{"id":1877,"date":"2023-01-11T19:50:02","date_gmt":"2023-01-11T19:50:02","guid":{"rendered":"https:\/\/www.sadc.org\/?page_id=1877"},"modified":"2025-06-02T14:11:17","modified_gmt":"2025-06-02T14:11:17","slug":"convertible-bills-kiss-safe-convertible-instruments","status":"publish","type":"page","link":"https:\/\/sadc.org\/en\/convertible-bills-kiss-safe-convertible-instruments\/","title":{"rendered":"Convertibles: KISS bills and SAFE instruments"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"1877\" class=\"elementor elementor-1877\" data-elementor-post-type=\"page\">\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ab10266 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ab10266\" data-element_type=\"section\">\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wide\">\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2691f79\" data-id=\"2691f79\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cc511ff elementor-widget elementor-widget-breadcrumbs\" data-id=\"cc511ff\" data-element_type=\"widget\" data-widget_type=\"breadcrumbs.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t<p id=\"breadcrumbs\"><span><span><a href=\"https:\/\/sadc.org\/en\/\">Home<\/a><\/span><\/span><\/p>\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-71ddfbc elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"71ddfbc\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Convertibles: KISS bills and SAFE instruments<\/h1>\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-a7ae757 elementor-widget elementor-widget-heading\" data-id=\"a7ae757\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">These very similar financial products are designed for STARTUPs.  To explain who these products are designed for, it's important to define the terms STARTUP, KISS and SAFE.  <\/h2>\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-3ccd757 elementor-widget elementor-widget-text-editor\" data-id=\"3ccd757\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">STARTUP: <a href=\"https:\/\/sadc.org\/en\/how-to-become-a-young-entrepreneur\/\">Young<\/a> entreprise innovante \u00e0 fort potentiel de <a href=\"https:\/\/sadc.org\/en\/growth-mindset\/\">growth<\/a> sur sa valeur future et qui doit encore faire du d\u00e9veloppement de son ou ses produits et d\u00e9velopper ses march\u00e9s.\u00a0 L\u2019entreprise n\u2019a pas encore pleinement d\u00e9termin\u00e9 son <a href=\"https:\/\/sadc.org\/en\/business-plan-advice\/\">model<\/a> business.<\/span><\/p><p><span style=\"font-weight: 400;\">KISS: <\/span><a href=\"https:\/\/betakit.com\/why-500-canada-prefers-a-kiss-from-a-unicorn-instead-of-playing-it-safe\/\"><span style=\"font-weight: 400;\">Keep It Simple Security (KISS)<\/span><\/a><span style=\"font-weight: 400;\"> is a set of legal document templates developed by US business gas pedal 500 Startups in 2014.<\/span><\/p><p><span style=\"font-weight: 400;\">SAFE : <\/span><a href=\"https:\/\/www.ycombinator.com\/\"><span style=\"font-weight: 400;\">Simple Agreement for Future Equity (SAFE)<\/span><\/a><span style=\"font-weight: 400;\"> is a set of legal document templates developed by US business gas pedal Y combinator in late 2013.<\/span><\/p><p><span style=\"font-weight: 400;\">Both SAFE and KISS bills are relatively straightforward, enabling your STARTUP to obtain cash in return for a promise to distribute future shares at a value generally determined at the time of the first round of financing.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">To compensate investors for the additional risk involved in investing in a STARTUP, they receive a risk premium on their investment, which is included in the bills.  This takes the form of a discount or premium in return for early investment in the company's development process.  A 20% rebate, for example, translates into a discount on the share price in the first round. If the share price is set at 2$ in the first round of financing, then holders will be issued shares corresponding to a price of 1.60$ per share.<\/span><\/p><p><span style=\"font-weight: 400;\">The bills also provide for a valuation cap for the investor holding the bill.  If a valuation cap is set at $2 million in the agreement, and the company sells its shares at a valuation price of $5 million, the cap set in the conversion bill applies.\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The rules are simple, and the most favorable of the discount or cap applies in favor of the investor.  These bills may also contain clauses in anticipation of possible future rounds of issues of other bills and participation rights.<\/span><\/p><p><span style=\"font-weight: 400;\">Despite the peculiarities of this type of financing, the advantages are not negligible and can be very beneficial. What's more, it's important to note that new shareholders, like venture capitalists, bring more than just money to the table.  Their contribution can be highly strategic, giving the entire organization the benefit of their networks of contacts.  They also bring knowledge and experience to the organization.\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">In addition to answering your questions, our SADC experts can help you make a real analysis of your situation.  What's more, an analysis of your long-term needs and the determination of an appropriate financial strategy for your business could be developed at the same time.<\/span><\/p><p><span style=\"font-weight: 400;\">See the list of different needs to the right that this financial product can meet.   Don't hesitate to apply for financing from SADC.  We'll be happy to support you as you think about your project and bring it to fruition.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-c631086 elementor-widget__width-initial elementor-absolute elementor-view-default elementor-position-top elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"c631086\" data-element_type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"icon-box.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/demande-a-la-sadc\/\" class=\"elementor-icon\" tabindex=\"-1\" aria-label=\"Online financing application\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-handshake\"><\/i>\t\t\t\t<\/a>\t\t\t<\/div>\t\t\t\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/demande-a-la-sadc\/\" >\n\t\t\t\t\t\t\tOnline financing application\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/h3>\t\t\t\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t<\/div>\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4896c12\" data-id=\"4896c12\" data-element_type=\"column\">\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bb9cad3 elementor-share-buttons--view-icon elementor-share-buttons--skin-gradient elementor-share-buttons--shape-square elementor-grid-0 elementor-share-buttons--color-official elementor-widget elementor-widget-global elementor-global-2935 elementor-widget-share-buttons\" data-id=\"bb9cad3\" data-element_type=\"widget\" data-widget_type=\"share-buttons.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t\t\t<div class=\"elementor-grid\" role=\"list\">\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_facebook\" role=\"button\" tabindex=\"0\" aria-label=\"Share on facebook\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\t\t\t\t\t\t\t\t<i class=\"fab fa-facebook\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Share on linkedin\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\t\t\t\t\t\t\t\t<i class=\"fab fa-linkedin\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_print\" role=\"button\" tabindex=\"0\" aria-label=\"Share on print\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\t\t\t\t\t\t\t\t<i class=\"fas fa-print\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_email\" role=\"button\" tabindex=\"0\" aria-label=\"Share on email\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\t\t\t\t\t\t\t\t<i class=\"fas fa-envelope\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t\t\t\t\t<\/div>\t\t\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-38392c2 elementor-widget elementor-widget-text-editor\" data-id=\"38392c2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t\t\t\t\t<p>DISCOVER THE DIFFERENT NEEDS<\/p>\t\t\t\t\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-cd0c1eb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"cd0c1eb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t\t\t<div class=\"elementor-divider\">\t\t\t<span class=\"elementor-divider-separator\">\t\t\t\t\t\t<\/span>\t\t<\/div>\t\t\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t<div class=\"elementor-element elementor-element-a2073fb elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"a2073fb\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\t\t\t\t<div class=\"elementor-widget-container\">\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/acquisition-merger-or-spin-off\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Acquiring, merging or taking over a company<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/working-capital-growth\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Improve your working capital \/ Growth<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/starting-a-business\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Starting a business<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/commercial-housing-development\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Developing a residential \/ commercial project<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/acquiring-equipment\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Acquiring equipment<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/export-my-products-or-services\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Export your products or services<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/financing-my-dimpot-credits\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Financing your tax credits<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/buying-a-commercial-industrial-property\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Buying commercial\/industrial property<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/turnaround\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Turn around the financial situation<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/quite-withdrawal\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Take equity out of your business<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/robotization-automation-computing\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Robotize \/ Automate \/ Improve IT<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/financing-a-startup\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Financing a startup<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/improving-environmental-performance\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Improve your company's environmental performance<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/collective-projects\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Carrying out a group project<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sadc.org\/en\/strategic-planning\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-circle-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Strategic planning for your company's development<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\t\t\t\t\t\t\t\t\t<\/li>\t\t\t\t\t\t<\/ul>\t\t\t\t\t\t<\/div>\t\t\t\t<\/div>\t\t\t\t\t<\/div>\t\t<\/div>\t\t\t\t\t<\/div>\t\t<\/section>\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Ces produits financiers tr\u00e8s similaires sont destin\u00e9s aux STARTUP. Pour bien expliquer \u00e0 qui se destine ce genre de produit, il est important de d\u00e9finir les termes STARTUP, KISS et SAFE. STARTUP: Jeune entreprise innovante \u00e0 fort potentiel de croissance sur sa valeur future et qui doit encore faire du d\u00e9veloppement de son ou ses [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3146,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_theme","meta":{"footnotes":""},"class_list":["post-1877","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Les convertibles: Billets KISS et instruments SAFE - SADC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sadc.org\/en\/convertible-bills-kiss-safe-convertible-instruments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Les convertibles: Billets KISS et instruments SAFE - SADC\" \/>\n<meta property=\"og:description\" content=\"Ces produits financiers tr\u00e8s similaires sont destin\u00e9s aux STARTUP. 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