Greg Pilarowski, Founding Partner of Pillar Legal, provides a practical deep dive into the Y Combinator Simple Agreement for Future Equity (SAFE) – a widely adopted instrument for early-stage startup financing. This presentation originally delivered at the Harvard Business School Angel Investing Bootcamp.

The talk covers:

• What a SAFE is and why it has become the industry standard
• How conversion works under both discount and valuation cap structures, with detailed numerical examples
• Key risks introduced by YC’s 2018 shift to post-money SAFEs, including dilution impacts that founders may overlook

This video is ideal for founders, investors, and advisors seeking a clear, example-driven explanation of SAFEs and their implications.