Standing outside of the Mercy Virtual facility in St. Louis on an unusually cold fall day, I was on the phone with two founders who were pitching me on a new blockchain startup. They had a few customers and some early traction, but nothing to indicate product-market fit. And yet, they had raised $3.5 million from crypto investors in an Initial Exchange Offering (IEO) to grow the team and build product. Remarkably, the $3.5 million they raised was non-dilutive, meaning they didn't have to give up equity in their business the same way you would have to through traditional venture capital.
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