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Working doc on raw seed 2005. Open questions inline.

Related: closed memo 6117, expanded discovery call 6173.

Cross-section thread: weekly options 9794. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.

  • Equity → design review → data room. Worth a second pass; the equity angle keeps coming back.
  • Eval → runway → lead investor. Worth a second pass; the eval angle keeps coming back.