I think this is how most equity investing works anyway. You get the feeling that one or more of the founders are "superstars" and decide to back them, not the idea or product that they pitched you with.
The lifetime contract is an interesting spin. Kind of reminds me of a classical artist having a patron. It's a great deal from the perspective of the individual...3% is always a trivial amount of your income. I do worry about it from the investment perspective...it seems way too easy to let personal biases and an individual's charisma get in the way of making rational investment decisions. While most investments are made on the basis of "I really like this person", it probably isn't the best criteria.
The lifetime contract is an interesting spin. Kind of reminds me of a classical artist having a patron. It's a great deal from the perspective of the individual...3% is always a trivial amount of your income. I do worry about it from the investment perspective...it seems way too easy to let personal biases and an individual's charisma get in the way of making rational investment decisions. While most investments are made on the basis of "I really like this person", it probably isn't the best criteria.