Michael Saylor, Executive Chairman of Strategy Inc. (Nasdaq: MSTR), in an essay dated September 26, proposed using digital tokens to fund 10 million new companies. This figure is his political ambition, not a forecast of existing companies. Saylor believes that artificial intelligence automates work and makes products obsolete, increasing the need for new businesses. In his view, an entrepreneur capable of creating a product with AI should have a practical way to finance the company that sells it. Rapid product development will lose economic value if capital raising remains slow and expensive.
His proposal focuses on digital tokens: a company could issue them to raise funds under rules adapted to the offering. Saylor calls for clear issuance requirements, risk-proportionate disclosure, and ways for entrepreneurs to find investors. The goal is to reduce legal costs without sacrificing property rights protection and fraud liability.
Saylor includes financing in a broader set of rights for individuals and companies: to create, issue, hold, transfer, and use digital assets. The first two are central to his argument for company creation. He argues that digital tokens, digital currency, digital capital, and digital securities perform different economic functions, and policy should reflect this. Clear disclosure and property rights protection will help buyers evaluate offerings, leaving room for new business models. Tokenized shares are already used to raise capital, but this is a separate example.
Saylor also points to the cost of accessing investors: small business financing should be possible without extensive legal resources. Reducing issuance costs will allow more founders to seek funding, but the goal of 10 million companies still depends on investor demand, working products, and rules that protect participants.
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