Danish CCS Ecosystem
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I think the founder ownership report is a good source for benchmarks. But otherwise I think there is an overfocus on startups in your source material – my interest is in big industry. It’s about
- Minimising risk from a finanial standpoint
- Fostering lasting partnerships and retaining momentum and how not to stagnate the development of the company by avoiding commitment to making good mechanisms that can help the company move forward.
- It’s also about avoiding creating a bad reputation for your company where people see you as too slow
The thesis
Sharing ownership is not a concession – it’s the act that creates value. Every stakeholder you create becomes a node of commitment, effort, and network that compounds what you’re building. The founders who build something worth owning are the ones who made others owners.
… Securing partnerships (regardless) to enable long term growth … What is management is signalling
Outline:
- opening – The counterintuitive truth: the most valuable companies are usually ones where the founder owns less than they started with. (Carta data as hook)
- thesis – Giving up ownership strategically is the mechanism by which companies grow. It’s not a concession, it’s a multiplier.
- What changes when someone becomes an owner – The qualitative shift from employee to stakeholder. (Morgan Stanley retention data, NCEO productivity data)
- The compounding effect – Ownership + participation = 8-11% faster growth. Equity without involvement doesn’t work. (NCEO participatory management finding)
- Your personal observation – What you’ve seen across companies. The pattern when founders share vs. When they don’t.
- Why this feels hard – The endowment effect and loss aversion. Not a character flaw, a cognitive bias. Treated with empathy. (Kahneman/Thaler research).
- The nuance – Bootstrapping can work. Full ownership isn’t always wrong. The problem is reflexive resistance, not strategic retention. (Mail chimp example, bootstrapped exit data).
- The reframe – Don’t ask “how much am I giving up? Ask “ who needs to be an owner for this to become something worth owning?”
- Closing – A smaller piece of something that growth is worth more than all of something that doesn’t.
Sources:
- https://carta.com/data/founder-ownership/
- https://www.nceo.org/research/research-findings-on-employee-ownership
- https://www.newsletter.datadrivenvc.io/p/startup-salaries-equity-and-their-impact-on-employee-retention
- https://www.nature.com/articles/s41598-025-06280-7
- https://www.aeaweb.org/articles?id=10.1257/jep.5.1.193
- https://vistapointadvisors.com/perspectives/bootstrapping-vs-venture-capital