Venture Capital Without Unicorns

The venture capital industry runs on a single bet: back enough startups, watch most fail, and hope one unicorn pays for everything. James Thomason argues this is a financial engineering design choice, not just a law of nature. Venture Capital Without Unicorns introduces the Safer, an open-source financial instrument that gives investors equity upside and revenue-based yield, while letting founders retain control and build sustainably. Backed by Monte Carlo simulations, accounting frameworks, and 25 years of Silicon Valley operating experience.