92.4
Operator definitions
Concepts
Short definitions founders actually use — SAFE, valuation cap, option pool, LTV:CAC, and more.
SAFE
Simple Agreement for Future Equity — speed with real dilution math.
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Liquidation preference
Who gets paid first on exit — and what 1x non-participating actually means.
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Founder-led sales
You run discovery and close until the motion is repeatable.
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Pilot vs paid contract
Free pilots teach; paid contracts prove. Know which you are running.
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Runway
Months of cash left — and what attention should protect first.
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Term sheet red flags
Clauses that look standard and quietly reprice control or upside.
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Pre-money vs post-money
Same round, different ownership — know which number you are negotiating.
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Valuation cap
The SAFE ceiling that sets how much equity early checks buy later.
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Founder vesting
Unvested founder stock can be clawed back — standard is four years with a cliff.
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83(b) election
File within 30 days of the grant — or tax every vest at future FMV.
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Option pool
Reserved equity for hires and advisors — often expanded pre-money at your expense.
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Venture debt
Loan underwritten on investor follow-on — not profits. Senior, secured, with warrants.
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Default alive
Cash flow keeps the company alive without a new round — not just longer runway.
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LTV:CAC
Lifetime value over acquisition cost — the unit-economics gate investors actually read.
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