Among the most vexing challenges for entrepreneurs is how to avail
themselves of the necessary services--intellectual venture
capital--without burning through their seed money at a rate that
makes further borrowing prohibitively expensive. Traditionally,
professional firms have charged entrepreneurs a fee for their
services, based on billable hours and effort. Yet in the past
decade, an alternative model has emerged that obviates the
entrepreneurs' conundrum while still satisfying the needs of the
service provider. The alternative is an equity-for-services
arrangement, whereby professionals are rewarded for their work with
a stake in the new venture, to be redeemed at a later date at an
initial public offering (IPO), for example, or when a trust fund
matures. Both parties can benefit under such an arrangement. The
entrepreneur benefits by being able to afford patent attorneys,
public relations consultants, recruiting firms, and all the other
knowledge providers crucial to the success of a new venture, and
the intellectual venture capitalists have an incentive to work
toward the long-term success of the startup. This book outlines the
potential risks and rewards of equity compensation, enabling both
service providers and entrepreneurs to make informed decisions.
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