If you don't have significant equity (at least 10% or more) the second is the right choice. If you do have significant equity then it depends on the expectatio

If you don't have significant equity (at least 10% or more) the second is the right choice. If you do have significant equity then it depends on the expectation ([estimated] probability of successful outcome * magnitude of outcome ) multiplied by your percentage. you have to estimate future dilutions and so on but the above is how I would choose, at a first approximation. That said, the first option doesn't sound very compelling. I have had bad experiences with "productizing" projects. Now when I hear that word I run.