Partnership-like arrangements would seem to be an obvious choice of structure for such firms. Valve seems to be basically a single-proprietorship that tries to

Partnership-like arrangements would seem to be an obvious choice of structure for such firms. Valve seems to be basically a single-proprietorship that tries to run and compensates itself like ye olde professional partnership. The problem is, how to get capitalists on board without giving them enough equity to undermine the partnership goal? Partnership isn't an obviously good match with long development times or significant capital costs. Valve had a founder who was willing to play the benevolent owner-operator using his own hoard of stock-option money.