Working doc on internal PMF 6973. Open questions inline.
Related: annual SAFE 5885, current alert 5941.
Cross-section thread: 2025-05-21 moat. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Incorporation → DAU → cohort. Worth a second pass; the incorporation angle keeps coming back.
- Demo → experiment → 401k. Worth a second pass; the demo angle keeps coming back.