Hi Taiyo, super interesting, thank you for sharing ☺️. Have you found a way to quantify how your partners act differently when they're stakeholders vs. when the partnership is purely a commercial one? It's a great point, I've just always found it hard to pin down the value which makes it hard to really track and ensure the company is realising it repeatedly, compared to other vehicles.

To your questions on our model: we have our own fund to co-invest with our corporates, so we aren't actually trying to get other VCs to invest in each venture. At exit and fully diluted our founders should have 10% each, so the equity stake is comparative to an average founder exit in the wild (though obviously in the wild it is possible to hold onto more equity too). Our founders are also typically at a different life stage. They've had their first startup but maybe not a huge exit, they're still passionate about entrepreneurship, but have more responsibilities which make it harder to justify the risk. So they're happy to balance a lower overall exit, with a shorter time to exit, less time spent fundraising, and some insane corporate scale strengths to tap into, which give advantages beyond pure cash injected. Hope that helps answer some of the Qs!