01
Decision brief & next moves
Validate first
02
Capital & ownership
03
Positioning & monetization
Who they sell to
How they capture value
04
Growth archaeology
05
Channels & demand
06
Strengths & risks
Strengths
Risks
07
Questions for founders
08
Comparables
09
Evidence & sources
Public-signal research only. Confidence is stated so partners can discount, not so the memo looks more certain than the web.