Investing
How to read a campaign like an investor
Five things worth checking on any opportunity page before you commit a dollar, in plain English.
Every opportunity page is a story with numbers attached. Reading it well is a skill, and it is learnable.
1. Find the evidence
Look for something outside the founder's control: a peer-reviewed result, a signed letter of intent, repeat revenue, a clinical outcome. Enthusiasm is not evidence.
2. Check the use of funds
A credible raise names what the money buys and what that unlocks. Vague plans usually mean the plan is still forming.
3. Understand the terms
Know what you are buying, what dilution looks like, and what rights you hold. If you cannot explain the instrument in a sentence, ask before committing.
4. Weigh the team against the problem
The right question is not whether the team is impressive but whether it is specifically suited to this problem.
5. Size the position honestly
Early-stage investing is high risk and illiquid. Assume the position could go to zero, and choose an amount that leaves your life unchanged if it does.