A firm raises capital from multiple investors to fund a project. The
project succeeds only if the capital raised exceeds a stochastic threshold,
and the firm offers payments contingent on success. We study the firm's
optimal unique-implementation scheme, namely the scheme that guarantees
the firm the maximum payoff. This scheme treats investors differently
based on size. We show that if the distribution of the investment threshold
is log-concave, larger investors receive higher net returns than smaller
investors. Moreover, higher dispersion in investor size increases the firm's
payoff. Our analysis highlights strategic risk as an important potential
driver of inequality.