Twenty decisions, from incorporation to exit. Every one moves real numbers — valuation, dilution, runway, credibility. At the end, we show you exactly what each one cost you.
The Unicorn
Your own foundation model
You’re training your own model. Compute eats two-thirds of your burn, the valuations have nothing to do with your metrics, and your rounds dwarf everyone else’s. You go big or you go to zero — not much in between.
The Disruptor
Marketplace, network effects
Two-sided, and each side pulls the other in. Hit liquidity first and you take almost the whole market. So you have to outgrow your bank balance — which is exactly why you’re likelier than anyone to need a rescue round.
The Fast Follower
Proven market, crowded field
The market’s already there, customers get it, and a dozen other teams are shipping the same thing. You win on GTM, pricing, and grit — not tech. Small rounds, brutal dilution, an early sale. An IPO is basically off the table.
The Engineer
Hardware and deep tech
You’re building atoms, not just bits. Long dev cycles, real COGS, supply chains that snap. Your capital goes into equipment instead of headcount. Upside: you’re far harder to copy — and grants and venture debt are real tools here, not footnotes.
The Scientist
Biotech and gene editing
The patent is the product. Your rounds ride on trial readouts, not ARR, and between milestones you look dead from the outside. It’s binary: the approval lands, or a decade of work is worth nothing. A licensing deal is a more common exit than an acquisition.
The Repeat Founder
Second time around — the first was a small exit.
Traction +2 Cred +16
VCs take your calls. Your first round closes fast.
The Academic
Tenure, twelve papers, zero sales reps.
Traction +9 Cred +4
Technical setbacks sting less; anything sales-related hits harder.
The Corporate Refugee
Fifteen years in this exact industry.
Traction +4 Cred +11
Warm intros to enterprise buyers — but you move slower than the kids.
The Ex-Consultant
Ex-strategy shop; runs the numbers faster than she talks.
Traction +1 Cred +13
You catch the traps in a term sheet before anyone else.
The Self-Taught Hacker
No degree, shipping code since he was fourteen.
Traction +10 Cred -6
You out-build everyone — credibility you earn the hard way.
The Dorm-Room Duo
Two friends, both under twenty-six.
Traction +8 Cred -3
Cheap to run, but shakier when team drama hits.
The Domain Expert
Straight out of the industry she’s now going after.
Traction +6 Cred +7
Customers trust you on day one; the tech is your soft spot.
The Solo Founder
No co-founder. By choice.
Traction +5 Cred +2
No co-founder blowups — but no one to catch you either.