I wrote this for the Federal Reserve’s think tank publication, that comes out of San Francisco.  Because of that entrepreneurs who can pay something like a dividend approach me. We have come up with this, which Tim Freundlich agrees needs to be created by a loose consortia of entrepreneurs and investors:

Impact Founders Fund

Creation of a holding company model to allow founders of established
ventures to put in 1-20% of their holdings to a pool that will then
provide partial liquidity to founders and a derisked cooperative, diverse
holding of long term positions in all for all. Idea would be to attract 20
entrepreneurs/managers to put in perhaps an average of 10% of their
holdings. If we assume that the average company would be valued at $15mm,
and the average entrepreneur groups hold about 40% or $6mm and put 10% in
for $600,000 of which they would get $300,000 out in cash from the fund
and $300,000 in shared holdings of the pool, it would indicate a holding
company 50% owned by entrepreneurs, 50% by investors, owning about 4% of
the companies in the pool. And we’d need a capitalization in cash of $6mm
and a total value of $12mm. We could over course increase the scale from
10% to 20% average and double the sizing.