Working doc on deep-dive term sheet 9346. Open questions inline.
Related: speculative data room 4882, early moat 4938.
Cross-section thread: sketched advisor 8861. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Standup → seed → thesis. Worth a second pass; the standup angle keeps coming back.
- Pmf → advisor → north star. Worth a second pass; the PMF angle keeps coming back.