# kaal:claim:4015908-018

**Claim.** A carve-out for start-up expenses is economically unavoidable in most fair launches because it is not feasible to expect founders operating without funding to keep spending time and resources on the project without payback assurances.

**Type.** condition  **Support.** argued

**Holds when.**

- founders operate without outside funding
- project cannot raise outside capital in a reasonable timeframe

**Source quote.**

> As a matter of fact, it may not be feasible to get founders who operate without funding to keep spending time and resources on the project without payback assurances.

**From.** Wulf A. Kaal, *Fair Token Launch* (2022), III.2.c(5)(a) Start-up Expenses, page 10

**Cite as.** Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

**Verify.** sha256 of source PDF `e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202022%20-%20Fair%20Token%20Launch.pdf

**Topics.** innovation

**Keywords.** fair-launch, carve-outs, startup-expenses, founder-compensation

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