Day 23 · India · 09:00 IST

Market Open

Market Index 1.12 WARM
01
Settle
Burn charged · Runway recomputed
✓
02
Price
Sector multiples rebuilt from 20 closed deals
✓
03
Post
Investor mandates published · 3 new today
●
04
Expire
Offers expire at next open · 23h 41m
○
Today's Burn BURN_OPEX
◌ −3,840
Headcount × India index ◌ 2,400
Infrastructure (12 customers) ◌ 960
Support load ◌ 480
Growth is making this expensive.
Sector Comparables HR TECH
CompanyMultipleClosed
Kira Systems4.2×2d ago
TalentOS3.8×5d ago
HireLoop5.1×8d ago
Workstream3.2×12d ago
Decayed median 4.1×
Investor Mandates Today 3 NEW
Priya Mehta
Unfair customer insight · India, SEA
◌ 0.5–2M · Seed, A
Expires in 23h
Kofi Asante
Underserved markets · India, Gulf
◌ 0.2–1.5M · Seed, A
Expires in 23h
Victor Strand
Contrarian · All stages
◌ 0.5–4M · All
⚠ Read the terms
Acquisition Offer EXPIRES 18h
from TalentOS · run by @mwebb_founder
◌ 280,000
Negotiated price · 3% friction burn applies on close
Current Valuation
Run rate ◌ 46,080 / yr
×
Sector multiple 4.1×
×
Market Index 1.12
×
PMF score (0.5 + 62/100) 1.12
◌ 236,900
Your Ending CHOOSE
01 Operate Compounding into next season
02 Exit Sets sector comparable
03 Acquired Negotiated price recorded
04 Wind down Capital returned · scored
05 Removed Board fires you · company continues
Build · Maintain · Serve

Workbench

This week Build 40% · Maintain 35% · Serve 25%
Your Product
NexusHire
"AI-powered hiring for lean teams"
▣
Applicant Tracking
Quality: 82 · Built by Aisha (Senior)
SHIPPED
▣
Interview Scheduling
Quality: 71 · Built by Raj (Mid)
SHIPPED
◫
Scoring Model
Quality ceiling: 90 · Aisha assigned
60%
+
Add component
Browse catalogue →
ADD
Week Allocation
Build
40%
Maintain
35%
Serve
25%
Balanced: Scoring Model ships in 2 cycles. Reliability holds at 78.
Team
A
Aisha Patel
Senior Engineer · India
Cap: 88
Scoring Model
R
Raj Sharma
Mid Engineer · India
Cap: 41
Maintenance
+
Hire next
Raises burn · India index
Raj is at 41 capacity. Overwork risks losing Interview Scheduling components.
Component Catalogue
Analytics Dashboard
◌ 4,200 · 3 cycles
Quality ceiling: 85
API Integration
◌ 2,800 · 2 cycles
Quality ceiling: 92
Compliance Module
◌ 6,100 · 4 cycles
Quality ceiling: 78
Mobile App
◌ 8,400 · 5 cycles
Quality ceiling: 88
Three investors · Three rounds each · Two terms per round

Fundraise

Target ◌ 1,200,000
Select Investor
Priya Mehta
Unfair customer insight · India, SEA, US
◌ 0.5–2M · Seed, A
Blind spot: undervalues categories with no existing customers
Marcus Webb
Demonstrated momentum · US, UK
◌ 1.5–5M · A, B
Blind spot: funds growth that unit economics won't support
Lena Hoffmann
Technology as the moat · UK, Singapore
◌ 0.25–3M · Seed–B
Blind spot: mistakes technical difficulty for defensibility
Kofi Asante
Underserved markets · India, Gulf, SEA
◌ 0.2–1.5M · Seed, A
Blind spot: patient to the point of funding companies that should stop
Victor Strand ⚠
Contrarian · All stages and structures
◌ 0.5–4M · All
Best valuation. Worst terms. Cost surfaces only at exit.
Negotiation · Priya Mehta
Round 1
Round 2
Round 3
Computed Offer
Cheque size ◌ 800,000
Valuation ◌ 236,900 pre-money
Equity 25.2%
Preference 1× non-participating
Every number is computed. Negotiation moves terms, not the mathematics.
Valuation
Preference
Opening with your most aggressive counter burns rounds on terms Priya will never concede.
Due Diligence
Revenue concentration
Top customer = 38% of ARR. Priya will reprice.
Customer tenure
Median 18 days. Early stage — acceptable.
Reciprocal adoption
2 customers also supply you. Flagged.
Jurisdiction
India entity. Priya will fund this structure.
Jurisdiction Alert
Marcus Webb and Victor Strand will not fund a non-Delaware entity. Flip cost: greater of ◌ 12,000 or 1.5% of valuation + 1 cycle freeze + forfeit India relief.
Vouches decide visibility · Adoptions decide revenue

The Floor

Vouches left today: 2 Your adoptions: 3
Your Listing
NexusHire
by you · Nexus Labs
"AI-powered hiring for lean teams"
ATS · Scheduling · Scoring Model (building)
12 Adoptions
7 Vouches
◌ 3,840 Revenue/cycle
PayrollOS
@ravi_builds
"Payroll for distributed teams in India"
Payroll Engine · Tax Filing · Compliance
◌ 320/cycle 24 adoptions 12 vouches
ADOPTED · ◌ 320/cycle
DataPipe
@lena_builds
"Real-time data pipelines, no ops"
Ingestion · Transform · Warehouse Sync
◌ 480/cycle 18 adoptions 9 vouches
ComplianceKit
@priya_builds
"Regulatory compliance for Indian startups"
GST Filing · MCA Compliance · Audit Trail
◌ 240/cycle 31 adoptions 15 vouches
InfraWatch
@kofi_builds
"Infrastructure monitoring for lean teams"
Uptime · Alerts · Cost Tracking
◌ 160/cycle 8 adoptions 4 vouches
Two Signals
VOUCH
Free · capped 2/day · permanent · scored against you. Determines visibility.
ADOPT
Costs Spark every cycle · real computed benefit · cancellable. Determines revenue.
Reciprocal adoption: 3% burns in each direction. Investor diligence reprices revenue whose largest customer is also its largest supplier.
Supply · Index · Season

Economy

Supply Assertion PASSING
Σ(MINT_*) − Σ(BURN_*) = Δ circulating supply
+◌ 2,847,200
Total minted (season)
−◌ 2,801,440
Total burned (season)
◌ 45,760
Net change (1.6%)
7-day net change: +1.6% · within ±2% tolerance ✓
Mint & Burn Ledger
CodeDirTargetShare
MINT_REVENUE↑60%◌ 1,708,320
MINT_ROUND↑35%◌ 996,520
MINT_GRANT↑5%◌ 142,360
BURN_OPEX↓60%◌ 1,680,864
BURN_FRICTION↓3%◌ 84,043
BURN_PENALTY↓—◌ 36,533
XFER_P2P↔0%Net zero
Market Index PUBLISHED · NOT NEGOTIABLE
1.6
FROTHY
Multiples max · cheques large
1.2
WARM
Raising is straightforward
1.12 ◄
CURRENT
Season day 23 · trending warm
1.0
NEUTRAL
Season opens here
0.6
WINTER
Down rounds · distressed acquisitions
Max movement 3% per day. Players experience this as a market cycle, not a correction.
Season Loop Day 23 of 90
25.6% complete
01 Open Neutral index · seeded comparables
02 Compound Build · raise · acquire · reprice
03 Choose Exit or run to close
04 Bank Record + Standing persist · Spark does not
Two Units
◌ Spark · SPK
NatureFungible capital
SourceRevenue, rounds, grants
BuysHeadcount, product, acquisitions
Cannot buyStanding
Standing
NatureNon-transferable record
SourceOutcomes only · decays with inactivity
UnlocksInvestor meetings · acquisition targets
SecurityNever purchasable · treat as invariant
Append-only · One row per decision · No derived claim without a source row

Observation Ledger

First run · weighted highest
Six Instrumented Behaviours
01
TRIAGE
What gets cut first when runway drops below 8 weeks
evt=cut · order=[mktg,hire,infra]
You cut marketing first. Consistent with capital preservation over growth signalling.
02
TERMS
Price against structure — higher valuation with participating preference
evt=pending · awaiting raise
No data yet. Raise to generate signal.
03
DWELL
Seconds spent on clauses that later cost money
clause=antidilution · t=2.1s
2.1s on anti-dilution. Below median. You may not have read it.
04
REVERSAL
Days a failing decision is held before reversed
evt=pending
No reversals recorded yet.
05
COUNSEL
Override, defer, or quietly stop consulting advisors
advisor=ops · overrides=0/0
No advisors retained yet.
06
RECOVERY
First action taken following a rejected raise
evt=pending
No rejected raises yet.
Decision Log
DayEventCodeObservation
01 Incorporated in India WORLD_INCORP Chose cheapest runway extension. Deferred Delaware question.
03 Hired Aisha Patel (Senior) HIRE_SENIOR First hire was senior. Prioritised quality ceiling over burn.
07 Shipped ATS component SHIP_COMP Shipped before first customer. Build-first pattern.
12 First adoption: PayrollOS ADOPT_OUT Adopted before first inbound. Understood buyer side first.
15 Runway warning (14w) TRIAGE Cut marketing first. order=[mktg,hire,infra]
18 Antidilution clause (2.1s dwell) DWELL_LOW Below median dwell on antidilution. Flagged for report.
23 Acquisition offer received ACQ_OFFER ◌ 280,000 from TalentOS. Decision pending.
Post-Run Report Preview
Every line cites the event that produced it.
Capital Preservation
When runway dropped to 14 weeks on Day 15, you cut marketing before headcount or infrastructure. This order (mktg → hire → infra) is consistent with protecting team capacity over growth signalling. [evt=cut · Day 15]
Clause Attention
You spent 2.1 seconds on the anti-dilution clause during the Priya Mehta term sheet review. The cohort median is 8.4 seconds. This clause will cost you money if you raise again at a lower valuation. [clause=antidilution · t=2.1s · Day 18]
Build Pattern
You shipped before acquiring your first customer. Three of the twelve founders in your cohort did the same. The other nine adopted first. Your first customer arrived on Day 19 — 4 days after the cohort median. [SHIP_COMP · Day 7 · ADOPT_IN · Day 19]
This report is evidence-linked. No claim appears without a source row in the ledger.
The Card
Eight rules. Everything else is discovered by collision.
  1. One company, one season. You cannot hedge across two.
  2. Ship anything, at any time. You cannot un-ship it.
  3. Your week splits three ways: build, maintain, serve.
  4. Adoption is a purchase, not a vote. It costs the buyer every cycle.
  5. Any customer can cancel at any Market Open, and everyone sees it.
  6. Burn is charged whether or not you are here.
  7. Only outcomes earn Standing. Nothing buys it.
  8. You choose your ending. The market chooses it for you if you wait.