WEBVTT

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Investors who backed a startup on Seedrs usually couldn't sell until an IPO or a sale, which could take years.

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They were already posting offers on company pages, so the open question was how trading would work in practice.

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As product manager, Leonardo ran the definition process and started with a test inside the company.

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Employees asked to buy or sell shares on a Google Form, and the team matched them and moved the shares by hand.

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After adjusting the process, the team defined the beta: one week a month, a set price, existing shareholders only, and a £1,000 cap.

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In June 2017, the first window listed over 138 share lots, and more than 54 sold.

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A year later, with the market open to all investors, a single cycle traded 601 lots.

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Investors gained a way to sell before an exit, and companies stayed out of the paperwork.

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A process tested by hand, then built into a product.