LAST REVIEWED 2026-09 · EVERY FIGURE AS STATED IN A SESSION — DATES SHOWN
Every number on this page was stated by a practitioner in a recorded session, with the session date attached. Numbers age; check the date before you rely on one.
| Figure | Value | Session |
|---|
| Standard pre-seed round | ~$1M (up from $500K) | May 2026 |
| Pre-seed median post-money SAFE cap (Carta data) | ~$10M | May 2026 |
| Implied cap for a $3M SAFE raise | ~$18–20M | May 2026 |
| Sensible dilution per early round | ~10–20% | Mar 2026 |
| Raise size where a priced round makes sense | ~$3–5M | Mar 2026 |
| Priced round legal cost (company pays both sides) | ~$100–150K | Feb 2026 |
| SAFE round legal cost | A few thousand dollars | Mar 2026 |
| Priced round document set | ~200–250 pages, 4+ weeks | Feb 2026 |
| Convertible note interest | 8–12% | Feb 2026 |
| Investor conversations to plan for | 20–30+ | Apr 2026 |
| Micro-fund first checks | $25–100K, 1–2 week decisions | Apr 2026 |
| Deep tech seed first check | ~$1.5M | Apr 2026 |
| Traction-fund seed revenue bar | ~$400–500K, calibrated to ACV | May 2026 |
| Rounds driven by FOMO | ~1% | May 2026 |
| Time an investor sits on your cap table | ~10 years | Apr 2026 |
| Investor filter questions (actively investing? last check? how much?) | Filters ~99% of noise | Aug 2026 |
| Venture fund return horizon | ~10 years; deployment years 1–5 | Aug 2026 |
| Pitch deck length | ~10 slides; email blurb = team, competitive, ask | Aug 2026 |
| Figure | Value | Session |
|---|
| Founder vesting standard | 4 years, monthly, 1-year cliff | Jan 2026 |
| 83(b) filing deadline | 30 days from grant, no extensions | Jan 2026 |
| Founder stock purchase at incorporation | Par value, ~$20–100 total | Jan 2026 |
| QSBS federal gain exclusion (C-corp) | Up to $15M | Jan 2026 |
| Option pool at formation | ~10% (sized to ~12 months of hires) | May 2026 |
| Advisor equity | 0.1–0.5% typical; ~1% heavy hitter; 1–2 yr vest | Jan 2026 |
| CTO equity at formation / post-raise | 10–20% / 3–5% | May 2026 |
| Post-termination exercise window | 90 days default | Jan 2026 |
| Liquidation preference market standard | 1x non-participating | May 2026 |
| Series A board | 5 seats; guard the swing seat | May 2026 |
| AI provisional patent | ~$6K | May 2026 |
| AI non-provisional patent | ~$12K ±10–20% | May 2026 |
| Figure | Value | Session |
|---|
| Facility size | 1/3–1/2 of the last equity round | Jun 2026 |
| Bank pricing | ~Prime +0–1% (~7–7.25% at the time) | Jun 2026 |
| Bank minimum facility | ~$1M | Jun 2026 |
| Process length | ~6–9 weeks | Jun 2026 |
| Runway required to qualify | 12+ months | Jun 2026 |
| Figure | Value | Session |
|---|
| Podcast-invite reply rate | ~11% vs. 6% direct outreach | Apr 2026 |
| Share of market in buying mode | ~5% at any time | Apr 2026 |
| Nurture-list payoff curve | 0 deals in months 1–6 → 1/month by months 12–14 | Apr 2026 |
| CIO cold-outreach response | Well under 0.5% | May 2026 |
| Enterprise install budget (if not self-serve) | 6–10 hours per deal | May 2026 |
| First-customer discount ceiling | Up to 90%, traded for contracted proof points | May 2026 |
| Design-partner / first-customer duration | 3–6 months; a year is too long | May 2026 |
| Customer-pilot duration | 1–2 months; longer drifts from a deal | Sep 2026 |
| Pilot success criteria | 3–5, measurable, in the agreement before kickoff | Sep 2026 |
| Paid diagnostic (one pattern) | On the order of $50K | Sep 2026 |
| Credit-card / AP threshold (one deal) | $20K on a card; four days pitch to close | Sep 2026 |
| Claimed paid-pilot conversion | 99% when criteria, stakeholders, and a decision path were in the agreement | Sep 2026 |
| Fractional PR retainers | ~$2.5–10K/mo vs. $15–20K agencies | Dec 2025 |
| DIY PR time budget | 5–10 hours/week | Dec 2025 |
| Op-ed length that lands | 600–900 words | Dec 2025 |
| Agent-stack lead cost | ~$1/lead vs. ~$100 via agencies | Apr 2026 |
| Validation hypothesis pass bar | XYZ statement true 70–90% of the time | Aug 2026 |
| LTV:CAC to proceed | 4:1 (3:1 = investor floor) | Aug 2026 |
| Price-to-pain ratio | ~1:10 | Mid-2026 |
| Design-partner cycle ceiling | 6–9 months | Mid-2026 |
| First sales contact persona | Manager/director level | Aug 2026 |
| Outbound focus | One ICP hypothesis per quarter; ~10 no-pain calls = kill | Aug 2026 |
| Enterprise land deal | Can start ~$20K on a $1M account | Aug 2026 |
| Figure | Value | Session |
|---|
| Post-LOI price movement | Down 5–35% | Sep 2026 |
| Customer concentration flags | >15% flagged; >25% shifts deal to earn-out | Sep 2026 |
| Earn-out holdback | 25–50% of proceeds | Sep 2026 |
| Banker success fees | ~2.5–3.5% + retainer, stair-stepped | Sep 2026 |
| Wealth/tax planning lead time | 18–24 months | Sep 2026 |
| Competitive-process payoff (one deal) | 2.2x the initial LOI | Sep 2026 |
| Strategic deals with no revenue | $10–20M happens | Sep 2026 |
| PE band jump example | ~3.5–4.2x → 6.2–7.2x across one EBITDA threshold | Sep 2026 |
| Figure | Value | Session |
|---|
| SaaS gross margin expectation | 70%+ | Dec 2025 |
| Acceptable AI-native margin (explained) | ~30% | Dec 2025 |
| Receipt policy | IRS requires at $75+; recommend $25+ | Dec 2025 |
| IPO / M&A timelines | 10–15 yrs / 7+ yrs | Mar 2026 |