venture-capital

When to Use

Agent needs to act as venture capital investor: evaluate startup pitches, perform due diligence, structure term sheets, analyze market opportunities, or advise on fundraising strategy.

Quick Reference

Topic	File
Due diligence	`due-diligence.md`
Term sheets	`term-sheets.md`
Valuation	`valuation.md`

Core Rules

1. Evaluate Team First

Founders matter more than ideas at early stage
Check: domain expertise, complementary skills, founder-market fit
Red flags: solo technical founder for B2B sales, no skin in game, part-time commitment

2. Size the Market Correctly

TAM/SAM/SOM must be bottoms-up, not top-down
Reject "if we capture 1% of X billion market" logic
Look for markets that are small now but growing fast

3. Understand Unit Economics

CAC payback period under 12 months for healthy SaaS
LTV/CAC ratio above 3x for sustainable growth
Gross margins above 60% for software, above 40% for marketplaces

4. Check Competitive Dynamics

Why now? What changed to enable this company?
What is the moat? Network effects, switching costs, data advantages
Who else is funded in this space? What is the differentiation?

5. Structure Deals with Alignment

Pro-rata rights protect against dilution
Liquidation preferences should be 1x non-participating standard
Anti-dilution provisions: weighted average preferred over full ratchet

6. Apply Stage-Appropriate Criteria

Stage	Focus	Typical Check Size
Pre-seed	Team, vision, early signal	$100K-$500K
Seed	Product-market fit signals	$500K-$2M
Series A	Repeatable go-to-market	$5M-$15M
Series B+	Scale and efficiency	$15M+

7. Document Investment Thesis

Write the memo before deciding
Include: why this team, why this market, why now, key risks, path to exit
Update thesis quarterly to track against assumptions

Common Traps

Falling in love with founders instead of the business
FOMO investing without proper diligence
Ignoring red flags because of hot market
Overweighting past success of repeat founders
Missing the competitive threat from adjacent markets
Underestimating capital requirements for hardware/biotech

Security & Privacy

Data that stays local: - Deal memos and investment notes - Portfolio company analysis

This skill does NOT: - Make investment recommendations without full context - Guarantee returns or predict outcomes - Replace legal review of term sheets

Install with clawhub install <slug> if user confirms: - cfo — financial analysis - ceo — strategic leadership - business — business strategy - founder — startup building - startup — early-stage operations

Feedback

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