4 ms·
It’s certainly not easy and apple is playing the malicious compliance game here. But it’s not impossible for a (even pre-product) startup to raise a $1M line of
by _hl_ 3y ago
It’s certainly not easy and apple is playing the malicious compliance game here. But it’s not impossible for a (even pre-product) startup to raise a $1M line of credit from a bank through some creative financing shenanigans without locking up too much working capital or otherwise.
- vanviegen 3y agoSure. That's why Apple added the second condition.
- sergioisidoro 3y agoI'm not sure if you can call a company with one million downloads in the previous year a startup anymore...
- bragr 3y agoNo it specifically says, "Do either of the following:". You can either have the letter of credit or be a known quantity. Presumably it you launch your marketplace and it goes well, after 2 years you don't need the letter of credit.
- creativeSlumber 3y ago> startup to raise a $1M line of credit from a bank through some creative financing shenanigans The whole point of that $1M is to send send the message "stay out". It's like a rattle snake shaking it's tail. Basically anyone doing this has to treat that money as throw away money since Apple may keep that money for whatever reason, including criticizing them on current/future TOS policy changes.
- rad_gruchalski 3y ago> The whole point of that $1M is to send send the message "stay out" Alternative take: the whole point of €1m is to send a signal “I’m serious about doing this”.
- _hl_ 3y agoYou're not giving Apple $1M. You're merely giving them a letter from a bank saying "We're $TrustworthyBank and we trust creativeSlumber enough to be willing to give them a $1M loan whenever they want, according to such and such terms". By giving that letter to Apple, you're just telling Apple "I could give you $1M but I'm not going to, instead take this letter that says that I could give you $1M if you wanted to." No actual money ever changes hands.