The 12 capital layers
Every way a startup can raise money
Most founders think funding means venture capital. It is one of twelve options. Eleven of them are non-dilutive, meaning you raise without selling your company. Here is a plain-language guide to each one, and how they stack together.
Non-dilutive layers (keep your equity)
Fill these first. None of them cost you ownership of your company.
R&D Tax Credits
Get cash back or cut your tax bill for the technical work you already do to build new products, software, or processes.
Grants
Grants are money a government or foundation gives your startup to do specific work, and you never pay it back.
Government Loans
Government-backed loans let your startup borrow money at fair rates while keeping every share of your company.
Competitions
Startup competitions let you win cash and visibility by pitching your business, usually with no equity given up.
Corporate Credits
Free cloud and software credits that cut your costs and stretch your runway without giving up equity.
Program-Related Investments
Below-market, mission-aligned capital from foundations that backs your impact without taking your equity.
Green Financing
Grants, low-cost loans, and new revenue streams that fund climate and clean-energy companies without diluting founders.
Revenue-Based Financing
Raise growth capital today and pay it back as a small, flexible share of your future revenue, without giving up equity.
Invoice Financing
Turn the invoices your customers have not paid yet into working cash today.
Venture Debt
Borrow growth capital alongside your equity round to extend runway and hit your next milestone, with only minimal dilution.
Government Procurement
Win the government as a paying customer and fund growth with revenue instead of equity.
Dilutive layer (sequenced last)
Powerful for big swings. Raise it last, for what the eleven layers above cannot cover.