advent of ICOs, where startups raise funds by issuing their own digital tokens. Ethereum's ICO in 2014 is one of the most successful examples, raising $18 million.

9. revenue-Based financing: This newer model allows startups to receive upfront capital in exchange for a percentage of ongoing gross revenues. It's particularly attractive for companies with strong revenue streams but a desire to avoid diluting equity.

The evolution of startup financing is a testament to the adaptability and innovation inherent in the entrepreneurial world. Each stage of development has brought forth new challenges and opportunities, shaping the way founders fund their visions and dreams. As the startup landscape continues to evolve, so too will the mechanisms by which they are funded, promising an exciting future for founders and investors alike.

3. Understanding the Mechanics of a SAFE Agreement

SAFE agreements, or Simple agreements for Future equity, have become a popular instrument for startups seeking early-stage funding without the complexity of traditional equity rounds. These financial instruments are designed to be straightforward and cost-effective, allowing startups to receive funding quickly while providing investors with the opportunity to convert their investment into equity at a later date, typically during a priced funding round.

From the perspective of a startup, SAFE agreements offer the advantage of deferring the valuation discussion until the company is more mature and has a clearer financial trajectory. This can be particularly beneficial for startups in their nascent stages, where determining a fair valuation can be challenging and potentially contentious. For investors, SAFEs provide a simpler alternative to convertible notes, without the burden of interest rates or maturity dates, which can complicate the investment process.

However, understanding the mechanics of SAFE agreements is crucial for both parties involved. Here are some key points to consider:

1. valuation cap: The valuation cap is the maximum valuation at which an investor's money can convert into equity. For example, if a SAFE has a valuation cap of $5 million and the company later raises a Series A at a $10 million valuation, the SAFE investor's funds convert as if the company were valued at $5 million, giving them a larger share of the company for their investment.

2. Discount Rate: Some SAFEs include a discount rate that provides investors with a percentage reduction on the price per share of the equity they are buying. This serves as an incentive for investing early.

3. Pro Rata Rights: These rights allow investors to maintain their percentage ownership in subsequent funding rounds. If an investor holds a SAFE with pro rata rights, they have the option to buy additional shares at the next equity round to avoid dilution.

4. Conversion to Equity: The conversion event is typically a priced funding round, such as Series A, where SAFEs convert into equity. The terms of the conversion are predefined in the SAFE agreement and are based on the valuation cap or discount rate.

5. MFN Clause: The "Most Favored Nation" clause ensures that if a startup offers better terms to future investors, those terms will also apply to the existing SAFE holders.

To illustrate these points, let's consider a hypothetical startup, "Tech Innovate," which issues a SAFE to an investor with a $2 million valuation cap and a 20% discount rate. If Tech Innovate later raises a Series A at a $10 million valuation, the investor's SAFE would convert at the lower $2 million cap. However, if Tech Innovate offers a subsequent SAFE with a $1.5 million cap before the Series A, the MFN clause would allow the initial investor to convert at this new, lower cap, ensuring they do not miss out on more favorable terms.

Understanding the mechanics of SAFE agreements is essential for both startups and investors to navigate early-stage funding effectively. By considering the various perspectives and potential scenarios, parties can enter into these agreements with a clear strategy and mutual expectations, paving the way for a successful partnership and growth.

4. Advantages of Using SAFE Agreements for Startups

SAFE (Simple Agreement for Future Equity) agreements offer a multitude of advantages for startups navigating the often turbulent waters of early-stage funding. These instruments, designed to simplify the investment process, provide a flexible, efficient, and entrepreneur-friendly pathway to secure necessary capital. Unlike traditional funding mechanisms, safe agreements are not debt instruments; they are agreements to provide a future equity stake based on specific triggering events, typically tied to valuation rounds. This structure inherently aligns the interests of investors and founders, as both parties are vested in the company's growth and success.

From the perspective of a startup, the benefits of utilizing SAFE agreements are manifold. For one, they minimize the legal complexities and costs associated with early-stage financing. Startups can bypass the often onerous terms and negotiations that come with debt financing or the immediate equity dilution of a priced round. Moreover, SAFE agreements offer a degree of flexibility that is particularly valuable for startups whose valuations are not easily determined in their nascent stages. They allow founders to focus on what they do best—growing their business—without the distraction of protracted funding negotiations.

Here are some in-depth advantages of using SAFE agreements for startups:

1. Speed and Simplicity: SAFE agreements are typically shorter and less complex than traditional equity or debt documents, which means they can be executed quickly, allowing startups to access funds faster.

2. Cost-Effectiveness: The simplicity of SAFE agreements also translates into lower legal fees, as there is less negotiation and fewer documents to draft and review.

3. Flexibility in Valuation: Startups often face challenges in establishing a fair market valuation. SAFE agreements defer this valuation until a later date, usually the next round of funding, when more information is available to accurately assess the company's worth.

4. Founder-Friendly Terms: SAFEs often lack the stringent terms of debt agreements, such as interest rates or maturity dates, reducing the financial pressure on startups during critical growth phases.

5. Investor Alignment: Investors who use SAFE agreements are typically aligned with the startup's long-term success, as their return is dependent on the company's growth and a subsequent valuation event.

6. Avoidance of Debt on Balance Sheets: Since SAFE agreements are not debt, they do not appear on the balance sheet, keeping the company's debt-to-equity ratio more attractive to future investors.

7. Minimized Dilution: Founders can avoid immediate dilution of ownership, as SAFEs convert to equity at a later stage, often at a better valuation due to the company's growth.

8. cap Table clarity: The conversion terms of SAFEs are straightforward, which helps maintain a clean cap table and simplifies future investments and acquisitions.

To illustrate, consider a startup that opts for a SAFE agreement over traditional venture capital in its seed round. By doing so, the founders retain more control over their company and avoid immediate dilution. When the startup eventually enters a series A funding round with a clear valuation, the SAFE converts into equity at pre-agreed terms, often including a discount rate for the initial investors as a reward for their early support.

SAFE agreements represent a shift towards more founder-friendly funding mechanisms, reflecting a deeper understanding of the unique challenges startups face. They are not without their critics or potential drawbacks, but for many startups, the advantages of using SAFE agreements can be the difference between a stifling early-stage experience and a more liberated path to growth and success.

5. Why Choose SAFE Over Traditional Equity?

When investors consider funding a startup, the choice between a Simple agreement for Future equity (SAFE) and traditional equity can significantly impact both the immediate financial implications and the long-term relationship with the company. SAFE agreements, introduced by Y Combinator in 2013, have gained popularity for their simplicity and flexibility, offering a compelling alternative to the often complex and time-consuming process of traditional equity financing.

From an investor's perspective, choosing SAFE over traditional equity can be advantageous for several reasons. Firstly, SAFEs are designed to be straightforward and cost-effective. They eliminate the need for lengthy negotiations and legal costs associated with equity rounds, allowing investors to quickly and efficiently allocate funds to promising startups. Secondly, SAFEs defer the valuation of a company until a later date, typically the next funding round, which can benefit investors by postponing the need to determine a potentially speculative early-stage valuation.

Here are some in-depth insights from different perspectives:

1. Speed of Investment: SAFEs allow for a faster investment process. Traditional equity rounds can take months to negotiate, but a SAFE can be executed in a matter of days. This speed is crucial in the fast-paced startup world, where opportunities can come and go quickly.

2. Cost Efficiency: The legal and administrative costs associated with traditional equity can be substantial. SAFEs, being simpler agreements, reduce these costs, making them a more cost-effective option for both parties.

3. Valuation Flexibility: With traditional equity, investors and startups must agree on a valuation, which can be difficult and contentious. SAFEs defer valuation until a priced round, reducing early-stage friction and aligning interests for growth.

4. Downside Protection: SAFEs often include provisions like valuation caps or discount rates that offer investors downside protection. For example, if a startup's next equity round is at a lower valuation than expected, the investor's SAFE converts at a more favorable rate, ensuring a better position in the company.

5. Simplicity and Clarity: Traditional equity investments can involve complex terms and rights. SAFEs are simpler, with fewer terms to negotiate, leading to clearer expectations and relationships.

6. early Exit scenarios: In some cases, SAFEs can include terms that allow investors to recoup their investment in early exit scenarios, such as a sale of the company, before a priced equity round occurs.

To illustrate, consider the case of a hypothetical startup, 'TechNovate', which secured initial funding through a SAFE. The investor agreed to a $2 million investment with a $10 million valuation cap. When TechNovate raised its Series A at a $15 million valuation, the investor's SAFE converted at the more favorable $10 million cap, resulting in a larger equity stake than if they had invested directly in the Series A.

While traditional equity remains a viable option for many investors, the benefits of SAFEs—particularly in terms of speed, cost, and flexibility—make them an increasingly popular choice for those looking to invest in the high-risk, high-reward world of startups. Each investment scenario is unique, and investors must weigh the pros and cons based on their individual strategies and the specifics of each startup opportunity.

6. Key Terms and Conditions in SAFE Agreements

SAFE (Simple Agreement for Future Equity) agreements are a popular instrument for early-stage startups to secure initial funding without the complexity of a traditional equity round. They represent a contractual promise by the startup to provide the investor with equity at a future date, under specific conditions. This financial instrument is designed to be simple and straightforward, reducing the legal costs and time typically associated with seed rounds.

From the perspective of founders, SAFE agreements offer a quick and efficient way to raise capital, allowing them to focus on growing their business rather than getting bogged down in negotiations. Investors, on the other hand, appreciate SAFE agreements for their potential for high returns and the relative simplicity compared to convertible notes, which often include interest rates and maturity dates.

Here are some key terms and conditions typically found in SAFE agreements:

1. Valuation Cap: This is the maximum valuation at which an investor's money converts into equity. For example, if a SAFE has a valuation cap of $5 million and the company later raises a Series A at a $10 million valuation, the SAFE investor's funds convert at the $5 million cap, resulting in more shares (and thus a higher percentage of ownership) than if they had converted at the Series A valuation.

2. Discount Rate: Often, SAFEs include a discount rate that gives investors a certain percentage off the price per share of the next financing round. For instance, a 20% discount rate would mean that safe investors get to convert their investment into equity at a price that is 20% less than the price paid by Series A investors.

3. Pro Rata Rights: These rights allow investors to maintain their percentage ownership in subsequent funding rounds. If an investor holds a SAFE with pro rata rights, they have the option (but not the obligation) to purchase additional shares at the same terms as the new investors to avoid dilution.

4. Most Favored Nation (MFN) Clause: This clause ensures that if the company issues other SAFEs with more favorable terms, the holders of the original SAFE will be given the opportunity to adopt these more favorable terms.

5. Conversion Triggers: SAFEs typically convert into equity during specific events, such as the company's next equity financing round, a liquidity event, or an IPO. The terms will specify what constitutes a trigger event and how the conversion will be calculated.

6. Early Exit: In the event of an acquisition or merger before the SAFE converts, there may be terms dictating how the investment is treated. This could range from a return of the original investment to a share in the sale proceeds based on the valuation cap.

7. Equity Ownership: Upon conversion, the SAFE investor usually receives preferred stock, which may come with additional rights like dividends or liquidation preferences.

To illustrate, let's consider a startup that issues a SAFE with a $2 million valuation cap and a 20% discount rate. If the startup's next funding round values the company at $10 million, the SAFE investor's funds convert at the lower $2 million cap. However, if the next round's valuation is only $1.5 million, the investor benefits from the 20% discount, converting their investment at a $1.2 million valuation.

It's important for both founders and investors to understand the implications of each term in a SAFE agreement. While SAFEs simplify the investment process, they can also lead to complex outcomes, especially when multiple rounds of SAFEs are issued with varying terms. Careful consideration and, often, legal advice are recommended to ensure that the interests of both parties are adequately protected.

7. Successful Use of SAFE Agreements

SAFE (Simple Agreement for Future Equity) Agreements have become a popular instrument for startup investments, offering a simpler, more flexible alternative to traditional equity and debt financing. These agreements allow investors to convert their investment into equity at a later date, typically tied to a valuation event like a future funding round or an IPO. The success of SAFE agreements can be attributed to their straightforward terms, cost-effectiveness, and the alignment of interests between founders and investors. They eliminate the need for complex negotiations over valuation caps, discounts, and interest rates that are common in convertible notes.

From the perspective of founders, SAFE Agreements provide a quick way to secure funding without immediately diluting ownership. For investors, they offer a potential for high returns and an opportunity to support a company in its early stages. The following case studies illustrate the successful use of SAFE Agreements from various viewpoints:

1. Startup Growth: A tech startup used a SAFE agreement to raise seed capital quickly, allowing them to scale operations and reach a significant user base. This growth led to a Series A round at a much higher valuation, rewarding early investors with substantial equity.

2. Investor Confidence: An angel investor chose to invest through a SAFE Agreement, attracted by the simplicity and potential upside. The startup's subsequent success and acquisition by a larger company resulted in a lucrative return on investment.

3. Flexibility in Negotiations: A group of investors and a startup were at an impasse over valuation. By opting for a SAFE Agreement, they postponed the valuation discussion, which allowed the investment to proceed and the startup to prove its worth through performance.

4. Accelerator Programs: Many accelerators have adopted SAFE Agreements as a standard investment vehicle. One notable example is a startup that received funding through an accelerator's SAFE, which later converted into equity during a high-profile funding round, benefiting both the startup and the accelerator.

5. International Expansion: A startup with global ambitions used a SAFE Agreement to secure funding from international investors. This approach facilitated cross-border investments without the complexities of international equity regulations.

6. Diverse Investor Base: A consumer goods startup utilized safe Agreements to raise funds from a wide range of investors, including industry experts and customers. This not only provided capital but also created a community of advocates for the brand.

These case studies demonstrate the versatility and effectiveness of SAFE Agreements in various scenarios. They highlight how this innovative financial instrument can be tailored to suit the unique needs of startups and investors alike, fostering an environment conducive to growth and mutual success.

8. Potential Pitfalls and How to Avoid Them

navigating the landscape of startup funding can be a complex endeavor, especially when it comes to instruments like SAFE (Simple Agreement for Future Equity) agreements. While SAFE agreements offer a streamlined approach to investment, they are not without their challenges and potential pitfalls. Understanding these risks from various perspectives – founders, investors, and legal advisors – is crucial for both parties to ensure a fair and successful investment process. Founders must be vigilant about the valuation caps and discount rates, ensuring they don't give away too much equity too cheaply. Investors, on the other hand, need to be wary of the liquidity provisions and the maturity date, as these can significantly affect the return on investment. Legal advisors must ensure that the terms are clear and enforceable to avoid future disputes. By delving into these aspects with a critical eye, one can navigate the complexities of SAFE agreements with greater confidence and strategic foresight.

1. Valuation Caps: A common pitfall for founders is agreeing to a valuation cap that is too low. This can lead to excessive dilution of their ownership when the company raises future rounds at higher valuations. For example, if a founder agrees to a $5 million cap and the company later raises at a $10 million valuation, early investors would get twice the amount of equity they would have without the cap.

2. Discount Rates: Investors are often attracted to SAFE agreements that offer a discount on the price per share when the agreement converts during a future priced round. However, founders should be cautious not to set the discount rate too high, as it can also lead to unwanted dilution. A balanced approach is to offer a discount rate that is attractive to investors but still preserves founder equity.

3. Liquidity Provisions: From an investor's perspective, the lack of liquidity is a significant concern. SAFE agreements typically do not have a maturity date, meaning that investors may have to wait an indefinite period for a return. Founders can address this concern by including provisions that allow for some form of liquidity event within a reasonable timeframe.

4. Maturity Date: Although traditional SAFE agreements do not have a maturity date, some variations include one. This can be a double-edged sword; it provides a timeline for conversion but can also pressure the company to raise a priced round before it is ready. For instance, a company might be forced to accept unfavorable terms in a funding round to meet the maturity date of a safe.

5. Pro Rata Rights: Investors may seek pro rata rights in a safe, which allow them to maintain their percentage ownership in future rounds. Founders should understand the implications of granting such rights, as they can limit the company's flexibility in managing its cap table.

6. Information Rights: Investors often request information rights as part of a SAFE agreement. While transparency is important, founders should ensure that the scope of these rights is reasonable and does not place an undue burden on the company's operations.

By being aware of these potential pitfalls and how to avoid them, both founders and investors can enter into SAFE agreements that are equitable and conducive to long-term success. It's about finding the right balance that aligns the interests of both parties and paves the way for a fruitful partnership. Remember, examples like the valuation cap scenario are not just hypotheticals; they are real-world issues that have impacted startups and their founders. Being prepared and informed is the best defense against these common pitfalls.

9. The Future of SAFE Agreements in Startup Ecosystems

SAFE (Simple Agreement for Future Equity) agreements have become a staple in the startup investment landscape, offering a streamlined alternative to traditional equity and debt financing. As we look towards the future, the evolution of SAFE agreements seems poised to further entrench their position as a preferred instrument for both founders and investors. The flexibility inherent in SAFE agreements allows for a variety of terms to be negotiated, catering to the unique needs of each startup-investor relationship. This adaptability is likely to drive innovation in deal structuring, with new clauses and conditions emerging to address the ever-changing dynamics of the startup ecosystem.

From the perspective of founders, SAFE agreements offer a quick and efficient means to secure funding without the immediate dilution of ownership. This is particularly advantageous during the early stages of a company's growth, where valuation can be difficult to determine and every percentage point of equity is precious. Founders are also likely to appreciate the relative simplicity of SAFE agreements, as they can avoid the often complex and time-consuming process of negotiating a priced equity round.

Investors, on the other hand, are drawn to SAFE agreements for their potential upside and reduced upfront legal complexity. However, they must also weigh the risks associated with the lack of immediate equity and the possibility of future dilution. As the startup landscape becomes more competitive, investors may seek additional protections within SAFE agreements, such as valuation caps and discount rates, to ensure their investments are adequately safeguarded.

1. Valuation Caps and Discounts: A common feature in SAFE agreements, valuation caps serve to protect investors by setting a maximum valuation at which their investment will convert into equity. Discounts, on the other hand, reward early investors by allowing them to convert their investment into equity at a price lower than future investors. For example, an investor might agree to a SAFE with a 20% discount rate, meaning they would pay 20% less per share than investors in a subsequent priced round.

2. Pro Rata Rights: These rights allow investors to maintain their percentage ownership in future rounds by purchasing additional shares. This can be particularly important for investors who wish to avoid dilution and retain influence in the company.

3. Most Favored Nation (MFN) Clause: An MFN clause ensures that if a startup offers better terms to a future investor, those terms will also apply to the original SAFE holder. This provides a level of fairness and protection for early investors.

4. Early Exit Scenarios: SAFE agreements may include terms that address what happens in the event of an acquisition or other liquidity event before the safe converts to equity. For instance, a SAFE might stipulate that in the event of a sale, the investor will receive a return equal to their investment or a share of the sale proceeds, whichever is greater.

5. Post-Money SAFE: The introduction of the post-money SAFE has provided greater clarity on ownership percentages after conversion, as it calculates the ownership stake based on the valuation at the time of the SAFE investment, including the amount of the SAFE.

As the startup ecosystem continues to mature, we can expect to see further refinements to SAFE agreements that balance the needs of founders and investors. For example, a startup might offer a SAFE with a specific clause that triggers conversion upon achieving certain milestones, such as revenue targets or user growth, providing a clear path to equity for investors while allowing founders to retain control during critical growth phases.

The future of SAFE agreements in startup ecosystems looks bright, with ongoing innovations likely to enhance their utility and appeal. As both founders and investors seek to navigate the complexities of startup funding, SAFE agreements will continue to evolve, reflecting the collaborative spirit and ingenuity that are hallmarks of the entrepreneurial world.

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