In this episode of QSBS, Solved, host Brady Weller sits down with Itamar Novick (General Partner, Recursive Ventures) and Aaron Rosenson (co-founder, Aption) to examine the brutal concentration risk founders carry when building startups. We get specific on the mechanics that drive startup outcomes, liquidation preferences, participation, and how to negotiate term sheets with founder and employee alignment in mind. Itamar shares how he has helped companies raise their next rounds and why many great businesses shouldn’t take venture money at all, drawing on lessons from Life360’s long road to IPO and his running “VC horror stories.”Aaron then introduces Aption’s cash-free equity pooling: a way for founders to "swap" a slice of paper wealth for a diversified basket of similarly promising companies, adding real downside protection without dulling ambition or misaligning incentives. The trio contrasts this with traditional secondaries, talks through pool risk profiles, and closes with a clear decision lens for early teams: bootstrap, venture, debt, or a blend—only if the opportunity is truly venture-scale. If you care about founder liquidity, rational risk, and alignment that actually survives market cycles, this conversation is a field guide.Check out Aption: https://aption.com/Learn more about Recursive Ventures: https://www.recursiveventures.com/Itamar: https://www.linkedin.com/in/itamarnovick/Aaron: https://www.linkedin.com/in/aaron-rosenson-5875a62a/ Contact: [email protected] | www.QSBSrollover.com

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