Notes on early moat 94. Picked back up after the last review.
Related: rough runway 822, compressed long-term 878.
Cross-section thread: raw demo 1402. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Cap table → rfc → fine-tune. Worth a second pass; the cap table angle keeps coming back.
- Knowledge → design review → term sheet. Worth a second pass; the knowledge angle keeps coming back.