Product-Market Fit (PMF): How to Measure It — and Know You Have It
PMF is the moment customers pull your product from you faster than you can sell it. Here's how to measure it, using retention, NPS, and the 'Sean Ellis test.'
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PMF is the moment customers pull your product from you faster than you can sell it. Here's how to measure it, using retention, NPS, and the 'Sean Ellis test.'
Pro-rata rights let investors maintain ownership by participating in future rounds. Here's how pro-rata mechanics, super pro-rata, and fund reserves actually work.
Pre-money + investment = post-money. It sounds simple, but option pool shuffle, fully diluted share counts, and SAFEs can destroy 5–10% of founder ownership in minutes.
Your pitch deck should tell a clear, defensible story in 10–12 slides. Here's what each slide must say — and the mistakes that kill meetings.
The 2-and-20 fee structure defines how VCs and PE GPs get paid — ~2% management fee plus ~20% carry. Here's how fees, hurdles, and waterfalls actually work, with dollar examples.
Liquidation preference is the single most important term on a VC term sheet. Here's how 1x non-participating, participating, and multi-preferences change exit payouts.