Lazy Eight Infinity Fund
“Live in the future, then build what’s missing”.
Paul Graham's quote rightfully defines "edge thinkers". We at Lazy Eight Design enjoy working with such startup founders. The sandboxes they operate in are a playground of new ideas, thinking and tools. Such an environment is where our Principals thrive in. Our mission with the Lazy Eight Infinity Fund is to identify founders working on the "new, new", and better enable them with some of the best creative and engineering minds in India.
How can Lazy Eight help my startup ?
- Brand Strategy, Naming
- Brand Identity
- Packaging Design
- Print Design
- User experience design
- User interface design
- Content design
- Front-end development
- Back-end development
- Mobile application
- Brand / Product roll-out strategy and campaigns
How does the Lazy Eight Infinity Fund work?
The process is identical to how we work with regular engagements at Lazy Eight, the difference is the mode of compensation. Let's go through the process with a fictional startup called Acme Inc.
1). Acme Inc comes to our website and fills out our Estimator and selects "I would like to apply for the Lazy Eight Infinity Fund."
2). Our system then generates an estimate based on the requirements of the startup. Let's assume, Acme Inc chooses Branding and Web UIUX. The following is what the estimate may look like:
3). Acme Inc. agrees to the estimate (311.7 Lazy Eight Hours, 22 weeks) and we accept Acme Inc. into the program.
4). Acme Inc's first 80 hour invoice for 40 hour credit and 40 hour reserve will be billed in cash.
5). Once the 40 hour credit is used by Principals on execution, Acme Inc. will automatically be sent an invoice for the next 40 hour invoice by our system (much like a typical Lazy Eight client engagement). For this invoice and all 40 hour invoices moving forward Acme Inc will have the option to pay that invoice in either cash, equity or a mix of both.
6). When Acme Inc. chooses equity the Lazy Eight Infinity Fund covers the invoice.
7). Let's assume by the end of the engagement Acme Inc has paid 80 hours in cash and rest in equity, ie. 231.7 hours in equity. Let's also price the avg. Lazy Eight Hour as INR 5880/hr , $84.30/hr (our June 2019 rate) for the sake of this calculation. This equates to INR 13.62 Lac ($19,531) in equity, or what Lazy Eight Infinity Fund invested during the entirety of the engagement.
8). At the end of the engagement we convert the amount invested INR 13.62 Lac ($19,531) into a simple founder friendly Convertible Debt Note. Our notes have a discount of 0%, Interest rate of 5% (less than an FD) and a maturity of 3 years. Our note's cap is based on a quick calculation that gives Lazy Eight 2-4% of equity on conversion (typically it's about INR 5 Cr).
9). For Acme Inc, the Convertible note would be: 0% discount, 5% interest rate, 3 year maturity and a cap of INR 5.0 Cr ($717,000), on conversion this would give Lazy Eight about 2.7% of equity.
10). Our notes are founder friendly by design, because it's our way of signalling a long term partnership vs. short term gains. Once a startup is accepted into this program their reputation becomes ours and we become humbled to join them on their adventure.
Our Current Portfolio
For news related to our Infinity Fund portfolio companies, click here.