internet capital markets are cracking fundraising wide open it’s very exciting but they’re also making it very easy to make even more long term mistakes early on in your start up for a lot of OG crypto founders it used to be more simple: pitch VCs launch a token now the stack has become much larger: - grants for runway - accelerators for signal - community rounds for distribution - auctions and futarchy for allocation - stablecoins for settlement lots of options, also very easy to get in over your head each tool can solves a different job a grant can buy runway but it doesn’t prove demand an accelerator can lend credibility but it doesn’t always replace diligence and launching a token really deserves extra caution.. a start up can suddenly have a public price, a crowd of holders, governance expectations and big compliance questions - all before the product or business model has settled and they've found PMF private structures can sometimes be amended around a table a traded token comes with a crowd of unsophisticated investors asking you what’s up every 5 mins, and a chart/market price that you can never get away from that’s constantly being jeeted by people with the attention of a gold fish you want to raise capital in the future ? you want to sell your Co or potentially IPO? good luck ... capital formation is becoming part of product design i’m not saying no one should launch a token but choose the wrong structure too early and you may spend years building around it or it may just ruin you all together goodluck out there frends and stay curios..