Re: "By binding the payback to profit" -- but it isn't bound to profit. Re-read the terms. It's Founder Earnings, which is profit PLUS any founder salary above a 'low but fair' threshold. You can be breakeven or below zero and still have shareable earnings with a SEAL if you are making a market rate (not low but still fair).
I spent days thinking this through and would be happy to explore your objections in a higher-fidelity forum or longer-form format than HN comments.
For now, suffice to say I have no incentive to mislead founders.
Re: "By binding the payback to profit" -- but it isn't bound to profit. Re-read the terms. It's Founder Earnings, which is profit PLUS any founder salary above a 'low but fair' threshold. You can be breakeven or below zero and still have shareable earnings with a SEAL if you are making a market rate (not low but still fair).
I spent days thinking this through and would be happy to explore your objections in a higher-fidelity forum or longer-form format than HN comments.
For now, suffice to say I have no incentive to mislead founders.