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I think you'll find that the universe of supply where the landlord wants to rent a space for equity AND the startup wants to rent that particular space AND both agree on an amount of equity is very, very small. So, your marketplace is going to have a very difficult time.

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For some reason I am thinking this could unlock assets that aren't currently being used because the owner isn't as motivated by monthly rent. But might be more motivated by a more altruistic / help / mentor mentality of spurring economic growth in their home town. But you very well could be right. We'd like to test and see how small that universe is.

I certainly could be wrong. As you say, you won't know without trying.

The geography is going to play a big part, too. The average landlord in SF is going to understand startup economics much more than, say, in Texas or Michigan.

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