A perceived roadblock for many investors is the fear of being a pioneer and thus limiting the potential for follow-on funding and/ or a secondary market for regaining liquidity. The often heard statement is: “Well, we would do it, we think it’s great, but no one else would so we might run into difficulties” 

→ If you heard this sentence again and again – state it. Often, the perceived openness of the investment world is very low in comparison to the real openness. It can also be helpful to bring investors that are interested in investing together with more seasoned steward-ownership investors and form groups. Additionally, the argument can be made that the investors will be faced with steward-ownership-aligned financing again and again in the future because it is gaining traction all over the world – so trying it out can make a lot of sense. If there are concrete fears around regaining liquidity (particularly if there is a set fund horizon at play), you could also see whether co-investors or other parties could provide guarantees that the investment will be paid back up to a certain point in time? Alternatively, consider structuring the financing to include a backup plan for investors. For instance, you could offer a fallback option with more conventional terms should certain conditions arise. Just be sure to clearly define when this “fallback” would activate and ensure you’re truly comfortable with this alternative. Some founders would prefer to forego investment entirely rather than ultimately take a conventional route in the end, so it’s essential to consider your boundaries before offering this option.