Fictional demo · Term Sheet Live
The unpopular math
Read the fictional dialogue in order. Each turn retains its speaker label and source time.
That's a shot at half the people who come on this show.
It's not a shot, it's a cohort analysis with feelings removed.
Half the 2024 AI seed class is a wrapper with a burn rate. Most of them will never see a Series A, and everyone funding them knows it.
You'll get emails.
I'll get thank-you notes in eighteen months.
What do founders not read that they should?
A term sheet in a hot round is read for about eleven minutes. The clause that resets your life is on page nine, and page nine has never once been reached in eleven minutes.
Page nine. Noted, and terrifying.
Source details and provenance
- Recorded in the fictional scenario
- May 19, 2025
- Published in the fictional scenario
- May 21, 2025
Selected passages and the surrounding conversation are indexed in their original order. Unindexed intervals are not represented as a complete transcript.
People, shows, companies and statements in this demo are invented. No original recording or external source link is included.