The standard · version 1.1.0 · 15 November 2026
Sources Every source the standard cites, once each: 102 in all. Each was read on the day given. Most published figures are American, and many predate AI products: what each covers is said beside it.
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Andreessen Horowitz
Dated 21 March 2024
Covers Conversations with dozens of Fortune 500 and other large enterprise leaders, and a survey of 70 more.
Read on 14 November 2026 Andreessen Horowitz
Dated 21 August 2015
Covers US. Startups of every kind. Definitions and the mistakes a16z sees founders make with them. Written in 2015, before AI products; the page shows an update in 2024.
Read on 15 November 2026 Andreessen Horowitz
Dated 18 August 2025
Covers US; AI companies built for one industry. An argument about defensibility, no figures.
Read on 14 November 2026 Andreessen Horowitz
Dated 10 June 2025
Covers A survey of 100 chief information officers across 15 industries, as of May 2025. Enterprise buyers of AI.
Read on 14 November 2026 Andreessen Horowitz
Dated 30 October 2026
Covers US; first cheques into new AI-era startups. One investor’s questions about old rules, no data.
Read on 14 November 2026 Andreessen Horowitz
Dated 21 August 2025
Covers US; AI application companies; an argument about gross margin, no benchmark figures used here
Read on 14 November 2026 Andreessen Horowitz
Dated 10 September 2025
Covers AI companies Andreessen Horowitz analysed, mostly US. How to measure retention when early users are only trying the product.
Read on 14 November 2026 Andreessen Horowitz
Dated 30 May 2016
Covers US venture capital, all stages. A talk, not a study.
Read on 14 November 2026 Andreessen Horowitz
Dated 16 February 2020
Covers AI companies a16z had seen by early 2020, before generative AI. An observation the authors call anecdotal.
Read on 14 November 2026 Andreessen Horowitz
Dated 6 June 2025
Covers Generative AI companies a16z has spent time with, enterprise and consumer. Its own data. US-centred.
Read on 14 November 2026 Andreessen Horowitz (a16z speedrun)
Dated 23 September 2025
Covers US; early-stage startups pitching investors; what investors bet on at each round, no figures
Read on 14 November 2026 Andreessen Horowitz (a16z speedrun)
Dated 10 March 2026
Covers US; pre-seed to Series A startups in the a16z speedrun programme; advice, no figures
Read on 14 November 2026 Antler
Dated undated
Covers Antler’s UK residency for founders before the first round. Its own rule on solo founders.
Read on 14 November 2026 Balderton Capital
Dated 28 February 2022
Covers A European investor; seed and Series A. In words only, apart from the size of the market, in US dollars.
Read on 14 November 2026 Bessemer Venture Partners
Dated 21 September 2021
Covers Bessemer's own portfolio of cloud software companies over the decade to 2021. Mostly US. Classic software, before AI.
Read on 14 November 2026 Bessemer Venture Partners
Dated 10 February 2026
Covers AI companies Bessemer has worked with, across sectors. US-centred. No sample stated.
Read on 14 November 2026 Bessemer Venture Partners
Dated 11 February 2025
Covers US; B2B software and AI companies from first revenue to $1M of ARR, sales-led and product-led. Who sells at each level of ARR, in US dollars.
Read on 14 November 2026 Bessemer Venture Partners
Dated 13 August 2025
Covers US; AI companies and their enterprise buyers, as Bessemer sees them. Predictions, no sample stated.
Read on 14 November 2026 BVCA and Library House
Dated 2005
Covers UK. 42 venture investors in technology ventures, university spinouts included, ranking 42 factors. Twenty years old.
Read on 14 November 2026 Cambridge Enterprise
Dated 7 May 2024
Covers University of Cambridge spinouts. An opt-in model; the alternative is a negotiation.
Read on 14 November 2026 Carta
Dated 7 October 2026
Covers US; companies raising a seed round. Advice from a cap table provider, not an investor.
Read on 14 November 2026 Carta
Dated 7 October 2026
Covers US companies on Carta. How much of the company founding teams hold after seed and after Series A.
Read on 14 November 2026 Craft Ventures
Dated 18 October 2021
Covers US; SaaS companies raising a Series A. The benchmarks Craft likes to see. Predates AI companies.
Read on 14 November 2026 Creandum
Dated 22 March 2021
Covers Europe; companies raising a Series A; a deck template with notes and slide counts
Read on 14 November 2026 CRV
Dated 16 July 2026
Covers US; AI startups raising venture rounds; what investors test, no figures used here.
Read on 14 November 2026 CRV
Dated 16 July 2026
Covers US; startups raising a Series A, software and AI; what changes in the deck from seed
Read on 14 November 2026 CRV
Dated 20 August 2026
Covers US; seed-stage startups, software and AI; a slide-by-slide guide.
Read on 14 November 2026 David Sacks
Dated 23 April 2020
Covers US, venture-stage SaaS companies. One investor's rules of thumb, written in April 2020. Before AI.
Read on 14 November 2026 Department for Science, Innovation and Technology and HM Treasury
Dated 2023
Covers UK government policy.
Read on 14 November 2026 Department for Science, Innovation and Technology and HM Treasury
Dated 21 November 2023
Covers UK universities, every sector. The 10% figure is for software. A recommendation, not a rule: each university still sets its own terms.
Read on 14 November 2026 Department for Science, Innovation and Technology and HM Treasury
Dated 21 November 2023
Covers UK spinout founders, every sector. 572 answered the question on how long the deal took.
Read on 14 November 2026 DSW Ventures
Dated 16 August 2024
Covers UK. One seed investor.
Read on 14 November 2026 Dublin City University
Dated 10 December 2024
Covers Dublin City University spinouts formed after 10 December 2024, every sector.
Read on 14 November 2026 Edinburgh Innovations, University of Edinburgh
Dated 30 January 2026
Covers University of Edinburgh. A pilot for software, data and know-how, beside the established route.
Read on 14 November 2026 Edinburgh Innovations, University of Edinburgh
Dated 2024
Covers University of Edinburgh spinouts, every sector.
Read on 14 November 2026 Enterprise Ireland
Dated undated
Covers Third-level researchers based in Ireland, every sector.
Read on 14 November 2026 European Commission
Dated 19 October 2026
Covers EU law. The Commission's own summary of the AI Act, as it reads after the 2026 amendments.
Read on 14 November 2026 European Commission
Dated 27 July 2026
Covers EU law. The Commission's page for the 2026 amendments to the AI Act. It gives the day they came into force.
Read on 14 November 2026 First Round
Dated 8 April 2024
Covers US; sales-led B2B software companies. Counts of customers, team size and regretted churn at four levels of product-market fit.
Read on 14 November 2026 First Round Review
Dated 30 May 2016
Covers US; First Round portfolio companies raising a Series A; advice, no figures.
Read on 14 November 2026 Future of Life Institute
Dated 31 August 2026
Covers EU law. A summary by an independent institute, updated for the 2026 amendments. Not an official text.
Read on 14 November 2026 Global University Venturing
Dated 21 May 2024
Covers UK. A report of a panel of investors and universities at the launch of the software terms guide.
Read on 14 November 2026 ICONIQ
Dated 2026
Covers A survey of about 300 executives at software companies building AI products, with revenue from $1M to over $1B; 87% in North America and 13% in Europe. The July 2026 edition.
Read on 14 November 2026 ICONIQ
Dated 2026
Covers Data from more than 150 go-to-market leaders at B2B software companies, early to late stage. Only the summary page was read.
Read on 14 November 2026 Imperial College London
Dated 1 August 2023
Covers Imperial College London spinouts founded by staff. The page says its terms were rolled out from 1 August 2023, and carries two update stamps: 11 December 2025 and 29 September 2026.
Read on 14 November 2026 Innovate UK (ICURe)
Dated 2026
Covers UK research teams, every sector. One intake of one programme.
Read on 14 November 2026 King's College London
Dated 30 July 2026
Covers King's College London spinouts. An announcement; it gives equity and no royalty or dilution terms.
Read on 14 November 2026 Knowledge Transfer Ireland, for the Department of Business, Enterprise and Innovation
Dated 2019
Covers Ireland. Research performing organisations funded by the State: the universities and institutes. Every sector, not software alone. Linked as the current document from Enterprise Ireland's Knowledge Transfer Ireland page on the day it was read.
Read on 14 November 2026 Lenny Rachitsky
Dated 26 April 2022
Covers US. The views of about two dozen investors. Classic software, before AI. Only the free part of the article was read; its tables by stage are behind a paywall.
Read on 14 November 2026 Lenny Rachitsky
Dated 14 December 2021
Covers US. The views of a panel of growth practitioners. Classic software, before AI.
Read on 14 November 2026 Lenny Rachitsky
Dated 8 February 2022
Covers US subscription software. The views of growth practitioners, set beside ProfitWell's data on 13,000 companies. Classic software, before AI. Only the free part of the article was read.
Read on 15 November 2026 Lenny Rachitsky
Dated 9 June 2020
Covers US technology companies. The views of about twenty growth practitioners, with public figures. Classic software, before AI.
Read on 14 November 2026 Menlo Ventures
Dated 9 December 2025
Covers A survey of 495 US enterprise decision-makers in November 2025, joined to Menlo's own model of the market. US only.
Read on 14 November 2026 National Cyber Security Centre
Dated undated
Covers UK organisations of every size. The UK government's certification scheme.
Read on 14 November 2026 NFX
Dated 13 January 2021
Covers US; seed to Series A startups. Rules of thumb on the cap table and the option pool.
Read on 14 November 2026 NFX
Dated 7 July 2021
Covers US; pre-seed and seed startups, in US dollars; rules for the pitch and the deck.
Read on 14 November 2026 NFX
Dated 8 July 2026
Covers US; seed-stage AI startups. A definition of a wrapper and an argument, no figures used here.
Read on 14 November 2026 NFX
Dated 18 January 2021
Covers US; pre-seed and seed startups, in US dollars; advice on the deck and the process.
Read on 14 November 2026 Notion Capital
Dated February 2024
Covers A UK investor; B2B SaaS and cloud companies, in US dollars. What changes at each level of revenue.
Read on 14 November 2026 Notion Capital
Dated 2 October 2025
Covers AI software companies seen by Notion Capital, a London investor in B2B software. An opinion piece with no stated sample.
Read on 14 November 2026 Oxford University Innovation
Dated undated
Covers University of Oxford spinouts and startups, all sectors.
Read on 14 November 2026 Paul Graham (Y Combinator)
Dated 2013
Covers US, seed-stage startups of every kind. An essay from August 2013, before AI companies.
Read on 14 November 2026 Pinsent Masons
Dated 23 June 2026
Covers UK. A law firm's analysis.
Read on 14 November 2026 Point Nine
Dated 18 June 2015
Covers Europe; early-stage software companies; a ten-slide template, no figures.
Read on 14 November 2026 Point Nine
Dated 19 May 2023
Covers A European investor; software companies adding AI. An argument about defensibility, no figures.
Read on 14 November 2026 Point Nine
Dated 30 September 2023
Covers Software sold by subscription. A European investor’s view built on 86 rounds plus Carta’s US data, in US dollars. The team, product, market and moat rows are in words, not figures. Written before most AI companies of today existed. The napkin is an image on the page: its wording was read from the photograph of the napkin itself. A retyped copy shown beside it misspells one word ("marketig"), which the napkin does not.
Read on 14 November 2026 Reid Hoffman
Dated 22 May 2013
Covers US; a consumer internet company's Series B deck of 2004, with the author's notes on each slide; lessons, no figures
Read on 14 November 2026 Royal Academy of Engineering
Dated 2026
Covers UK university spinouts, every sector. Stakes are what was agreed, not what policies say.
Read on 14 November 2026 Royal Academy of Engineering
Dated undated
Covers UK academic founders, every sector. Draws on a survey of investors and technology transfer offices.
Read on 14 November 2026 Sam Altman
Dated undated
Covers US; advice written for Y Combinator companies at the start. Predates AI companies.
Read on 14 November 2026 Seedcamp
Dated undated
Covers A European seed investor’s own practice on board seats.
Read on 14 November 2026 Seedcamp
Dated 25 October 2023
Covers A European seed investor; 60 of its companies before Series A, each with fewer than 20 employees. Which roles are hired first.
Read on 14 November 2026 Sequoia Capital
Dated undated
Covers US; companies in their first days, any sector. One market figure, in US dollars.
Read on 14 November 2026 Sequoia Capital
Dated undated
Covers US; early-stage companies; advice on a first meeting, no figures
Read on 14 November 2026 Sequoia Capital
Dated undated
Covers Pre-seed and seed founders in Sequoia’s Arc programme. A US firm. Four questions with examples, in US dollars; not specific to AI.
Read on 14 November 2026 Sequoia Capital
Dated 9 April 2024
Covers Pre-seed and seed founders in Sequoia’s Arc programme. A US firm. Three kinds of market, no thresholds.
Read on 14 November 2026 Sequoia Capital
Dated 15 March 2019
Covers US; early-stage companies of every kind; a ten-part outline, no figures.
Read on 14 November 2026 Sure Valley Ventures
Dated 2026
Covers SVV's own revenue definitions, written for UK and Irish enterprise AI software companies.
Read on 14 November 2026 Sure Valley Ventures
Dated 5 October 2026
Covers SVV’s earlier readiness scorecard: thresholds in sterling for UK and Irish enterprise AI software companies.
Read on 14 November 2026 Sure Valley Ventures
Dated 2026
Covers SVV's own statement of how it works with universities, from its website.
Read on 14 November 2026 TenU
Dated 20 May 2024
Covers UK software spinouts. This is TenU's announcement of the USIT for Software guide. The guide itself sits behind a form and was not read.
Read on 14 November 2026 TenU
Dated 2023
Covers UK universities and investors. Written for life sciences spinouts that license a patent. Its points on licences, know-how and academics are used here; its equity range is not, because it is not for software.
Read on 14 November 2026 The University of Manchester
Dated 1 April 2025
Covers University of Manchester. The spinout terms apply from 1 August 2024. "Software" here means copyright code only.
Read on 14 November 2026 Trinity College Dublin
Dated 19 October 2022
Covers Trinity College Dublin campus companies, every sector. Its next review was due on 19 October 2025.
Read on 14 November 2026 UCL Ventures
Dated undated
Covers UCL spinouts. The Portico Ventures model is for IP that cannot be patented.
Read on 14 November 2026 UK Business Angels Association
Dated 9 July 2026
Covers UK academic founders, mostly deep technology. Interviews with Innovate UK Business Connect, Amadeus Capital Partners and one founder.
Read on 14 November 2026 University of Galway
Dated 18 December 2023
Covers University of Galway spinouts, every sector.
Read on 14 November 2026 University of St Andrews
Dated 2025
Covers University of St Andrews, every sector. One university's own process.
Read on 14 November 2026 Unusual Ventures
Dated 13 November 2025
Covers US; enterprise software startups at seed and Series A; advice on the pitch and the process
Read on 14 November 2026 Unusual Ventures
Dated 2 September 2026
Covers US; enterprise software startups. The milestones for team, product and validation before each round.
Read on 14 November 2026 Unusual Ventures
Dated 21 March 2023
Covers Early-stage B2B software companies. Operating advice from a US seed investor, not selection criteria.
Read on 14 November 2026 Unusual Ventures
Dated 19 September 2026
Covers Enterprise software start-ups raising pre-seed to Series A. Advice from a US seed investor.
Read on 14 November 2026 Y Combinator
Dated undated
Covers US; seed-stage startups of every kind, in US dollars. One market figure: a total market of over $1B.
Read on 14 November 2026 Y Combinator
Dated undated
Covers Companies Y Combinator funds: the earliest stage, mostly US, any sector.
Read on 14 November 2026 Y Combinator
Dated undated
Covers Y Combinator companies raising a Series A. US.
Read on 14 November 2026 Y Combinator
Dated 15 November 2015
Covers US; demo-day decks for startups of every kind; design advice, no figures
Read on 14 November 2026 Y Combinator
Dated 19 July 2016
Covers US; early-stage startups of every kind; advice, no figures.
Read on 14 November 2026 Y Combinator
Dated 28 October 2020
Covers US universities; science and deep technology companies.
Read on 14 November 2026 Y Combinator
Dated undated
Covers US; early-stage startups of every kind. A talk on which numbers to report.
Read on 14 November 2026 Y Combinator
Dated undated
Covers US; companies that have signed a Series A term sheet. The documents asked for before the round closes, not reasons to invest.
Read on 14 November 2026 Y Combinator
Dated 2018
Covers US; seed-stage startups of every kind; a ten-part template, no figures.
Read on 14 November 2026 Zero Carbon Capital
Dated 2025
Covers UK. One investor in climate technology, not software.
Read on 14 November 2026 Back to the top