The Economics: Who Owns What

The money episode. Why studios take 20–50% at formation and how to steelman that number, what founders get in return (salary, speed, dramatically better odds), and how studios themselves stay alive: pure equity patience, fee hybrids, and the dual-entity studio-plus-fund structure used by High Alpha, Atomic, and Flagship. Colin and Christian also take the VC cap-table objection seriously — and walk through the mechanisms good studios use to keep founders hungry and rounds fundable, plus the concentration math that means studios don't need unicorns to win.