Term Sheet Table
Negotiate a term sheet, then replay who actually gets paid.
an exit-waterfall replay shows exactly how one negotiated clause, like a 2x liquidation preference, silently reorders who gets paid first — the payout math investors know and most founders never see live
What goes in, what comes out
The learner negotiates round terms — valuation, liquidation preference, pro-rata, option pool — against an investor-persona counterpart across several rounds, with every accepted clause locked into a running cap table. At the end the learner picks an exit price and the sim runs the actual payout waterfall through every clause negotiated.
counter-offer term by term across negotiation rounds, then choose an exit scenario
final ownership %, the exit-payout waterfall by stakeholder, and a 'what that clause actually cost you' breakdown
investor persona (aggressive VC / friendly angel / strategic), number of rounds, market climate (hot/cold), starting valuation band
Founders L1 'Raising on an AI-Native Story' lab; homepage founder-funnel hook
Concepts click when you open the machinery.
Three labs are already live and free — the same hands-on style this playground brings to its module.