What Is the Trade-off between Raising Dilutive Vs. Non-Dilutive Capital?

Dilutive capital (e.g. equity) requires giving up a portion of ownership and control, but it offers investors a clear, legally defined stake in the company's long-term success. Non-dilutive capital (e.g. utility token sale) preserves ownership but may introduce regulatory uncertainty and requires the company to create a functional token ecosystem.

The trade-off is between sacrificing ownership for established legal clarity versus maintaining ownership at the cost of regulatory and operational complexity.