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What? How exactly would you make that work in practice?

Are you going to release the source on day one?

Because good luck trying to convince the board to pay for source escrow.

And if you don't do any of those things then you will, in fact, need a separate release of source code.

yes, source release on day one, proprietary license valid forever, free license becomes valid after X time and users need to only satisfy one of them.

Many projects already do this; proprietary source does not mean closed source, it can simply be freely available but with no copyright concessions

I am immensely skeptical that any sizable company would be willing to do that.

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