Interview with Sam Lessin and YouTuber Marina Mogilko about a $1.7M investment in her, in exchange for 5% of her creator-related earnings for the next 30 years
which attaches a number to a human and locks them into a three-decade contract—brings up a host of potential legal, ethical, and moral issues, which Lessin didn't shy away from when I asked him about it https://twitter.com/... Jessica Lessin / @jessicalessin : .@lessin, shall we say, is surely quotable! But thought this piece was very good for talking about creator funding and hearing directly from people like @linguamarina on why doing an equity deal (versus very onerous debt deals) was appealing. https://www.vice.com/... Maxwell / @maxwellstrachan : @lessin @linguamarina The creator will also fork over 5% of money made off IP to the venture firm in perpetuity, and she didn't have an agent negotiate the deal, instead doing it herself. Like the firm, she foresees a world where you invest in your favorite humans before they become successful. https://twitter.com/... Craig Goldstein / @cdgoldstein : my “it's def not indentured servitude” email has people asking a lot of questions already answered by my email https://twitter.com/... Matt Pearce / @mattdpearce : Okay except they're literally legally not explicitly investing in those people. The entire historical point of limited liability for the money people has been so they can start companies and it doesn't ruin their lives if the LLC fails. https://www.vice.com/... https://twitter.com/... Tom Gara / @tomgara : Paying a YouTuber $2 million for a 5% stake in all their future YouTube revenue seems like a significantly different thing to....slavery? https://www.vice.com/... Dan Gillmor / @dangillmor : Not the Onion: “A Former Facebook VP Thinks Investing in Humans Is the Future of VC” https://www.vice.com/... Gita Jackson / @xoxogossipgita : this story is WILD https://www.vice.com/... Joseph Cox / @josephfcox : Former Facebook VP thinks investing in humans is the future of VC. Person gets $1.7 million. Sam Lessin's venture firm gets 5% of their creator earnings for *30* years. https://www.vice.com/... Max Burns / @themaxburns : “I've been told by people that this is slavery for literally 20 years.” Apparently that didn't stop Lessin from powering forward. https://twitter.com/... Jason Koebler / @jason_koebler : My “it's def not indentured servitude” shirt is raising a lot of questions answered by my shirt https://www.vice.com/... Sam Biddle / @samfbiddle : “it's def not indentured servitude” is an instant Hall of Fame Tech Guy Quote https://www.vice.com/... Justin Block / @jblock49 : how do we hit reset on society? https://twitter.com/... Katie Drummond / @katiedrumm : “It's def not indentured servitude,” says former Facebook VP and venture capitalist who now invests in...humans. https://www.vice.com/... Maxwell / @maxwellstrachan : I spoke to venture capitalist Sam @Lessin about his plan to start investing directly in humans. Here's how it works: - @linguamarina gets $1.7 million upfront, no strings attached - The VC firm gets 5% of her creator earnings for 30 years https://www.vice.com/... Tim Marchman / @timmarchman : Former Facebook VP Sam Lessin is now investing directly in human beings, which he thinks is the future of venture capital. He gets why people are sensitive about slavery and indentured servitude. But! https://www.vice.com/... https://twitter.com/... @alex : I don't get what here is new, given that the creators in question must have corps? so slow is buying a % of corp earnigns, effectively? https://www.vice.com/... See also Mediagazer
How does this work? Can Lessin's firm sell its stake in the contract with the creator to another company? Like, can you trade and swap your stakes in your particular stable of peons?
@lessin @linguamarina The idea—which attaches a number to a human and locks them into a three-decade contract—brings up a host of potential legal, ethical, and moral issues, which Lessin didn't shy away from when I asked him about it https://twitter.com/...
.@lessin, shall we say, is surely quotable! But thought this piece was very good for talking about creator funding and hearing directly from people like @linguamarina on why doing an equity deal (versus very onerous debt deals) was appealing. https://www.vice.com/...
@lessin @linguamarina The creator will also fork over 5% of money made off IP to the venture firm in perpetuity, and she didn't have an agent negotiate the deal, instead doing it herself. Like the firm, she foresees a world where you invest in your favorite humans before they bec…
Okay except they're literally legally not explicitly investing in those people. The entire historical point of limited liability for the money people has been so they can start companies and it doesn't ruin their lives if the LLC fails. https://www.vice.com/... https://twitter.co…
Paying a YouTuber $2 million for a 5% stake in all their future YouTube revenue seems like a significantly different thing to....slavery? https://www.vice.com/...
Former Facebook VP thinks investing in humans is the future of VC. Person gets $1.7 million. Sam Lessin's venture firm gets 5% of their creator earnings for *30* years. https://www.vice.com/...
“I've been told by people that this is slavery for literally 20 years.” Apparently that didn't stop Lessin from powering forward. https://twitter.com/...
I spoke to venture capitalist Sam @Lessin about his plan to start investing directly in humans. Here's how it works: - @linguamarina gets $1.7 million upfront, no strings attached - The VC firm gets 5% of her creator earnings for 30 years https://www.vice.com/...
Former Facebook VP Sam Lessin is now investing directly in human beings, which he thinks is the future of venture capital. He gets why people are sensitive about slavery and indentured servitude. But! https://www.vice.com/... https://twitter.com/...
I don't get what here is new, given that the creators in question must have corps? so slow is buying a % of corp earnigns, effectively? https://www.vice.com/...