Oren Boras needs to raise $1 million to take his invention from lab to commercial proof of concept. After talking to multiple venture capitalists, he has received two offers, both versions of a simple agreement for future equity (SAFE): a post-money SAFE and a pre-money SAFE. Boras is not sure how to proceed. He is very familiar with a convertible note from his past venture, but SAFEs are new to him. He needs capital quickly, but he also wants to preserve the ownership of the company in the long term. This fictional case offers a brief history of SAFEs and sample SAFE terms for both pre- and post-money versions. At the University of Virginia Darden School of Business, it is taught in the second-year MBA elective, “Venture Capital Finance.”