The document discusses the different phases and funding rounds of a typical software startup enterprise from seed funding to potential IPO. It provides details on the expected timelines, typical investments and revenues, headcount needs, and key hires for each phase from seed round through rounds A, B, C, and potential IPO. It also outlines some attributes for success which include raising sufficient but minimal initial cash, having an adaptable team and business plan, achieving technology and market validation milestones, and establishing core competencies in areas like product development by round C.

2. Is this a system or chaos? Aggregate: “… the properties of components sum to the whole ”

4. Round Time 0 to 6 years $ Invest $ Outgoing Rev Heads R&D Heads Marketing Sales Key Hires Seed Tech Validation 0 – 18 months 500K to 1.5M 0 - 1M Min 1 Alpha Customers Less than 10 Min salary 0 Architect, only R&D typically technical founders Round A Feature Validation 12 -24 months 2 To 5M 2-5M 2 – 3 Beta Customers 20-30 5-10 1 CEO 1 Bus Dev 2 to 3 FAEs Round B Stability & performance 18 to 36 Months 5 To 10M 5-10M 10’s of customer logos 30 20-30 1 CFO 1 VP Marketing 5 to 8 FAEs Round C Proliferation Channel 12 to 24 Months 10 To 20M 20-40M Multiple sales/year 30 30-40 1 VP Sales 3 to 4 sales 10 to 20 FAEs IPO /Public Continual Growth in shareholder value 48-ongoing 0 Growth of +20% Revenue & EPS 30 40 to 60 G&A for public company Customer Support

5. Nominal Return Expectations Companies Expected ROI At Exit Exit Market Value Seed Round 100 Negative N/A $0M Round A 20 1:1 3:1 Asset sale Co. Sale $2-10M $25 - 50M Round B 10 Negative 5:1 Asset sale Co. Sale $2-10M $50-100M Round C 5 Negative 10:1 Asset Sale Co. Sale $2-10M $100-200M IPO 2 Depends Public $+250M