v0.12.82: @newsroom.writer: The controllable founder, and Sell, don't issue

Two new articles, a pair, drafted by the owner with an agent in a separate session and fact-checked and edited here.

The controllable founder argues that investors select partly for control: survivorship bias (Denrell), coachability that investors prefer but that does not reliably predict success, contracts that move control with performance (Kaplan and Strömberg), founder replacement (Wasserman; Ewens and Marx), the founder moved towards commodity as labels did to performers, and the investors' value evidence against founder-led long-run returns (Bain) and dual-class control at Meta and Alphabet. It adds three ways to test the hypothesis. Corrected from the draft: Wasserman's estimate is 17.1 to 22.0% of pre-money valuation per level of founder control, from the 2017 paper, not 23 to 58%; the coachability quote is attributed to its source; the board-member deaths study (Ewens and Sosyura) is reported as its authors conclude; a dead link replaced.

Sell, don't issue sets out a funding model for founders who have already won: sell existing shares instead of issuing new ones, lend part of the proceeds back as a subordinated loan, and let open source replace control rights as the investor's protection. Corrected from the draft: the Startup Genome figure as the study states it, Balderton's article title, the fork estimate's scope, the relicensing claim's wording; added the BADR conditions, and the fine print on transfer rights, sales above market value, results-linked loan interest, the order of a hybrid round and stamp duty. Five figures across the two.