Canonical complete source
Startup Navigator canonical corpus
The complete canonical source for Startup Navigator questions, artifact definitions, section structure, profile terminology, and stage-aware scoring context. Human learning articles may explain individual sections, but this corpus is the authoritative complete source.
Working candidate for public review; not founder-locked or professional advice. This is educational content, not legal, tax, accounting, or investment advice.
12
folders
32
themes
141
questions
198
artifacts
10
profile Terms
Corpus scope
Instructions for AI and editorial reviewers
- Cite the stable question ID or exact artifact name for every finding.
- Separate factual corrections from editorial suggestions and optional additions.
- Review for accuracy, readability, accessibility, ambiguity, duplication, missing examples, missing artifacts, and stage appropriateness.
- Identify compound questions that should be separated, but preserve the original text in the finding.
- Do not treat model ratings as consensus or final authority; they are an attributable independent review lane.
- Return proposed changes rather than silently rewriting the corpus.
Methodology and provenance
- Structure
- 12 diligence folders containing themes, questions, and the artifacts that can evidence answers.
- Score meaning
- Scores run from 0 to 100 in increments of 5. A higher score means the question or artifact is more likely to be needed under that condition. Combined need in the interactive Navigator is the lowest selected condition score.
- Profile rule
- Instrument and round are single-select. Operating conditions may overlap; for example, paid presales can make a startup both pre-launch and in-revenue.
- Rating provenance
- Grok 4.6, Independent model lane, not consensus.
Profile terminology
- Unpriced instrument
- Money is invested without setting a price per share or final company valuation today. A SAFE or convertible note usually converts into equity in a later priced round, often using a valuation cap or discount.
- Priced instrument
- The company and investors agree on a valuation and price per share now. Investors buy equity in this financing, with ownership and rights documented at closing.
- Pre-product operating
- There is not yet a usable or demonstrable product. Research, designs, prototypes, or manual service work may still exist.
- Pre-launch operating
- The product is not generally available to its intended market. Private tests, pilots, a waitlist, or paid presales may still exist.
- Pre-revenue operating
- The company has not yet booked customer revenue. It may still have free users, pilots, letters of intent, or an audience.
- In-revenue operating
- The company has booked customer revenue. It can still be pre-launch if that revenue comes from pilots or presales; revenue metrics apply only when enough data exists.
- Pre-seed round
- The earliest outside funding stage, usually used to validate the problem, team, market, and first product. Founders, angels, accelerators, SAFEs, and notes are common.
- Seed round
- Funding used to prove repeatable customer demand and strengthen the product, team, and go-to-market motion after initial validation.
- Series A & B round
- Institutional equity rounds used to prove and then scale a working business. Series A usually emphasizes repeatability; Series B emphasizes efficient expansion.
- Series C+ round
- Later-stage funding for major expansion, new markets, acquisitions, or preparation for a public offering, with deeper operating history and controls expected.
Section 01
Corporate & Entity
Who this company legally is.
1.1 · Identity, Formation & Standing
Evidence artifacts: certificate of formation; operating agreement or bylaws; EIN letter; good-standing certificates; foreign qualifications; org chart; business licenses; domain records
ENT-01
What is the company's legal and public identity, entity form, jurisdiction, formation state, principal location, domains, and tax identity?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
ENT-02
What entities, subsidiaries, affiliates, SPVs, assets, contracts, IP, and customer relationships sit inside this company and this investment?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
ENT-03
Where does the company legally exist, where is it allowed to operate, is it current on the cheap annual chores that keep that true, and where does it actually work or plan to work? Form when other people's money is in, when a customer or user could sue you, or when a bank, campus, landlord, or processor will not deal with a human. An LLC can carry you through pre-seed; a priced round that issues shares almost always needs a C-corp — form or convert then, and a pre-seed check can pay for the LLC until that day. Delaware is common for that C-corp, not required — Nevada, Wyoming, Texas, Florida, and home state are all real. A good-standing certificate is pulled when someone asks.
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
1.2 · History, Perimeter & Related Parties
Evidence artifacts: entity timeline; prior-entity assignment records; related-party and intercompany agreements; founder loan documents; conflict disclosures; board approvals
ENT-04
What is the company's complete operating history, including founding, pauses, pivots, prior businesses, financings, hard periods, and the continuity between them?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
ENT-05
What is explicitly inside and outside this company and this investment, and why do the included activities belong in one company?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
ENT-06
What related parties, adjacent ventures, shared resources, founder commitments, loans, payments, opportunities, and allocation policies exist?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
Corporate & Entity artifact definitions
PRIMARY
board approvals
Written consent or minutes for a specific action (form, raise, grant, bank). Founders can do this from day one as the only directors. A formal board pack and investor directors are a priced-round or institutional-seed thing, not a friends SAFE.
Connected questions: ENT-04, ENT-05, ENT-06
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
business licenses
Government-issued permits authorizing the company to operate in a given jurisdiction or industry.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
certificate of formation
The state-filed paper that creates the legal person — articles for a corporation, certificate of formation for an LLC. It is situational. You can stay unformed until risk or a counterparty forces it. You can form a cheap LLC and use a pre-seed check to pay for that. A priced round that issues shares almost always needs a C-corp — that is when many companies convert or form the C-corp, as soon as the seed priced close is real. A SAFE does not require that C-corp the way issuing stock does. Delaware is common for the C-corp path, not a moral default.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
conflict disclosures
Written statements from founders, officers, or directors naming any outside interest that could conflict with the company's interests.
Connected questions: ENT-04, ENT-05, ENT-06
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
domain records
Proof of ownership and registration details for the company's web domains.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
EIN letter
The IRS confirmation letter assigning the company's federal tax ID number.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
entity timeline
A synthesized history of the company's legal entity — formation date, name changes, conversions, and any predecessor entities — in one narrative.
Connected questions: ENT-04, ENT-05, ENT-06
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
foreign qualifications
Registrations authorizing the company to do business in states other than where it was formed.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
founder loan documents
Records of any money founders personally lent to the company, with terms and repayment status.
Connected questions: ENT-04, ENT-05, ENT-06
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
beneficial ownership information filing
The federal filing identifying the individuals who ultimately own or control the company, submitted to FinCEN under the Corporate Transparency Act rather than to the state where the entity was formed. It is separate from the cap table and from state annual reports, and reporting obligations and deadlines have changed more than once since the rule took effect, so current scope should be confirmed with counsel rather than assumed. Founders commonly miss it because nothing in the formation packet prompts it and no annual state filing covers it.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
good-standing certificates
State-issued proof you are current on filings and fees. Form the company when risk starts: other people's money, a customer or user who could sue, or a counterparty that requires an entity. Until then, none is complete. After you form, stay current (annual report, franchise tax) — that is cheap and not Series A. The certificate PDF is pulled when a bank, campus, landlord, or investor asks. Collecting certificates before anyone asks is theater.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
operating agreement or bylaws
The internal governing document: an LLC uses an operating agreement; a C-corp uses bylaws. They are not the same form. Boilerplate is a start, not the decisions. Walk it section by section: what this section is, what variants exist for this entity and this round, and which choices you actually have to make. Two non-traditional provisions worth deciding on purpose, with counsel: (1) a values clawback — if a holder violates the company's principles in a way that is legally enforced (civil or criminal, clearly that violation), the company can buy the ownership back at the last strike price, even if that strike is a year old, so they do not keep last year's growth, they do not get a choice, and they leave; (2) a divorce / family-split buyout at fair market value so an ex-spouse can be compensated without becoming a shareholder or capturing future growth. Neither is standard. Most startups never see the decision until it is too late. A form dump is not done. Counsel still drafts the operative language.
Connected questions: ENT-01, ENT-02, ENT-03
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
org chart
A diagram of who reports to whom and how the team is structured.
Connected questions: ENT-01, ENT-02, ENT-03, PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
prior-entity assignment records
Documents showing that a predecessor entity's assets, IP, and obligations were properly assigned to the current company.
Connected questions: ENT-04, ENT-05, ENT-06
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
related-party and intercompany agreements
Contracts between the company and its founders, insiders, or affiliated entities, disclosed so investors can see any non-arm's-length terms.
Connected questions: ENT-04, ENT-05, ENT-06
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
Section 02
Strategy, Market & Competition
The thesis.
2.1 · Problem, Customer & Offering
Evidence artifacts: positioning one-pager; ICP definition; discovery notes; problem validation; willingness-to-pay evidence
STR-01
What does the company do, for whom, in what category, and what changes for the customer after purchase?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
STR-02
What painful problem is solved, how is it handled today, what does that cost, and what evidence shows the problem is real and worth paying to solve?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
STR-03
Who is the user, beneficiary, buyer, budget owner, payer, champion, blocker, and ideal customer profile?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
STR-11
What is the smallest complete and valuable business if the broadest vision, acquisitions, hardware, or physical ecosystem never arrives?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
2.2 · Market, Timing & Expansion
Evidence artifacts: bottom-up market model with sources; industry reports; procurement research; expansion plan
STR-04
What are TAM, SAM, SOM, and the reachable near-term market, using a bottom-up method with explicit assumptions and sources?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
STR-05
Why is this possible and urgent now, what non-consensus or earned insight supports it, and what could close the window?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
STR-06
How is the market structured, who controls distribution and procurement, and does the category exhibit network, scale, or winner-take-most effects?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
STR-12
Which customer segments, geographies, government markets, or adjacent use cases will the company enter, in what order, and why?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
2.3 · Competition, Moat & Roadmap
Evidence artifacts: competitive matrix; win/loss records; switching-cost evidence; product roadmap; partnership agreements
STR-07
Who are the direct, indirect, internal-build, do-nothing, and adjacent alternatives, and how does the company compare?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
STR-08
When someone can do what you do as well as you do it — or the thing that used to be hard becomes cheap — what is left, and what is already proven today (distribution, switching cost, data, workflow, relationships, learning)?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
STR-09
What happens if a specific, well-resourced player ships the same capability — who are they, and what do you do the week they do it?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
STR-10
What is the wedge, what is deliberately out of scope, what milestones and roadmap follow, and who controls scope expansion?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
Strategy, Market & Competition artifact definitions
POSITION
bottom-up market model with sources
A market-size estimate built up from real, cited numbers (units × price × addressable buyers) rather than a top-down percentage-of-a-big-number guess.
Connected questions: STR-04, STR-05, STR-06, STR-12
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
competitive matrix
A side-by-side comparison of the company against named competitors on the dimensions that actually matter to buyers.
Connected questions: STR-07, STR-08, STR-09, STR-10
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
discovery notes
Raw notes from real conversations with prospective customers, capturing what they said in their own words.
Connected questions: STR-01, STR-02, STR-03, STR-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
expansion plan
The company's stated plan for growing into new markets, segments, or geographies.
Connected questions: STR-04, STR-05, STR-06, STR-12
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
ICP definition
Who actually buys. The fastest way to find out at the idea stage is the first hundred conversations, and an ask: will you put down $50, $100, or $1,000 to reserve a place as one of the first customers? Who says yes is the ICP. Who is polite and disappears is not. The money is a signal to keep building or to have more conversations — it is not revenue and it is not a partnership.
Connected questions: STR-01, STR-02, STR-03, STR-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
industry reports
Third-party research reports about the company's market, used as external validation for sizing and trends.
Connected questions: STR-04, STR-05, STR-06, STR-12
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
partnership agreements
A signed agreement with a partner — distribution, technology, or co-marketing. A conversation is not this. A proof of concept is the step before this: a small test case, a prototype in their hands, a yes or no. Do not write "strategic partnership" until there is a POC or a signature.
Connected questions: STR-07, STR-08, STR-09, STR-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
positioning one-pager
A single page stating how the company describes itself, its category, and why it wins — the internal source of truth for messaging.
Connected questions: STR-01, STR-02, STR-03, STR-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
problem validation
Evidence — interviews, data, requests — that the problem the company solves is real and painful enough for people to pay to fix.
Connected questions: STR-01, STR-02, STR-03, STR-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
procurement research
Research into how target customers actually buy: who approves, what the process looks like, what blocks a purchase.
Connected questions: STR-04, STR-05, STR-06, STR-12
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
product roadmap
The company's planned sequence of future product work.
Connected questions: STR-07, STR-08, STR-09, STR-10
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
falsification tests and stop rules
A written statement of what would prove the company's core thesis wrong, by when, and what the company will do about it. Each entry names the assumption, the observation that would disconfirm it, the date or spend by which that observation should have arrived, and the decision that follows - continue, change, or stop. This is the discipline that distinguishes a plan from a belief. Its absence is not a documentation gap so much as a thinking gap, and it is unusual enough in early companies that having one is itself a signal.
Connected questions: STR-01, STR-02, STR-03, STR-11
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
switching-cost evidence
Evidence showing how hard or costly it is for a customer to leave once they've adopted the product — a moat signal.
Connected questions: STR-07, STR-08, STR-09, STR-10
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
willingness-to-pay evidence
Evidence that someone will pay, not that they liked the pitch. At the idea stage that is often a reservation: $50, $100, or $1,000 to hold a place. Count how many said yes out of the first hundred conversations. That is signal — move forward, keep talking, or stop — not booked revenue. Surveys without an ask are weaker than a deposit.
Connected questions: STR-01, STR-02, STR-03, STR-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
win/loss records
Records of specific deals won or lost, with the stated reason, used to spot patterns.
Connected questions: STR-07, STR-08, STR-09, STR-10
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 03
Product & Technology
What exists, and what happens at scale.
3.1 · Product Status & Proof
Evidence artifacts: demo recording; product documentation; release notes; environment/feature-flag inventory; outcome studies; failure post-mortems
PRD-01
What product exists now, who built it, what can be used or demonstrated without theater, and where are humans still required?
Stage-aware scoring context
gate=product · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 70 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRD-02
What is production, pilot, prototype, planned, conceptual, or long-range vision, and what evidence supports each maturity claim?
Stage-aware scoring context
gate=product · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 70 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRD-03
What customer or technical outcomes has the product measurably changed, and what independent or reproducible proof supports the claims?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRD-04
What happens when the product or AI is wrong, what is the cost of failure, and what production failures or near misses have occurred?
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 70 · Pre-launch 85 · Pre-revenue 90 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
3.2 · Architecture, Scale & Continuity
Evidence artifacts: architecture diagrams; infrastructure inventory; uptime and SLA reports; load tests; dependency list; DR plan; DR test evidence; DR testing cadence; BOM and supplier agreements
PRD-05
What is the end-to-end technical architecture, system boundary, critical path, dependency graph, and current-versus-target implementation?
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 70 · Pre-launch 85 · Pre-revenue 90 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRD-06
What performance, scalability, latency, uptime, capacity, and reliability history exists, and what breaks at materially larger scale?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRD-07
How is the product integrated, deployed, updated, observed, supported, and isolated in SaaS, private-cloud, on-premise, edge, or sovereign environments?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRD-08
Which APIs, clouds, compute providers, vendors, components, datasets, and sole-source dependencies are required, and what substitutes or exit paths exist?
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 70 · Pre-launch 85 · Pre-revenue 90 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRD-09
What is the written plan if the system went down? A plan can exist when you have a product. This row is the document, not the drill.
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 60 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRD-10
If hardware is involved, what are the architecture, BOM, suppliers, manufacturing plan, yields, certifications, warranty, inventory, deployment authority, and hardware economics?
Stage-aware scoring context
gate=product · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 20 · Pre-launch 60 · Pre-revenue 50 · In-revenue 70 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
PRD-11
Have you actually run that plan once — a real recovery drill, not a tabletop slide? One exercised test is the proof the plan is not theater. Do not invent a test history.
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 60 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRD-12
Is there a testing cadence? Assurance that has to run continuously (SOC 2 Type 2 and similar) is not a one-off drill. Weekly — or otherwise regular — recovery tests are the cadence.
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 60 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
Product & Technology artifact definitions
POSITION
architecture diagrams
Visual diagrams of how the system is built — services, data flow, infrastructure — synthesized for a reader who isn't already inside the codebase.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
BOM and supplier agreements
Bill of materials and the contracts with suppliers, for any product with physical or hardware components.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=product · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
PRIMARY
demo recording
A recorded walkthrough of the live product.
Connected questions: PRD-01, PRD-02, PRD-03, PRD-04
Stage-aware scoring context
gate=product · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
dependency list
The list of external libraries, services, and vendors the product depends on to run.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
DR plan
The written plan if the system went down. Can exist when you have a product. This is the document, not the drill, and not a weekly cadence.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
DR test evidence
Proof you ran the recovery plan once — a real drill, not a tabletop. Do not invent a test history. One exercised test is this row; a weekly cadence is a different row.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
HYBRID
DR testing cadence
Regular recovery tests (weekly or otherwise continuous), the way SOC 2 Type 2 requires the control to keep running. Not a one-off drill and not the written plan.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
environment/feature-flag inventory
A list of the deployment environments (dev, staging, prod) and feature flags currently in use.
Connected questions: PRD-01, PRD-02, PRD-03, PRD-04
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
failure post-mortems
Written accounts of past incidents or outages: what broke, why, and what changed afterward.
Connected questions: PRD-01, PRD-02, PRD-03, PRD-04
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
infrastructure inventory
A list of the cloud services, servers, and infrastructure components the product runs on.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
load tests
Results from tests that simulate high traffic or usage, showing whether the system holds up under load.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
outcome studies
Evidence of the actual results customers get from using the product, not just usage.
Connected questions: PRD-01, PRD-02, PRD-03, PRD-04
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
product documentation
Written documentation of how the product works, for users or internal reference.
Connected questions: PRD-01, PRD-02, PRD-03, PRD-04
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
release notes
The changelog of what shipped and when.
Connected questions: PRD-01, PRD-02, PRD-03, PRD-04
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
uptime and SLA reports
Records of actual system uptime measured against any service-level commitments made to customers.
Connected questions: PRD-05, PRD-06, PRD-07, PRD-08, PRD-09, PRD-10, PRD-11, PRD-12
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 04
AI, Data & Models
Every company needs an AI-use plan. If AI is the product, this folder is a headline, not a subsection of product.
4.1 · Model Strategy, Quality & Governance
Evidence artifacts: model inventory; provider agreements; eval sets and results; model cards; red-team reports; AI governance policy; inference cost analysis; inference cost history; take-or-pay commitments
AI-01
How do you use AI in this business today, where will a competitor use it if you do not, and what is the plan so that speed does not accrue only to them? If AI is the product: which models, weights, prompts, tools, and deterministic pieces run it, and what is owned, licensed, rented, or replaceable?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
AI-02
How do training, fine-tuning, RAG, context construction, routing, and model/data pipelines work, and what data and rights support them?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
AI-03
How are AI quality, accuracy, hallucination, calibration, drift, adversarial behavior, and third-party model changes evaluated and monitored?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
AI-04
Who governs AI releases and autonomy, what actions remain deterministic or human-controlled, and how are misuse, prompt injection, harm, and incidents handled?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
AI-05
What are the modeled inference, training, GPU, token, latency, energy, take-or-pay, and provider-switching economics by workload and at projected scale — the estimate you can sit down and write?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
AI-06
What does live history show for those same costs over time — measured usage, not the model? A spreadsheet forecast is not this row.
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
4.2 · Data Rights & Provenance
Evidence artifacts: data flow map; data licensing agreements; training-use terms; consent architecture; provenance/lineage design; DPAs
DATA-01
What data enters, leaves, persists, or is derived; where did it come from; who owns it; and what contractual, statutory, consent, and purpose rights attach?
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 70 · Pre-launch 85 · Pre-revenue 90 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
DATA-02
May customer, employee, user, public, licensed, or synthetic data train or improve models, and how are consent, opt-out, revocation, deletion, and provider settings enforced?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
DATA-03
When AI is in a decision or a number, can you defend it — sources, versions, who ran the step, and how you catch a wrong output (a policy, a second check, or a human)?
Stage-aware scoring context
gate=product · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 20 · Pre-launch 60 · Pre-revenue 50 · In-revenue 70 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
AI, Data & Models artifact definitions
POSITION
AI governance policy
The company's written rules for how it builds, reviews, and deploys AI — who approves what, and what's off-limits.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
consent architecture
How the product is designed to capture, store, and honor user consent for data use.
Connected questions: DATA-01, DATA-02, DATA-03
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
data flow map
A diagram of where data comes from, where it goes, and who or what touches it along the way.
Connected questions: DATA-01, DATA-02, DATA-03
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
data licensing agreements
Contracts that give the company rights to use specific data sets.
Connected questions: DATA-01, DATA-02, DATA-03
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
DPAs
Data Processing Agreements — contracts with vendors or customers governing how personal data is handled.
Connected questions: DATA-01, DATA-02, DATA-03
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
eval sets and results
The test sets used to measure AI model quality, and how the models scored on them.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
inference cost analysis
The modeled estimate of what it costs to run AI models per query or user, at current and projected scale. A sitting. Live history is a different row.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
HYBRID
inference cost history
Measured inference/training cost over time from usage or billing logs — the history that makes the analysis real. A forecast spreadsheet is not this row.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
model cards
A short summary for each AI model in use: what it does, its limits, and known failure modes.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
model inventory
The list of every AI model the company uses or has deployed, in-house or third-party.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
provenance/lineage design
How the system is designed to track where a piece of data or an AI output came from and what it passed through.
Connected questions: DATA-01, DATA-02, DATA-03
Stage-aware scoring context
gate=product · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
provider agreements
Contracts with the AI model or API providers the company actually uses.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
red-team reports
A deliberate attempt to break or misuse the AI system. Same trigger family as a pentest: first enterprise security review, SOC prep, or a launch that holds sensitive data. Not a pre-seed homework item. If you do not ship AI, this row is not applicable.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
take-or-pay commitments
Contracts that commit the company to pay for a minimum amount of AI compute or usage, whether or not it's used.
Connected questions: AI-01, AI-02, AI-03, AI-04, AI-05, AI-06
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
training-use terms
The contractual terms governing whether a data source or provider may use the company's data to train their own models.
Connected questions: DATA-01, DATA-02, DATA-03
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 05
Intellectual Property
The smallest tab, kept separate: investors look for an IP folder, and here IP is thesis material.
5.1 · Portfolio, Title & Obligations
Evidence artifacts: patent filings and prosecution records; invention assignments; prior-entity IP assignment; FTO opinion; open-source scan; trademark registrations; license agreements; trade-secret register
IP-01
What patents, applications, trade secrets, trademarks, copyrights, data rights, and other IP exist, what do they cover, and does the company own them?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
IP-02
Do founder, employee, contractor, advisor, customer, partner, university, and joint-development agreements assign background IP, improvements, feedback, derivatives, and work product correctly?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
IP-03
What freedom-to-operate, open-source, AI-generated-code, third-party licence, in-licensed IP, royalty, escrow, residuals, and source-availability obligations exist?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
IP-04
How are trade secrets designated and protected, and what registration, renewal, watch, enforcement, confidentiality, and loss-of-rights posture exists for brand and confidential IP?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
Intellectual Property artifact definitions
PRIMARY
FTO opinion
Counsel's written view that shipping this product is unlikely to infringe someone else's patent. Informal landscape search can happen at seed. A formal FTO opinion is expensive (often tens of thousands) and is usually a launch or Series A / crowded-field ask, not pre-seed homework. None is honest until you are about to ship into a patent-thick market or an investor requires it.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
invention assignments
The instrument investors will ask for is an assignment of IP into the company. They ask because whoever then controls the company owns the work. This glossary teaches a different grant: the founders keep title and assign to the company - not to the investors - a perpetual, exclusive license to use the IP in the business. The company can build, sell, and hire on that license. The investors never hold the title. If the investors do not respect the founders, the founders can leave and take the IP to another company; that walk-away is the balance against a company being taken out from under the people who made it. The hook must not fire on ordinary succession. A founder who steps out of the CEO seat, or who is replaced for missed, pre-agreed performance, is not being disrespected - the license stays with the company so employees and customers are not held hostage. The hook fires on expropriation: removal without cause, a hostile recap, stripping founder economics, or breach of the values the parties signed. Folder 12 (mission lock) points at this grant rather than inventing a second hook. That pairing is what makes operational handover possible. Employees and later technical hires still sign a written instrument at the start of the relationship; contractors are governed by that instrument, not by employment default. State statutes (California Labor Code section 2870 and comparable) still limit how far any claim can reach into work done on personal time without company resources.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
license agreements
Agreements where the company licenses IP to someone else, or licenses someone else's IP for its own use.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
NDA templates
The standard confidentiality agreement signed before sharing non-public information with an outside party. Comes in one-way form (only one side discloses) and mutual form (both sides do); mutual is the normal choice when both parties will exchange information. A template covers the ordinary case only — scope, term, carve-outs, and any treatment of intellectual property or license rights are negotiated per deal and need counsel.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
prior-employer and outside-engagement IP clearance
Evidence that no former employer, university, accelerator, client, or side engagement has a claim on the company's core IP. Most employment agreements assign inventions made during employment, sometimes reaching work done on personal time if it touches the employer's field or used their resources. Founders who built early versions while still employed elsewhere may have transferred ownership without realizing it. Clearance typically means the founder's prior agreements, any required notice or waiver, and a dated record of what was built when and on whose equipment. This is a title problem rather than a paperwork problem: unresolved, it means the company may not own what it is selling.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
open-source scan
An automated scan of the codebase's open-source dependencies and their license obligations.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
patent filings and prosecution records
The company's patent applications and the full history of their review by the patent office.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
prior-entity IP assignment
Proof that IP created under a predecessor entity was properly transferred to the current company.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
trade-secret register
An internal inventory of what the company treats as a trade secret — specific know-how protected by staying confidential rather than being patented.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
trademark registrations
Registered name or mark, or an intent-to-use filing once the name is actually chosen. File when the name is stable and you intend to use it in commerce — often around go-to-market, not at the idea napkin. None is fine while the name is still changing.
Connected questions: IP-01, IP-02, IP-03, IP-04
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
Section 06
Customers & Commercial
How the company makes money, and whether it holds.
6.1 · Revenue Model, Contracts & Delivery
Evidence artifacts: price list; MSA/order form/SOW templates; executed contracts; SLA terms; implementation playbook; partnership and reseller agreements
COM-01
How does the company make money; what is priced, packaged, contracted, and passed through; and what evidence shows pricing power?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
COM-07
What distinguishes a conversation, a proof of concept, a pilot, a paid contract, production, renewal, and expansion — and what makes each successful or terminal? A proof of concept is a small, structured test: a prototype in their hands, a defined test case, and a yes or no. It is not a coffee. It is also fine not to have one yet: if you cannot tell an ideal customer what the product is, that is the work, not a missing signature. Pre-seed can be the technical story plus the first hundred conversations and a reservation ask. Seed is when you can tell the ICP what it is and run a POC. Series A is signed relationships and a motion you can repeat. You can also ask a customer to help build it — first year of subscription, credit as an early backer — without calling that a partnership or booked revenue.
Stage-aware scoring context
gate=launch · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
COM-11
What material customer and partner contract terms exist, including term, renewal, termination, SLA, credits, indemnity, liability, IP, data, exclusivity, MFN, assignment, and change of control?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
COM-12
What onboarding, implementation, integration, training, support, success coverage, TCO, time-to-value, and ongoing service burden does each customer require?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
COM-13
What strategic partnerships, alliances, channels, reseller, or distribution relationships exist, and do they survive the person who introduced them leaving? A conversation is not a partnership. Count one when there is a proof of concept or a signature. None is a complete answer.
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
6.2 · Customers, Traction & References
Evidence artifacts: customer list with status; logo permissions; invoices and collections; reference list and consent; win/loss notes; churn analysis
COM-02
Who are the customers, users, pilots, partners, prospects, and former customers, and what is the exact status of each relationship?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
COM-03
What is current traction, using definitions that reconcile logos, contracts, deployments, usage, bookings, invoices, collections, and revenue?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
COM-10
Which customers, former customers, employees, investors, vendors, and partners are referenceable, and may a reviewer select and contact them unmoderated?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
COM-14
What do win/loss, rejection, churn, support, and early-customer evidence show, and what did the company change in product, ICP, pricing, or pitch as a result?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
6.3 · Pipeline, Go-to-Market & Retention
Evidence artifacts: CRM pipeline export; GTM plan; sales-cycle analysis; cohort model; metric definitions; concentration analysis
COM-04
What are the first conversations — toward a hundred — with people who might be the customer: who was asked to put money down to reserve a place, who said yes, and what happens next? That money is signal, not revenue. A CRM with stages and probabilities is what the list becomes later, not the starting ask.
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
COM-05
What is the go-to-market motion, channel mix, demand-generation model, and degree of repeatability without the founder?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
COM-06
What are sales-cycle, pilot-to-paid, procurement, security-review, contracting, and expansion conversion rates and timing?
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
COM-08
What are GRR, NRR, logo retention, churn, expansion, and product usage by cohort, with frozen definitions, who produces each number, and whether someone else can reproduce it?
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 10 · Pre-launch 10 · Pre-revenue 0 · In-revenue 70 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
COM-09
What customer, revenue, receivable, channel, pricing, exclusivity, custom-engineering, and strategic-partner concentration exists?
Stage-aware scoring context
gate=revenue · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 10 · Pre-launch 10 · Pre-revenue 0 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Customers & Commercial artifact definitions
HYBRID
churn analysis
An analysis of how many customers leave, how fast, and why. Can be written once now, or connected to a CRM/billing source later so the figure stays live.
Connected questions: COM-02, COM-03, COM-10, COM-14
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
cohort model
A model tracking groups of customers who started at the same time, to see how their behavior or revenue changes over time.
Connected questions: COM-04, COM-05, COM-06, COM-08, COM-09
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
concentration analysis
An analysis of how much revenue comes from the company's largest customers — the risk of depending too heavily on a few accounts.
Connected questions: COM-04, COM-05, COM-06, COM-08, COM-09
Stage-aware scoring context
gate=revenue · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
CRM pipeline export
The living list of who is in motion. Early on this is a notebook or a sheet: name, what you asked, what they did. A CRM export is the same list after the motion is real. Do not buy a CRM to look ready. Do not put probabilities on conversations.
Connected questions: COM-04, COM-05, COM-06, COM-08, COM-09
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
customer list with status
Everyone you have a relationship with, and the honest status of each: conversation, asked, reserved a place, proof of concept, paid, former, passed. The first hundred conversations belong here. A reservation is not a customer. A conversation is not a partner.
Connected questions: COM-02, COM-03, COM-10, COM-14
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
executed contracts
The actual signed customer contracts.
Connected questions: COM-01, COM-07, COM-11, COM-12, COM-13
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
GTM plan
Go-to-market plan — the company's stated strategy for reaching and acquiring customers.
Connected questions: COM-04, COM-05, COM-06, COM-08, COM-09
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
implementation playbook
The step-by-step process used to onboard and set up a new customer.
Connected questions: COM-01, COM-07, COM-11, COM-12, COM-13
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
invoices and collections
Records of invoices sent and payments collected or overdue.
Connected questions: COM-02, COM-03, COM-10, COM-14
Stage-aware scoring context
gate=revenue · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
logo permissions
Written permission from named customers to use their name or logo publicly in case studies, on the website, or in pitch materials.
Connected questions: COM-02, COM-03, COM-10, COM-14
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
metric definitions
Precise definitions of how the company calculates its own metrics — what counts as "active," how churn is measured — so numbers can be trusted and compared.
Connected questions: COM-04, COM-05, COM-06, COM-08, COM-09
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
MSA/order form/SOW templates
The standard contract templates used with customers: Master Service Agreement, order form, statement of work.
Connected questions: COM-01, COM-07, COM-11, COM-12, COM-13
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
partnership and reseller agreements
A contract with someone who sells or distributes for the company. Same rule as any partnership: conversation is not this; a proof of concept or a signature is.
Connected questions: COM-01, COM-07, COM-11, COM-12, COM-13
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
price list
The company's current pricing.
Connected questions: COM-01, COM-07, COM-11, COM-12, COM-13
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
reference list and consent
Customers willing to speak with investors as references, with their consent on record.
Connected questions: COM-02, COM-03, COM-10, COM-14
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
sales-cycle analysis
An analysis of how long deals take to close and where they tend to stall.
Connected questions: COM-04, COM-05, COM-06, COM-08, COM-09
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
SLA terms
Service-level commitments made to customers, such as uptime or response time.
Connected questions: COM-01, COM-07, COM-11, COM-12, COM-13
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
win/loss notes
Notes from specific sales opportunities explaining why the company won or lost.
Connected questions: COM-02, COM-03, COM-10, COM-14
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 07
Team & Organization
Who the people are, on what terms, and what happens if one leaves.
7.1 · Founders & Leadership
Evidence artifacts: founder bios and CVs; prior-company verification; operating cadence documentation; reference contact list; background checks
PPL-01
Who are the founders, what is their verified history, qualifications, prior outcomes, domain insight, and unique fitness for this company?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PPL-02
Why are the founders doing this, what is their commitment and intended tenure, what personal cost is sustainable, and what would make them leave?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PPL-09
How does the executive operating model work in practice, including domains, cadence, tie-breaking, delegation, firing authority, and founder critical-path dependence?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PPL-10
How did the founders and leaders come together, how do they disagree and change their minds, and what evidence shows the team can operate under stress?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PPL-11
What checks or references have actually been run, and what issues exist? Institutional seed and Series A often ask on founders. A friends raise usually does not. Key-hire checks start when you hire. None is complete until someone required one or you chose to run one.
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
7.2 · Organization, Employment & Continuity
People-state rule: current, fractional, interim, committed-future, conditional, and departed relationships are represented separately and truthfully. A signed future start is not a current role.
Evidence artifacts: roster with employment status; offer letters and employment agreements; contractor and EOR agreements; PIIA coverage log; org chart; hiring plan; compensation bands
PPL-03
Who works for the company, in what role and reporting line, at what allocation, location, start date, and employment or service status?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PPL-04
Are workers correctly classified and compliant across W-2, 1099, EOR, immigration, wage/hour, leave, benefits, and jurisdictional obligations?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PPL-05
Has every founder, employee, contractor, and relevant advisor signed current confidentiality, invention-assignment, acceptable-use, and security agreements?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PPL-06
Which roles are missing, what is the sequence, and what must be true before a first hire? Before that hire the options are a co-founder, an advisor, a paid project (contractor or student capstone), a school-sponsored intern, a studio or agency on an SOW, or a fractional operator. A volunteer at a for-profit is usually not a safe category. A founder is not a hire.
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PPL-07
What are salary, bonus, equity, benefits, severance, commission, compensation philosophy, pay-equity, and retention arrangements?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PPL-08
What key-person dependencies and succession risks exist, and what happens if a founder or critical leader becomes unavailable?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
Team & Organization artifact definitions
PRIMARY
background checks
A check that was actually run. Institutional seed and Series A often ask on founders. A friends raise usually does not. Key-hire checks start when you hire, not when you raise. None is complete until someone required it or you chose to run one.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
compensation bands
The company's defined salary ranges by role and level.
Connected questions: PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
contractor and EOR agreements
A written deal for a defined project or a defined period — including a student paid by the project and an EOR when you need someone in a place you have no entity. Pay the project, own the scope, get the IP license or assignment in the same paper. This is how most companies get help before a first hire. It is not a volunteer waiver and it is not an offer letter.
Connected questions: PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
key-person risk and continuity plan
A written assessment of what the company loses if a specific person becomes unavailable, and what happens next. The exposures are distinct and each needs its own answer. Knowledge concentration: what only one person understands, and whether it is written down anywhere. Access concentration: who holds production credentials, the domain registrar, the code signing keys, the bank login, the cloud root account - and whether anyone else can reach them. Relationship concentration: customers, investors, or partners who are loyal to a person rather than the company. Authority concentration: who can sign, hire, or move money if that person is gone. The triggers also differ and should not be collapsed - a founder who dies, becomes incapacitated, resigns, is terminated for cause, or divorces (marital property claims can reach founder shares in community property states) each produce different outcomes under different documents. Deadlock is a related failure: two founders at fifty-fifty with no tiebreak can freeze the company without anyone leaving. Mitigations include documented runbooks, credential escrow and a second administrator, key-person insurance payable to the company, succession designation, and drag-along or buy-sell provisions.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
founder bios and CVs
Founders' professional backgrounds and history.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
hiring plan
What help you need, in order, and which path you will use before a first hire: co-founder, advisor, project-based contractor, student / school capstone, intern, agency, or fractional. The first hire is the first person you put on an offer letter because the work is an ongoing job, not a project. Until then, name the path — do not leave people in a fog between "friend" and "employee."
Connected questions: PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
founder commitment and outside-activity disclosure
A written statement of how each founder actually spends their working time, including whether they are full-time on the company, what other employment, consulting, board seats, or ventures they hold, and what would have to change for them to go full-time. It should also name any outside commitment that could compete for attention, create a conflict, or give a third party a claim on work product. This is not a loyalty test - part-time founders are normal before funding - but the answer must be explicit, because a founder discovered to be splitting time undisclosed is treated as a disclosure failure rather than a scheduling one. The same document names each founder's best-use. Founder is an identity. CEO is a job, and for most people it is not a fun one. The default is that the founder stays in the work they are actually for - the bleeding edge, the craft, the advocacy, the thing that made the company exist - and an operator runs the company. That is the right-fit conversation, not a fight, and it is better for the founder's mental health, the company, and everyone around both. The rare founder who is a great operator and wants the CEO seat is a win for everyone; that seat is then tied to a published scoreboard agreed before the raise. If they are not that operator, nobody has to be talked out of a throne. They were never supposed to sit in it. Stepping into best-use is not a demotion and does not take the IP, the founder economics, or the license the company holds. Founder is also not a prize for early help. If the work is something anyone could be paid to do, they are a helper — contractor, student, intern, advisor — and they go on the roster as that, with the IP instrument. They are not a founder. Saying so is respect for the people who actually are. Tell them early, in those words, and put the relationship on paper. Hiding them, or inflating them, is how the real founding team gets diluted and the helper gets a story that will not hold.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
offer letters and employment agreements
The paper that creates an employee: ongoing role, pay, and the start of W-2 / payroll duties. This is the first hire. A contractor, intern on a school project, advisor, or founder does not get this document. If the work is a job with no end date, this is the instrument. If the work is a project, use a contractor or school agreement instead.
Connected questions: PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
operating cadence documentation
How the company runs itself day to day — meeting rhythms, planning cycles, decision-making process.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
PIIA coverage log
A tracked record of who has signed a Proprietary Information and Inventions Assignment agreement, and who hasn't.
Connected questions: PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
prior-company verification
Confirmation that founders' claimed prior work history and titles are accurate.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
reference contact list
People who can speak to the founders' or team's track record, for investor reference checks.
Connected questions: PPL-01, PPL-02, PPL-09, PPL-10, PPL-11
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
roster with employment status
Who is in the work, in honest states: current, fractional, interim, committed-future, conditional, departed. A signed future start is not a current role. Founders are on this list and they are not hires. Everyone else who is helping is on this list too, with what they actually are: advisor, paid project / contractor, student on a school project, intern, agency/SOW, fractional. A friend you are already paying to code is a contractor, not a volunteer. Unpaid "volunteers" at a for-profit are usually a classification problem, not a category. Bands and a handbook are not this list.
Connected questions: PPL-03, PPL-04, PPL-05, PPL-06, PPL-07, PPL-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
Section 08
Financials
The numbers, where they come from, and whether they can be trusted.
8.1 · Liquidity, Runway & Working Capital
Evidence artifacts: bank statements; burn and runway model; AR/AP aging; lease and purchase commitments
FIN-01
What are current cash, restricted cash, gross and net burn, committed obligations, runway, financing dependencies, and scenario outcomes as of a named date?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
FIN-05
What are accounts receivable, aging, bad debt, accounts payable, accrued liabilities, inventory, deferred items, working capital, current ratio, and quick ratio?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
FIN-11
What capex, deposits, inventory, leases, purchase obligations, take-or-pay commitments, equipment, and long-term resource commitments exist?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
8.2 · Revenue, Statements & Books
Evidence artifacts: financial statements by period; GL export; revenue recognition policy; accountant engagement; audit or review report; unit-economics model
FIN-02
What are revenue, ARR/MRR, bookings, billings, collections, ACV/TCV, deferred revenue, and recognition policies, and how do they reconcile?
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 10 · Pre-launch 10 · Pre-revenue 0 · In-revenue 70 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
FIN-03
What do historical and current P&L, balance sheet, cash-flow statement, bank records, and general ledger show by entity and period?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
FIN-04
Can you produce an honest picture of the money on a cadence you can repeat? Founder-kept books are enough until the motion is real. A monthly close you can finish in days is the meter to start before Series A if an institution will rely on the numbers. An audit or QoE is the A process, not pre-seed.
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
FIN-06
What are COGS, gross margin, contribution margin, service burden, infrastructure/model cost, and margin by product, customer, cohort, and deployment type?
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 10 · Pre-launch 10 · Pre-revenue 0 · In-revenue 70 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
FIN-07
What are fully loaded CAC, payback, retention inputs, expansion, LTV, sales efficiency, and burn multiple, who produces each number, and whether someone else can reproduce it?
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 10 · Pre-launch 10 · Pre-revenue 0 · In-revenue 70 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
8.3 · Forecast, Use of Funds, Tax & Fund Controls
Evidence artifacts: financial model with assumptions; plan-vs-actual history; use-of-proceeds budget; tax returns and filing confirmations; payroll tax records; fund segregation policy
FIN-08
What is the integrated forecast, model horizon, scenario set, operating assumptions, sensitivities, milestones, and historical variance to plan?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
FIN-09
What is the path to profitability, self-financing, and cash-flow break-even, and which assumptions or external events must hold?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
FIN-10
What is the use-of-proceeds budget by amount, entity, workstream, milestone, timing, contingency, and financing scenario?
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
FIN-12
What federal, state, local, international, payroll, sales/use, franchise, income, R&D-capitalization, and nexus tax positions and filings exist?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
FIN-13
What distributions, dividends, repurchases, redemptions, shareholder payments, founder loans, reimbursements, or other value transfers have occurred or are permitted?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
FIN-14
How are restricted, grant, program, debt, customer, or investor funds segregated, approved, traced, reported, and reconciled to their permitted uses?
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
Financials artifact definitions
PRIMARY
accountant engagement
The agreement with an outside bookkeeper or accountant. Learn to manage the company's money yourself first. Paying an accountant long before launch or real money in the business is usually waste — same shape as buying a 409A at $0. None is enough while a founder can show the bank and an honest simple P&L. Engage help when the books are a job you are failing, when payroll or tax filings you cannot do yourself start, or when someone else must rely on the numbers. A bookkeeper is not an audit. An audit or review is Series A or later.
Connected questions: FIN-02, FIN-03, FIN-04, FIN-06, FIN-07
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
AR/AP aging
Accounts receivable and accounts payable aging — how much money is owed to the company and by the company, broken out by how overdue it is.
Connected questions: FIN-01, FIN-05, FIN-11
Stage-aware scoring context
gate=revenue · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
audit or review report
An outside accountant's review or audit of the statements. This is Series A or later, sometimes waived even then. It is not a bookkeeper and not founder-kept books. None is the honest pre-A answer.
Connected questions: FIN-02, FIN-03, FIN-04, FIN-06, FIN-07
Stage-aware scoring context
gate=none · instrument=any · band=series_b
Unpriced 5 · Priced 20 · Pre-product 5 · Pre-launch 5 · Pre-revenue 5 · In-revenue 5 · Pre-seed 5 · Seed 20 · Series A & B 70 · Series C+ 90
PRIMARY
bank statements
The company's actual bank account statements.
Connected questions: FIN-01, FIN-05, FIN-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
burn and runway model
A model showing how fast the company is spending cash and how many months of runway remain.
Connected questions: FIN-01, FIN-05, FIN-11
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
financial model with assumptions
The company's forward financial projections, with the underlying assumptions stated explicitly.
Connected questions: FIN-08, FIN-09, FIN-10, FIN-12, FIN-13, FIN-14
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
financial statements by period
Income statement, balance sheet, and cash flow statement for each reporting period.
Connected questions: FIN-02, FIN-03, FIN-04, FIN-06, FIN-07
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
fund segregation policy
The company's stated policy for keeping customer or investor funds properly separated from operating funds.
Connected questions: FIN-08, FIN-09, FIN-10, FIN-12, FIN-13, FIN-14
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
PRIMARY
GL export
A raw export of the general ledger — every recorded accounting transaction.
Connected questions: FIN-02, FIN-03, FIN-04, FIN-06, FIN-07
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
lease and purchase commitments
Any signed leases or major purchase commitments the company is obligated to.
Connected questions: FIN-01, FIN-05, FIN-11
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
payroll tax records
Records showing payroll taxes have been properly withheld and paid.
Connected questions: FIN-08, FIN-09, FIN-10, FIN-12, FIN-13, FIN-14
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
plan-vs-actual history
A comparison of what the company projected versus what actually happened, period over period — a credibility check on the forecasting.
Connected questions: FIN-08, FIN-09, FIN-10, FIN-12, FIN-13, FIN-14
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
revenue recognition policy
The company's stated rule for when revenue counts as "earned" for accounting purposes.
Connected questions: FIN-02, FIN-03, FIN-04, FIN-06, FIN-07
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
tax returns and filing confirmations
The company's filed tax returns and proof they were filed on time.
Connected questions: FIN-08, FIN-09, FIN-10, FIN-12, FIN-13, FIN-14
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
unit-economics model
A model showing the profit or loss on a single unit of the business — one customer, one transaction — the building block behind the bigger financial model.
Connected questions: FIN-02, FIN-03, FIN-04, FIN-06, FIN-07
Stage-aware scoring context
gate=revenue · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
use-of-proceeds budget
How the company plans to spend the money it's raising.
Connected questions: FIN-08, FIN-09, FIN-10, FIN-12, FIN-13, FIN-14
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
Section 09
Capitalization & Financing
Who owns what, what instruments exist, and what is being offered now.
9.1 · Ownership Ledger & Equity Plan
Entity-neutral rule: NOT_FORMED and NOT_ISSUED are complete, valid answers. An unpriced SAFE does not by itself prove shares, units, stockholders, or a cap table.
Evidence artifacts: cap table; stock/unit ledger; equity incentive plan; grant agreements; vesting schedules; board consents authorizing issuance; pro-forma conversion model
CAP-01
What ownership interests have actually been authorized, issued, promised, reserved, repurchased, cancelled, or remain unissued, and who holds them?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-03
What founder, employee, advisor, and service-provider equity, vesting, option-pool, grant, exercise, expiration, repurchase, and approval terms apply?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-08
How will existing and proposed instruments convert or dilute under modeled financing, option-pool, recapitalization, redemption, exit, and downside scenarios?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
9.2 · Instruments, Financing History & Debt
Evidence artifacts: executed SAFEs and notes; warrant agreements; side letters; prior round documents; loan and security agreements; UCC search results; lien releases
CAP-02
What SAFEs, notes, warrants, preferred rights, side letters, redemption, withdrawal, MFN, pro-rata, ROFR/ROFO, voting, and other instruments or special rights exist?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-04
What financing has been raised, from whom, on what dates and instruments, for what amount and use, and what happened to the capital?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-10
What have you borrowed, what is pledged, and what would a lien search show? None is complete if you have never taken debt. A UCC search is homework when you have (or are taking) debt, or priced-round counsel asks.
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
9.3 · Current Round & Investor Rights
Round status, allocations, negotiation asks, and closing choreography are transaction overlay, not durable company truth.
Evidence artifacts: instrument template; term sheet; valuation support and comparables; subscription documents; closing checklist; investor rights summary
CAP-05
What instrument is being offered now, by which entity, for what raise size, price/cap, discount, interest, maturity, closing mechanics, and material terms?
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-06
What is the current round status, including lead, committed, signed, wired, soft-circled, minimum close, allocation, dependencies, timing, and closing risks?
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-07
What evidence, comparable set, methodology, independent input, milestones, assets, traction, and risk support the offered price, cap, or valuation?
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-09
What rights does this check actually get? A standard SAFE is conversion math, maybe pro-rata. It is not a board seat and not an NVCA pack. If you granted extra rights in a side letter, say so. Full information, observer, and protective rights are priced-round paper unless you already promised them.
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
CAP-11
How can a holder realize a return, what conversion, distribution, secondary, redemption, acquisition, IPO, wind-down, loss, and time-horizon outcomes are possible?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
CAP-12
What follow-on capital, reserves, milestones, ownership targets, signal risk, and next-round requirements are expected after this financing?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
Capitalization & Financing artifact definitions
PRIMARY
board consents authorizing issuance
Board approval specifically authorizing the company to issue new equity or convertible instruments.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
cap table
The record of who has a claim on the company, and what that claim is. An unpriced SAFE does not issue stock, create stockholders, or prove a cap table. NOT_ISSUED is a complete, honest answer. On a SAFE-only company the real document is an instrument and promises register - who holds which SAFE or note, at what cap and discount, plus anyone promised equity off-paper - and a pro-forma showing what those instruments convert into if a priced round happens. Calling that a stockholder table teaches the wrong object. After stock is actually issued, the cap table becomes the ownership table: authorized, issued, promised, reserved, and unissued, by holder. The stock ledger underneath is the transaction history of issued shares; it does not exist as a live book until shares exist.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=priced_up · band=early
Unpriced 30 · Priced 85 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
closing checklist
The list of steps and documents required to complete a financing round.
Connected questions: CAP-05, CAP-06, CAP-07, CAP-09, CAP-11, CAP-12
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
equity incentive plan
The board-and-stockholder-adopted plan that authorizes a pool and the rules every grant inherits. Adopt the plan when you are about to grant options or restricted stock under a pool — often at C-corp formation or just before first hire equity — not as Series A wallpaper. ISO treatment needs stockholder approval within 12 months of board adoption. The plan is not the grant. Expanding the pool at a priced round is a negotiated pre-money term.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=priced_up · band=early
Unpriced 30 · Priced 85 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
executed SAFEs and notes
The signed SAFE (Simple Agreement for Future Equity) or convertible note agreements from prior fundraising.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
grant agreements
The paper that grants equity to one named person under the plan. Requires a plan in place and a strike at or above then-current FMV if it is an option. That FMV is the 409A lock: a defensible number (priced close or a year of actuals), not par. Promised-but-unpapered grants are a common diligence defect. The 90-day post-termination exercise window is the term people miss.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=priced_up · band=early
Unpriced 30 · Priced 85 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
founder restricted stock and repurchase rights
The agreement under which founders buy their shares outright at formation, subject to the company's right to repurchase the unvested portion if they leave. This is distinct from an option grant: the founder owns the stock immediately and it is taken back rather than earned forward, which is why it is called reverse vesting. Founders who hold fully vested stock from day one are the single most common blocker to an early round, because a co-founder can depart in month two and keep everything, leaving the remaining team diluted and the cap table effectively dead. Investors routinely require reverse vesting be imposed before funding. It is also the instrument the 83(b) election attaches to.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
vesting schedules
The schedule by which a person earns their equity over time instead of owning it outright on day one. The market standard is four years with a one-year cliff: nothing vests until the first anniversary, then the first quarter vests at once and the rest accrues monthly. The cliff exists so someone who leaves in month three keeps nothing. Two acceleration variants matter and are often confused: single-trigger vests on a sale of the company, double-trigger vests only if the company is sold AND the person is terminated afterward. Investors strongly prefer double-trigger because single-trigger lets a team walk away rich the day an acquirer arrives. Vesting applies both to employee grants and, separately and more importantly at formation, to founder stock.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
instrument template
The blank template version of the financing instrument being used for the current round — e.g., a standard SAFE form — before any investor-specific terms are filled in.
Connected questions: CAP-05, CAP-06, CAP-07, CAP-09, CAP-11, CAP-12
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
investor rights summary
What this raise actually gives the holder, in plain language. A standard SAFE: conversion math, maybe pro-rata if you granted it. No board seat, no NVCA pack. A priced round: prefs, protective provisions, information rights, maybe a seat. Write down what you promised. Do not invent Series A rights on a friends SAFE.
Connected questions: CAP-05, CAP-06, CAP-07, CAP-09, CAP-11, CAP-12
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
lien releases
Documents confirming any lien against company assets has been released or paid off.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
loan and security agreements
Loan agreements and any related agreements that give a lender a security interest in company assets.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
prior round documents
The full document set from the company's previous financing rounds.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
pro-forma conversion model
A model showing how the cap table changes once outstanding SAFEs or notes convert to equity.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
side letters
Any additional agreements with specific investors that sit alongside the main financing documents.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
stock/unit ledger
The transaction-by-transaction book of shares or units issued, transferred, or cancelled. It records issued equity, not SAFEs and not verbal promises. On an unpriced SAFE there are typically no issued shares, so the honest state is empty or not opened - not a missing file. Open it when stock is actually issued. Until then the living record is the instrument and promises register, and the conversion picture lives in the pro-forma, not in this ledger.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=priced_forced · band=always
Unpriced 15 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
subscription documents
The paperwork an investor signs to actually purchase into the round.
Connected questions: CAP-05, CAP-06, CAP-07, CAP-09, CAP-11, CAP-12
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
term sheet
The document setting out the proposed terms of the financing round before final legal documents are drafted.
Connected questions: CAP-05, CAP-06, CAP-07, CAP-09, CAP-11, CAP-12
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
UCC search results
A public-records search for liens on the company's assets. Homework when you have (or are taking) debt, or a priced-round counsel asks. None is complete if you have never borrowed and no one has filed. Do not run one to decorate a SAFE data room.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
valuation support and comparables
The reasoning and comparable-company data used to support the round's valuation.
Connected questions: CAP-05, CAP-06, CAP-07, CAP-09, CAP-11, CAP-12
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
undocumented equity promises register
A written record of every equity expectation that exists in someone's mind but not on paper: a verbal promise to an early contributor, an advisor told they would be taken care of, a contractor who believes they were working for points, a co-founder conversation that ended without documents. The register lists the person, what they believe they were promised, whether anything was signed, and the company's position. An empty register is a complete answer if it is honestly complete. These claims surface after money arrives rather than before, which is why the register is more valuable than the cap table for finding them.
Connected questions: CAP-01, CAP-03, CAP-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
warrant agreements
Agreements granting the right to purchase equity at a set price in the future.
Connected questions: CAP-02, CAP-04, CAP-10
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 10
Governance & Controls
Who decides, who checks, and what gets reported.
10.1 · Board, Decision Rights & Reporting
Evidence artifacts: board consents and minutes; voting agreements; protective provisions; observer agreements; information rights terms; historical investor updates
GOV-01
Who governs this company today? Founders as the only directors is a complete pre-seed answer. A formal board, committees, and investor seats arrive with a priced round or an institution that required them. A SAFE does not create a board seat. Observer rights, if any, belong to a lead and should be few.
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
GOV-02
Who holds voting, veto, protective, budget, debt, lien, issuance, sale, mission, compensation, hiring/firing, and tie-breaking authority?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
GOV-03
What did you promise to send, and how often? A human update to friends-and-family is enough on a small SAFE. Quarterly numbers for a large SAFE lead can be reasonable. Monthly packs, inspection, and audit rights are priced-round terms. Write down whatever you promised.
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
GOV-05
Who can check, remove, replace, or overrule a founder or executive, and how do continuity, incapacity, deadlock, misconduct, and crisis procedures work?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
GOV-09
What is the investor/holder reporting cadence, who owns it, and how accurate were prior forecasts, milestones, claims, and disclosures versus later outcomes?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
10.2 · Approvals, Conflicts, Controls & Commitments
Evidence artifacts: delegation of authority matrix; conflict disclosures and register; internal control documentation; corporate policies; charter provisions locking commitments
GOV-04
What approvals, consents, notices, formalities, and records are required before material corporate, financing, related-party, compensation, or strategic actions?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
GOV-06
What actual or potential conflicts exist among founders, directors, advisors, investors, affiliates, customers, employers, portfolios, and counterparties, and how are they disclosed and managed?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
GOV-07
What financial, operational, security, model, disclosure, data, and document controls exist, who owns each, and who is allowed to make a claim from them?
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
GOV-08
What code of conduct, whistleblower, ethics, records, approval, delegation, anti-retaliation, and policy-governance framework exists?
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
GOV-10
How are mission, refusal, customer, impact, purpose, benefit, and other founder commitments governed through new financing, board changes, sale, IPO, or new control? A slide is not a lock. A SAFE is not a lock. A PBC stamp is not a lock. This glossary teaches a signed acceptance of mission, vision, and values with the check, real language in the operating agreement or charter, and the IP license already written — not a second hook. The wrong investors will push back. That pushback is the screen working. If you have no such commitment, none is a complete answer.
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
Governance & Controls artifact definitions
PRIMARY
board consents and minutes
The written record of board decisions and meetings.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
charter provisions locking commitments
Language written into the operating agreement or charter so a commitment cannot be quietly changed later. Use this for a mission, a refusal, or another founder commitment you actually keep. Supermajority or similar friction to unwind is the point — a casual board vote should not erase it. This is not homework for a company with no commitment. Do not lock a sentence you would be embarrassed to read aloud to the people doing the work. A PBC stamp by itself is not this provision. The wrong investors will push back on friction that protects mission. That is expected.
Connected questions: GOV-04, GOV-06, GOV-07, GOV-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
conflict disclosures and register
The compiled record of all disclosed conflicts of interest across the company, kept as an ongoing register.
Connected questions: GOV-04, GOV-06, GOV-07, GOV-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
corporate policies
Written rules you actually follow. A one-page acceptable-use or security note can exist when you have a product. A policy binder (delegation matrix, internal controls, handbook stack) is next-round or first-enterprise-review work. Do not write policies nobody uses.
Connected questions: GOV-04, GOV-06, GOV-07, GOV-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
delegation of authority matrix
A table showing who is authorized to approve what — spending limits, contract signing, etc.
Connected questions: GOV-04, GOV-06, GOV-07, GOV-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
historical investor updates
Past investor update emails or reports the company has sent.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
information rights terms
What you promised to send investors, and how often. A standard SAFE does not include NVCA information rights. Reasonable on a larger SAFE: a quarterly update to the biggest check. Full monthly packs, audited statements, and Major Investor rights are priced-round paper. Friends money: a human update is enough. Put whatever you promised in writing so it is not a fight later.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
internal control documentation
Documentation of the company's financial and operational controls, such as approval chains and segregation of duties.
Connected questions: GOV-04, GOV-06, GOV-07, GOV-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
authorized signers and banking control
The record of who may legally bind the company and who may move its money, usually a board or member resolution naming authorized signers plus the bank's own signature card. It should state contract signing authority and any dollar thresholds, who can initiate versus approve a wire, who administers the bank login, and what dual-control exists above a set amount. Sole-signer companies with no second approver are the standard setup for early startups and also the standard vector for both fraud and paralysis - if the only signer is unreachable, payroll does not run.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
observer agreements
Agreements granting a board observer, a non-voting attendee, their seat.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
protective provisions
Provisions giving investors veto rights over specific major company decisions.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=priced_forced · band=seed
Unpriced 15 · Priced 95 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
voting agreements
Agreements governing how certain shareholders vote their shares together.
Connected questions: GOV-01, GOV-02, GOV-03, GOV-05, GOV-09
Stage-aware scoring context
gate=none · instrument=priced_forced · band=seed
Unpriced 15 · Priced 95 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 11
Legal, Risk, Security & Compliance
The largest folder. If it becomes unusable the clean split is Legal & Risk (6) and Security, Privacy & Compliance (17) — but not on day one.
11.1 · Litigation, Contractual Risk & Insurance
Evidence artifacts: litigation schedule; demand letters and settlements; material contract summaries; insurance policies with limits and exclusions; counsel opinions
RISK-01
What pending, threatened, settled, or historical litigation, disputes, claims, investigations, complaints, defaults, employment matters, or regulatory inquiries exist?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
RISK-02
What material contracts, obligations, restrictions, termination rights, assignment limits, change-of-control terms, long-term commitments, or off-balance-sheet arrangements exist?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
RISK-03
What D&O, E&O, cyber, general liability, key-person, property, workers' compensation, product, and other insurance is in force, with what limits, exclusions, and indemnification?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
11.2 · Enterprise & Dependency Risk
Evidence artifacts: risk register; dependency map; vendor concentration analysis; mitigation plans
RISK-04
What are the principal ways the company, product, financing, mission, market, or execution can fail, what indicators expose each risk, and what mitigation or recovery exists?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
RISK-05
What supplier, hardware, compute, data, cloud, customer, partner, geographic, infrastructure, or single-point dependency could interrupt or constrain the business?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
11.3 · Security Program & Incidents
Evidence artifacts: security policy set; architecture and threat model; pen test reports and retests; audit reports or readiness assessments; incident log; vendor security reviews
SEC-01
What is the security architecture and threat model across identity, access, encryption, keys, networks, tenants, code, vendors, endpoints, physical systems, logging, monitoring, backup, and recovery?
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 70 · Pre-launch 85 · Pre-revenue 90 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
SEC-02
Has anyone outside the company tried to break the system, and did you fix what they found? None is honest until an enterprise customer security review, SOC prep, or a launch that holds sensitive data. First pentest typically sits just before that review or audit, not at idea stage.
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 60 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
SEC-03
What SOC 2, ISO 27001, ISO 42001, FedRAMP, sector, customer, or other assurance is complete or in progress, with what scope, assessor, gaps, date, cost, and commercial effect?
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 20 · Pre-launch 15 · Pre-revenue 40 · In-revenue 60 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
SEC-04
What security, privacy, availability, model, insider, vendor, or data incidents and near misses have occurred, and what notification, investigation, remediation, and learning followed?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
11.4 · Privacy & Data Protection
Evidence artifacts: privacy policy; records of processing; DPAs and SCCs; subprocessor register; deletion and retention procedure with test evidence; DPIAs
PRV-01
What privacy and data-rights program governs notice, lawful basis, consent, purpose limitation, minimization, access, correction, portability, restriction, objection, retention, and deletion?
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 70 · Pre-launch 85 · Pre-revenue 90 · In-revenue 90 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRV-02
Where is data stored and processed, what residency/sovereignty commitments apply, and can deletion, retention, backup removal, export, and revocation be technically executed and proven?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRV-03
Which subprocessors, model providers, affiliates, partners, and jurisdictions receive data, under what DPAs, SCCs, transfer mechanisms, audit rights, and liability allocations?
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 70 · Pre-launch 60 · Pre-revenue 80 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
11.5 · Regulatory & Statutory Compliance
Evidence artifacts: regulatory applicability analysis; AI framework mapping; export classification; Form D and blue-sky filings; 83(b) elections with proof of timely filing; 409A valuation; counsel memoranda
REG-01
Which corporate, consumer, privacy, employment, financial, sector, procurement, safety, environmental, accessibility, and other regulatory regimes apply, and what is the status under each?
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
REG-02
Which AI-related rules do you believe apply today, who owns watching them, and what do you do when the goalposts move — because they will, and you will be wrong sometimes?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
REG-03
What export-control, ITAR/EAR, sanctions, OFAC, anti-bribery, beneficial-ownership, political-exposure, foreign-investment, CFIUS, and sovereign-access constraints apply?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
REG-04
What securities-law exemption, solicitation, accreditation, KYC/AML, broker/dealer, placement-agent, jurisdiction, transfer, tax-form, and investor-eligibility requirements govern each financing?
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
REG-05
What employment, immigration, ERISA/benefits, non-compete, wage/hour, worker-classification, workplace-safety, and workforce-reporting obligations exist?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
REG-06
What 409A, QSBS Section 1202, Rule 701, option, equity-compensation, withholding, and related tax/securities compliance exists or is applicable? 409A is a priced close or a year of actuals, not a $0 badge.
Stage-aware scoring context
gate=none · instrument=priced_up · band=seed
Unpriced 30 · Priced 85 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
REG-08
Were 83(b) elections filed, with proof of timely filing, wherever restricted stock was issued? Produce is short. The IRS 30-day window is statutory, not a produce-horizon.
Stage-aware scoring context
gate=none · instrument=priced_up · band=early
Unpriced 30 · Priced 85 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
REG-07
Do research, grant, product, hardware, site, environmental, human-subject, animal-subject, clinical, government, or regulated-customer activities require approvals, permits, sponsors, or institutional review?
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
11.6 · Transactions & Public-Company Readiness
Expected to answer NOT_APPLICABLE or PLANNED at seed stage. These exist so the answer is an honest stage position rather than a missing checkbox.
Evidence artifacts: LOIs and transaction documents; subsequent-events log; readiness assessments
TXN-01
What acquisitions, dispositions, restructurings, strategic alternatives, subsequent events, material adverse changes, or transaction pipelines exist, and what integration or execution capacity supports them?
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
PUB-01
If public reporting is applicable or planned, what SEC registration, periodic reporting, disclosure controls, filing calendar, materiality, risk-factor, and restatement framework exists?
Stage-aware scoring context
gate=none · instrument=any · band=series_c
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 25 · Series C+ 85
PUB-02
What ICFR, audit committee, independent auditor, internal audit, SOX 302/404, control-deficiency, remediation, and management-certification readiness exists?
Stage-aware scoring context
gate=none · instrument=any · band=series_c
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 25 · Series C+ 85
PUB-03
How are earnings, guidance, segment reporting, KPIs, non-GAAP measures, XBRL, insider trading, Regulation FD, MNPI, cybersecurity disclosure, and public corrections governed?
Stage-aware scoring context
gate=none · instrument=any · band=series_c
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 25 · Series C+ 85
11.7 · Opportunity Register
Opportunity is a way of looking, not a dated tracker. Most people stay in the box school, an industry, or a professor handed them. First principles and a 360-degree look — not only advance and retreat — is the work. If nobody tells you to look, most people never do.
Evidence artifacts: opportunity register; certification-to-revenue-access analysis; partnership LOIs; patent claim-coverage mapping to future markets; adjacency analysis
OPP-01
What is everyone else missing if you look at this from first principles and from every angle — not only forward and back? What have you not looked at because nobody told you to look? The register is that willingness, not a list of named-owned-dated rows.
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
OPP-02
Which certifications or assurances, if any, would unlock customers you cannot reach today? What do they actually cost and how long do they take *now* — not five years ago — and is someone offering the same door faster or cheaper because the work commoditized? If no buyer requires one, none is the answer. Do not start a cert to look funded.
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
OPP-03
What adjacent or even strange customer should you *test* — not only the one you already assume is ideal? You do not know if you do not try. A narrow vertical that becomes raving fans, then wide, is a path. A slide about adjacency with no test is not.
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
OPP-04
What have you already built that you do not realize is intellectual property? What is unusual about how you solved a Tuesday problem, and has that been published or filed? Founders often sell the company and miss that the buyer wanted the thing they built to survive, not the thing they were pitching. If you have claims, which markets do they actually cover? If you have not looked, that is the work.
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
Legal, Risk, Security & Compliance artifact definitions
PRIMARY
409A valuation
A written, usually independent, appraisal of common-stock FMV on a named date, used to set option strike prices. FMV is not a price you invent and not a price you file. It is a price you can defend if needed. You do not file this report with the IRS - there is no Form 409A - and no one will take the company's word later. An IRS agent, buyer, or lawyer will ask what the number was based on. The only inputs that can defend it are outside facts: an arm's-length stock transaction (a priced equity close, a secondary, an acquisition offer), a year of actual revenue and financials, cash and assets that exist, or market comparables. Projections with no actuals, the par value from the charter, and a SAFE cap cannot defend a price. Until at least one of those inputs exists, the company is still at approximately zero, there is no spread worth fighting over, and a certified report is theater. Once a priced round has closed or a year of revenue can be put in front of the board, the report is the contemporaneous record of those inputs, the method, and the date - the evidence you use if you have to defend the strike. An independent appraisal then shifts the burden: the IRS must show the method was grossly unreasonable. The number goes stale after 12 months or when a material event changes the inputs, whichever comes first. Refresh it before the next grant. A weak report, or one whose inputs were shaped to justify a low strike, is what later cheap-stock scrutiny attacks at acquisition or IPO.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=none · instrument=priced_forced · band=seed
Unpriced 15 · Priced 95 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
83(b) elections with proof of timely filing
A tax election filed with the IRS within 30 days of receiving restricted stock, choosing to be taxed on its value now rather than at each vesting date. When stock is nearly worthless at formation the tax is close to zero, and all later appreciation is treated as capital gain. Without it, each vesting tranche is taxed as ordinary income at the value on that date, which can create a large tax bill on shares that cannot be sold. The 30-day deadline is statutory and cannot be extended, cured, or filed late for any reason. It applies to restricted stock, not to ordinary option grants. Keep proof of timely filing, because the election is often the only evidence that survives.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
adjacency analysis
A test, not a slide: is there an adjacent or even strange customer who might become the ICP if you tried? Go narrow, make them raving fans, then wide. You do not know if you do not try.
Connected questions: OPP-03
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
AI framework mapping
Mapping the company's AI practices against a named external AI risk or governance framework, so alignment is shown rather than asserted.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
architecture and threat model
A model of the system's attack surface: what could go wrong, from where, and what stops it.
Connected questions: SEC-01, SEC-02, SEC-03, SEC-04
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
audit reports or readiness assessments
Completed security or compliance audits, or assessments of how ready the company is to pass one.
Connected questions: SEC-01, SEC-02, SEC-03, SEC-04
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
certification-to-revenue-access analysis
Which certificate opens a buyer you cannot reach today, what it costs and takes *now* (AI is collapsing time and price), and who offers that door faster or cheaper. If no buyer requires one, do not start a cert to look funded.
Connected questions: OPP-02
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
counsel memoranda
Written legal analysis from outside counsel on a specific question.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
counsel opinions
Formal legal opinions from outside counsel.
Connected questions: RISK-01, RISK-02, RISK-03
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
deletion and retention procedure with test evidence
The company's documented process for deleting or retaining data on schedule, plus proof the process was actually tested.
Connected questions: PRV-01, PRV-02, PRV-03
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
demand letters and settlements
Any legal demand letters received and how they were resolved.
Connected questions: RISK-01, RISK-02, RISK-03
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
dependency map
A map of the company's critical dependencies — vendors, infrastructure, key people — and what breaks if each one fails.
Connected questions: RISK-04, RISK-05
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
DPAs and SCCs
Data Processing Agreements and Standard Contractual Clauses — the contracts governing data transfer and processing, including across borders.
Connected questions: PRV-01, PRV-02, PRV-03
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
DPIAs
Data Protection Impact Assessments — formal assessments of privacy risk for a specific data use.
Connected questions: PRV-01, PRV-02, PRV-03
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
export classification
The determination of what a product or technology is under export control law - its category on the applicable list, such as an ECCN under the EAR or a USML category under ITAR, or a documented finding that it is not listed. A classification is a description, not a permission. Whether a particular transfer is allowed is a separate, later question that depends on the classification together with the destination, the end user, and the end use, and may require a license, qualify for an exception, or need no license at all. Software, encryption, and technical data can be controlled even when nothing physical ships, and giving a foreign national access to controlled technology inside the US can itself count as an export.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
Form D and blue-sky filings
Securities notice filings made after a financing round closes. What is actually required depends on which exemption the round relies on. A round sold under Regulation D calls for a Form D filed with the SEC within 15 days of the first sale, and state notice filings - the blue-sky filings - depend on where the investors reside, varying by state in form, fee, and deadline. An issuer relying on a different exemption may face different obligations or none federally. Filing is generally advisable even where the obligation is arguable, because a missed or late filing can jeopardize the exemption being relied on and complicates later rounds. The specifics are fact-dependent; confirm them with counsel rather than treating this as a fixed checklist.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=none · instrument=this_round · band=always
Unpriced 95 · Priced 70 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
incident log
A running record of security or operational incidents as they happen.
Connected questions: SEC-01, SEC-02, SEC-03, SEC-04
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
insurance policies with limits and exclusions
What is in force, the limits, and the exclusions — by line. The test is: does someone require it, or did you open a risk that a person could sue you for? A campus that will not let you put up a tent without a $2M general-liability certificate is a requirement. A user you are already serving can sue you — that is risk. Workers' compensation when you have employees. Cyber when you hold other people's data. Product or E&O when what you sell can hurt someone. D&O when an outside director or institution will not sit without it — often seed or A, not friends-and-family. Key-person when someone else needs one human named. None is honest until a requirement or that risk exists. Do not buy a stack to look like Series A.
Connected questions: RISK-01, RISK-02, RISK-03
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
litigation schedule
A list of any current or past litigation involving the company.
Connected questions: RISK-01, RISK-02, RISK-03
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
LOIs and transaction documents
Letters of Intent and other documents from any M&A or major transaction discussions.
Connected questions: TXN-01, PUB-01, PUB-02, PUB-03
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
POSITION
material contract summaries
Plain-language summaries of the company's most important contracts, for a reader who won't read the full legal text.
Connected questions: RISK-01, RISK-02, RISK-03
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
mitigation plans
The company's stated plans for reducing specific identified risks.
Connected questions: RISK-04, RISK-05
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
opportunity register
The practice of looking — first principles, 360 degrees, not only advance and retreat. What is everyone else missing because they stayed in the box they were handed? It is not a spreadsheet of named-owned-dated rows. If nobody tells you to look, most people never do.
Connected questions: OPP-01, OPP-02, OPP-03, OPP-04
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
partnership LOIs
A letter of intent with a prospective partner, short of a contract. It is not a partnership and not a captured opportunity until there is a POC or a signature. If you cite it, show it and say what it is. If you do not cite it, it is not homework.
Connected questions: OPP-01, COM-13
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
POSITION
patent claim-coverage mapping to future markets
What you already built that you may not realize is the asset — the Tuesday fix a buyer would license. What is unpublished or unfiled. If you have claims, which markets they actually cover. Ask. Founders often pitch the company and miss the invention.
Connected questions: OPP-04
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
PRIMARY
pen test reports and retests
A third-party simulated attack, plus a retest of the fixes. Not a pre-seed badge. Typical first trigger: an enterprise customer security review, SOC 2 prep, or a launch that holds sensitive data. Practice is to pentest before the SOC audit, not on day one of the product. None is honest until one of those asks exists.
Connected questions: SEC-01, SEC-02, SEC-03, SEC-04
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
privacy policy
The company's public-facing policy on how it collects and uses personal data.
Connected questions: PRV-01, PRV-02, PRV-03
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
readiness assessments
Assessments of how prepared the company is for a specific event, such as a transaction, an audit, or going public.
Connected questions: TXN-01, PUB-01, PUB-02, PUB-03
Stage-aware scoring context
gate=none · instrument=any · band=series_c
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 25 · Series C+ 85
PRIMARY
records of processing
An inventory of what personal data the company processes, for what purpose, on what legal basis, who it is shared with, and how long it is kept. Often called a RoPA. It is a specific obligation under GDPR Article 30 for organizations within its scope, subject to a narrow small-organization exemption that falls away if processing is regular, higher-risk, or involves special-category data. It is not a universal legal requirement, and a typical US early-stage company with no EU data subjects is generally not bound by it. Applicability is a jurisdiction and data-flow question rather than a stage question - confirm with counsel rather than assuming in either direction.
Connected questions: PRV-01, PRV-02, PRV-03
Stage-aware scoring context
gate=launch · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
regulatory applicability analysis
An analysis of which laws and regulations actually apply to the company's business, industry, and jurisdictions.
Connected questions: REG-01, REG-02, REG-03, REG-04, REG-05, REG-06, REG-07, REG-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
risk register
A prioritized, maintained list of the company's key risks with likelihood, impact, and mitigation noted for each.
Connected questions: RISK-04, RISK-05
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
POSITION
security policy set
The company's written security policies, such as access control and incident response.
Connected questions: SEC-01, SEC-02, SEC-03, SEC-04
Stage-aware scoring context
gate=product · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
subprocessor register
A list of every third-party vendor the company uses that touches customer or personal data on its behalf.
Connected questions: PRV-01, PRV-02, PRV-03
Stage-aware scoring context
gate=product · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 65 · Pre-revenue 70 · In-revenue 85 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
subsequent-events log
A record of material events that happened after the company's last financial statement date but before it's shared with investors.
Connected questions: TXN-01, PUB-01, PUB-02, PUB-03
Stage-aware scoring context
gate=none · instrument=any · band=park
Unpriced 0 · Priced 5 · Pre-product 0 · Pre-launch 0 · Pre-revenue 0 · In-revenue 0 · Pre-seed 0 · Seed 5 · Series A & B 15 · Series C+ 35
POSITION
vendor concentration analysis
An analysis of how dependent the company is on a small number of vendors — a supply-chain risk check.
Connected questions: RISK-04, RISK-05
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
vendor security reviews
Whether you looked at a vendor before giving them data or access. Light review when you first use a processor. Formal questionnaires are an enterprise-customer or SOC clock. None is fine if you have no vendors holding customer data.
Connected questions: SEC-01, SEC-02, SEC-03, SEC-04
Stage-aware scoring context
gate=launch · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 0 · Pre-launch 0 · Pre-revenue 55 · In-revenue 80 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
Section 12
Mission & Impact
What the company refuses to do, what it measures, and whether the commitment survives a check, a new board, or a sale.
12.1 · Mission, Activities & Durability
Mission and vision are separate positions, and both — with the investor deck — are synthesized late, after the underlying company questions are answered. Do not invent a fake mission so this folder looks finished. This glossary recommends a signed acceptance of mission, vision, and values with the check; the wrong investors will push back, and that is the point. GOV-10 is the control-event question. IMP-08 is the stack question. Keep both.
Evidence artifacts: mission statement; charter or PBC provisions; funded activity records; values side letters; commitment governance documentation
IMP-01
What is the company's mission and purpose, and how do commercial return and any intended human outcome relate — or is there no impact claim? Do not write a fake mission. Talk to your people. Mission works like a brand: it is what customers and the team experience, not what the deck says. Honest empty beats pretty language you do not keep.
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
IMP-02
Which mission, community, charitable, physical, environmental, or ecosystem activities operate today, which are financed, and which remain planned or conditional?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
IMP-08
How are mission and impact commitments linked to governance, incentives, contracts, financing, sale, IPO, succession, and change of control? GOV-10 asks who can unwind the commitments when power changes. This question asks what those commitments are actually tied to — or whether they live only on a slide. If you have no mission or impact claim, say so. Do not invent a stack to look serious.
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
12.2 · Impact Measurement, Refusal & Externalities
Evidence artifacts: impact framework mapping; measurement methodology and baseline; third-party verification; acceptable-use and refusal policy; declined-revenue log; lifecycle analysis
IMP-03
What is the theory of change, baseline, counterfactual, beneficiaries, additionality, metrics, targets, data sources, cadence, assurance, unintended effects, and remediation for claimed impact?
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
IMP-04
What independent verification, stakeholder participation, impact framework, assurance, audit, adverse finding, and correction process makes impact claims checkable?
Stage-aware scoring context
gate=none · instrument=any · band=series_b
Unpriced 5 · Priced 20 · Pre-product 5 · Pre-launch 5 · Pre-revenue 5 · In-revenue 5 · Pre-seed 5 · Seed 20 · Series A & B 70 · Series C+ 90
IMP-05
What customer-refusal, prohibited-use, values-screen, surveillance, weapons, labor, dignity, or other restriction exists, how is it enforced, and how much revenue is exposed? If you have a refusal, say it in plain language. If you do not, none is the answer. Do not build a values binder to look funded.
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
IMP-06
How does the product affect worker agency, displacement, augmentation, retraining, fairness, accessibility, vulnerable people, and the risk of reducing humans to scores or surveillance data?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
IMP-07
What energy, compute, emissions, water, materials, waste, supply-chain, embodied-carbon, land, community, and lifecycle externalities exist now and in the roadmap?
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
IMP-09
What negative impacts, stakeholder harms, mission drift, impact-washing, ethical conflicts, or values failures have occurred or could occur, and how are they detected, disclosed, and remediated?
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
Mission & Impact artifact definitions
POSITION
acceptable-use and refusal policy
Plain language for what you will not build or sell, and to whom you will refuse. This is optional. If you have no refusal, say none — you will sell to anyone the law allows. If you have one, write it so a salesperson can use it. A poster no one applies is not a policy. Do not build a binder. The letter that rides with the check can point at this list; the list itself is how you generally communicate the refusal.
Connected questions: IMP-03, IMP-04, IMP-05, IMP-06, IMP-07, IMP-09
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
PRIMARY
charter or PBC provisions
These live in the operating-agreement and charter stack — the documents that actually govern the company — not only in a later priced-round pack. A purpose clause, a side letter, and a Public Benefit Corporation election are three different instruments. Electing PBC does not stop a buyer and is not the lock. What matters is language you meant, written where changing it takes more than a casual vote. Do not invent a fake mission so this folder looks finished. Mission, vision, and values work like a brand: you do not own the meaning. Your people and your customers tell you what they are. Pretty language that is not true is worse than honest empty. Put real thought in before you write. Counsel drafts the words; you decide whether you have something true to lock.
Connected questions: IMP-01, IMP-02, IMP-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
commitment governance documentation
How the commitment is actually enforced inside, not a poster. Before priced paper exists, the teeth this glossary already taught are the founder IP license: title stays with the founders, exclusive license to the company, walk-away on expropriation — including breach of the values they signed. See invention assignments. Do not invent a second hook. If you have no mission or refusal, the honest answer is none. If you do, say who can unwind it, what document they would have to change, and what happens if a later operator treats the slide as optional. Character clauses and board-removal mechanics can come later; they are not the first write.
Connected questions: IMP-01, IMP-02, IMP-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
declined-revenue log
A record of revenue the company deliberately turned down because it conflicted with its mission or values.
Connected questions: IMP-03, IMP-04, IMP-05, IMP-06, IMP-07, IMP-09
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90
PRIMARY
funded activity records
Records of activities the company has funded in service of its mission, such as charitable work or free-access programs.
Connected questions: IMP-01, IMP-02, IMP-08
Stage-aware scoring context
gate=none · instrument=any · band=early
Unpriced 85 · Priced 90 · Pre-product 85 · Pre-launch 85 · Pre-revenue 85 · In-revenue 85 · Pre-seed 85 · Seed 90 · Series A & B 90 · Series C+ 90
POSITION
impact framework mapping
Mapping the company's impact claims against a recognized external framework so they can be checked, not just asserted.
Connected questions: IMP-03, IMP-04, IMP-05, IMP-06, IMP-07, IMP-09
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
lifecycle analysis
An analysis of the product's or mission's stage of maturity and what typically comes next at each stage.
Connected questions: IMP-03, IMP-04, IMP-05, IMP-06, IMP-07, IMP-09
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
measurement methodology and baseline
How the company actually measures its stated impact, and the starting baseline it measures against.
Connected questions: IMP-03, IMP-04, IMP-05, IMP-06, IMP-07, IMP-09
Stage-aware scoring context
gate=none · instrument=any · band=series_a
Unpriced 15 · Priced 40 · Pre-product 15 · Pre-launch 15 · Pre-revenue 15 · In-revenue 15 · Pre-seed 15 · Seed 40 · Series A & B 85 · Series C+ 90
POSITION
mission statement
The company's stated mission — only if it is true. Talk to your people before you write one. A mission works like a brand: it is what customers and the team experience, not what the deck says. Do not invent pretty language so this folder looks finished. Honest empty is better than a fake purpose clause.
Connected questions: IMP-01, IMP-02, IMP-08
Stage-aware scoring context
gate=none · instrument=any · band=always
Unpriced 95 · Priced 95 · Pre-product 95 · Pre-launch 95 · Pre-revenue 95 · In-revenue 95 · Pre-seed 95 · Seed 95 · Series A & B 95 · Series C+ 95
PRIMARY
third-party verification
Independent, outside confirmation of the company's impact or mission claims.
Connected questions: IMP-03, IMP-04, IMP-05, IMP-06, IMP-07, IMP-09
Stage-aware scoring context
gate=none · instrument=any · band=series_b
Unpriced 5 · Priced 20 · Pre-product 5 · Pre-launch 5 · Pre-revenue 5 · In-revenue 5 · Pre-seed 5 · Seed 20 · Series A & B 70 · Series C+ 90
PRIMARY
values side letters
This glossary recommends a signed letter with the check: the investor accepts and supports the mission, the vision, and the values, or they should not invest. A checkbox in a data room is not that letter. A signature is. Every company can choose otherwise — this is teaching, not a filing requirement. Be clear with founders: the wrong investors will push back. That pushback is the screen working. A standard SAFE does not lock mission, vision, or values. This letter does not replace a charter or an operating agreement. It is the acknowledgment that rides with the money. If they will not sign, you learned something before the wire.
Connected questions: IMP-01, IMP-02, IMP-08, GOV-10
Stage-aware scoring context
gate=none · instrument=any · band=seed
Unpriced 70 · Priced 80 · Pre-product 40 · Pre-launch 40 · Pre-revenue 40 · In-revenue 40 · Pre-seed 35 · Seed 80 · Series A & B 90 · Series C+ 90