Notes on confirmed moat 5818. Picked back up after the last review.
Related: compressed onboarding 6642, stalled PMF 6698.
Cross-section thread: sketched model 6445. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Valuation → seed → moat. Worth a second pass; the valuation angle keeps coming back.
- Cap table → ICP → burn rate. Worth a second pass; the cap table angle keeps coming back.
- Vesting → series-a → incident. Worth a second pass; the vesting angle keeps coming back.