2009 Demand Developer Mezzanine 
K9 Ventures
OCTOBER 10, 2017
It is what Seed used to be from 2009-2013, until the Seed rounds got fat and bloated and the bar for raising a Seed round became a lot higher. Unless every aspect of product development is covered by founders who are only receiving equity, there are other parts of building a product that will require hiring highly qualified people.
techcrunch.com
FEBRUARY 19, 2010
Researchers polled experts in lending, mezzanine capital, private equity, venture capital and private businesses themselves. First it makes it prohibitively risky to develop software intellectual property as a means to build equity — because your competitor could just give it away! A lot of the stats weren’t surprising.
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