finalscore

realscore

A draft that no one outside the team has seen

Reviewed by advisors, or used in a few investor meetings

Refined through real investor feedback, covering problem, solution, market, traction, business model, team and the ask

A headline figure from an industry report

Bottom up, from customers we can realistically reach and what they'll pay for, tied to our go-to-market plan

We have answers in our heads, but haven't practiced them

We've practiced in mock pitches or with mentors

We keep a written Q&A and refine it after every pitch

A 3-year model with revenue drivers, a hiring plan and costs

Driver-based, with base and downside cases, and we can defend every assumption

Haven't worked on pricing or cost per customer

We have a target price, but no view on acquisition or delivery costs

We've estimated price, cost to serve and cost to acquire

Our price is tested with real buyers and our cost assumptions are benchmarked

We know our price and roughly what it costs to deliver

We track CAC, gross margin and LTV, though some are estimates

We track CAC, LTV, gross margin and payback from real data, by channel or cohort

Mixed with the founders' personal finances

A seperate company account, with informal records

A seperate account, with bookkeeping kept up to date

Monthly reconciled books and management accounts, ready to share

A number that feels right, or what similar startups asked

Our projected costs for the next 12 to 18 months