∞Direct answer
Direct answer
Use four parts for each answer: fact, proof, limit, and next step. Put the file name and date beside the fact. Say “we do not know yet” when true. That lets a reader check your claim. It cannot make them invest. It is not legal, tax, or safety advice.
Use one short answer card
First, say what the question asks. Give the fact in one short line. Name the file, owner, and date. Then name the limit or open work.
Do not send a long list of links. A reader needs a clear path from the claim to its proof. If two files disagree, say so. Say which file you use and why.
YC’s Series A list names company records, plans, accounts, IP, share records, key deals, disputes, and team facts. [1] Use it to sort files. It is not a rule for all firms or places.
- Question: What does the reader want to check?
- Fact: What is true on a set date?
- Proof: Which file, person, or record supports it?
- Limit: What is missing, open, or not known?
- Next step: Who will check it, and when?
Date each number and name each plan
Put a date and time span on each number. Say if sales means cash in, work signed, or a forecast. Name the source. A chart on its own is not an answer.
Keep facts and plans apart. Say, “We had ten paid users in June.” Then say, “We plan to test a new price in July.” A plan is not a result.
U.S. anti-fraud rules also cover exempt share offers. The SEC says a firm can be at fault for false or misleading words, spoken or written. [5] Rules for your raise may differ. Get good advice for your place and deal.
- Metric name and meaning.
- Start date, end date, and source.
- Known limit or method change.
- Plan, test, owner, and next date.
Make ownership answers easy to trace
Keep a dated cap table. A cap table is a list of who owns shares. Link each line to the grant, board act, or signed record. Mark options, notes, and rights that may change ownership.
YC asks for holder lists, option facts, past share records, and deal terms on rights, votes, and transfers. [1] NVCA offers model forms for common U.S. venture finance papers. They include share sale, investor rights, voting, and co-sale forms. [2] These forms are a start, not legal advice.
For a U.S. patent, the owner can record an assignment with the USPTO. Its public search has recorded patent assignment data from 1980 onward. The USPTO does not check that a record is valid. [3] Treat a search result as one item to review. It is not full proof of ownership.
- Cap table date and owner.
- Share, option, note, and warrant records.
- Founder, worker, and contractor IP assignments.
- Open consent, approval, or ownership question.
Explain safety with proof, not a promise
Do not say the product is safe. Say what the answer covers. Then show the control, its owner, and last check. Name a known gap and its next fix.
Say which systems hold client data, who can get in, how you check access, and how you handle a report. Do not share keys, passwords, or risky tech detail in a wide room.
NIST says its SSDF gives makers and buyers a shared way to talk about safe software work. [4] Its four parts cover prepare, protect, make, and respond. [4] Use it to shape a risk-based answer. Do not use it to claim your product is safe.
- Scope: system, data, and users covered.
- Control: what you do and who owns it.
- Proof: dated test, policy, log, or review.
- Limit: known gap, risk, and next action.
Answer the hard question before the meeting ends
A missing file is better than a made-up answer. Say the file is not ready. Name its owner. Give a real date for an update. Meet that date or explain a delay.
Keep a question log. Write the question, answer date, source file, owner, and each change. When a fact changes, update the deck, room, and spoken answer at once.
A clear answer does not remove risk. It only makes risk easier to see and test. An investor may still say the stage, terms, or fit are not right.
- Open question and why it matters.
- Current answer and proof.
- Gap, owner, and update date.
- People who need the new answer.
FAQ
Frequently asked questions
What if a file is not ready?
Say it is not ready. Do not guess. Name the owner and the update date. The SEC says false or misleading words may create fault even in exempt offers. [5]
Can I use a forecast?
Yes. Call it a forecast. Show key inputs, date, and test. Keep it apart from results. A forecast does not prove sales will happen.
Should I share source code for a safety question?
Not by default. Ask what the reader needs to check. A policy, test note, or controlled review may do. Keep keys, passwords, and sensitive details safe. Get safety advice for your case.
Does a patent assignment search prove we own the patent?
No. The USPTO says it records sent data but does not check that it is valid. Review the assignment and related facts with a good adviser. [3]
REF
Sources
- 1
Y Combinator
Series A diligence checklist ↗ - 2
National Venture Capital Association
Model Legal Documents ↗ - 3
United States Patent and Trademark Office
Patent assignment search ↗ - 4
National Institute of Standards and Technology
Secure Software Development Framework (SSDF) ↗ - 5
U.S. Securities and Exchange Commission
Frequently Asked Questions About Exempt Offerings ↗