Startups & Ventures
The products, people and decisions behind technology businesses.
Convertible Note vs SAFE: Interest, Maturity and Conversion
A note is a loan that can become shares; a SAFE promises shares later. What interest and a maturity date change.
Tender Offers for Employees: Shares, Limits and Cash
Check eligible shares, sale limits and deductions before treating an employee offer as cash.
Down Round Explained: Price, Dilution and Options
See how a lower share price changes ownership, investor rights and employee options.
Startup Runway Calculation: Burn Rate and Cash
Calculate startup runway from cash and net burn, with worked numbers and a check for uneven payments.
Employee Stock Options Vesting: Cliff, Strike and Window
How the strike price, vesting cliff and exercise window decide what an option grant is worth, with worked numbers.
Pro Rata Rights Explained: What Early Investors Keep
How a pro rata right lets an investor keep its stake in the next round, with worked numbers.
Liquidation Preference Explained, With Worked Numbers
Who is paid first when a startup is sold, worked through 1x, 2x and participating terms at four exit prices.
SAFE valuation cap explained: conversion and dilution
A SAFE valuation cap affects conversion. It is not the company's current valuation or guaranteed ownership.
How Funding Changes a Software Product
Customer cash and outside investment create different room to hire, price and wait for growth.
Why Revenue Per User Can Mislead at an AI Startup
Two customers can pay the same subscription and generate very different computing and support costs.
How to read a startup funding round
The amount raised and the valuation are a starting point. The terms, revenue and cash needs tell another story.
Learn how to read a funding announcement without confusing valuation with revenue, compare subscription income with the cost of serving an AI workload and examine how financing affects product decisions. These guides use clearly identified examples to explain business mechanics. They are intended for readers following technology companies and customers choosing software they may depend on.
Visit the Startups & Ventures desk for current reports alongside these explainers.