Equity equivalence calculator
Comparing dilutable equity stakes against anti-dilution-protected stakes across funding rounds. See the research for the full argument.
About the US comparison
US university spinout terms vary widely. Many deals take a straight 5% (or less) dilutable stake with no protection at all. Only some include an anti-dilution protection cap, and when they do, the cap is typically in the €2–15M range, with €20M at the extreme.
The "5% non-dilutable up to €10M" framing that sometimes appears in policy documents as the US standard is therefore one specific example structure, not necessarily the default. This tool lets you compare it against a dilutable stake to see how the two actually behave across exit sizes.
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