“Optionality” for Founders

The best start-ups, we at Kepha think, are the ones that have or can achieve “optionality.” Optionally creates founders’ freedom. Without it, you’re hosed. Here’s why. Optionally exists when you have a repeatable and scale-able revenue model. With that, you can forecast revenues, which is the best form of financing available: non-dilutive cash. When you