AgEvidenceInvestor Evidence Room
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OverallInvestmentTechnologyScienceNeutral
Independent review · falsification

Red-line conditions

If any of these occurs, the response is decided in advance. Management is stating how the thesis could be wrong.

7 red linesPre-committed actionsReviewed at every gate
If this occurs

Core redesign required for source #2

Interpretation: The substrate is not generic

STOP / RESET

If this occurs

Customer #3 still needs substantial bespoke plane code

Interpretation: Services are embedded in the product

STOP / RESET

If this occurs

Offline verifier needs proprietary hosted state

Interpretation: Portability is weak

STOP / RESET

If this occurs

Three customers, all revenue bespoke

Interpretation: Consultancy economics

STOP

If this occurs

Free SDK loved, paid plane rejected

Interpretation: No monetisation leverage

STOP / REPRICE

If this occurs

Profiles require repeated legal or regulatory consulting

Interpretation: Poor software scalability

STOP / NARROW

If this occurs

Recurring gross margin structurally below 70%

Interpretation: Excessive operating burden

REARCHITECT / STOP

A company that cannot say what would make it stop has not distinguished conviction from momentum.
The other direction

Positive continuation condition

Required

Integrations are getting easier

Required

Downstream reliance is getting more valuable

Required

Paid work is getting more reusable

Summary

Condition, interpretation, action

ConditionInterpretationAction
Core redesign required for source #2The substrate is not genericSTOP / RESET
Customer #3 still needs substantial bespoke plane codeServices are embedded in the productSTOP / RESET
Offline verifier needs proprietary hosted statePortability is weakSTOP / RESET
Three customers, all revenue bespokeConsultancy economicsSTOP
Free SDK loved, paid plane rejectedNo monetisation leverageSTOP / REPRICE
Profiles require repeated legal or regulatory consultingPoor software scalabilitySTOP / NARROW
Recurring gross margin structurally below 70%Excessive operating burdenREARCHITECT / STOP
Independent review

Everything in this room

Kill criteria

The company should pre-write some reasons to stop.

Core redesign for the second independent source should trigger a reset. Persistent bespoke Rails code by the third customer should trigger a services review. Proprietary hosted state required for verification should trigger a portability review. Free SDK adoption with repeated rejection of the paid plane should trigger repricing or a venture-thesis review. Program profiles that require bespoke legal interpretation every time should trigger a narrower product scope.

Reading through Overall

The native reading. Claim status, evidence burden, proof gates, falsifiers, contradictions, capital-to-proof, governance, downside, and explicit reasons to stop or narrow the thesis.