New slide with 6 risks and concrete mitigations:
1. AI Commoditization — Layer 2-6 moat, not Layer 1
2. US Platform Expansion — EU-only infrastructure, CLOUD Act barrier
3. Team/Key-Person Risk — Documentation, ESOP, early legal hire
4. Slow Customer Acquisition — Consulting revenue bridge, channel strategy
5. Regulatory Changes — Enlarges market, RAG indexes in days
6. Liquidity Risk — Organic growth, Pre-Seed BW option
Key quote: "We don't compete with AI. We compete with teams that
use AI better than we do."
Presenter script added for the risks slide.
Co-Authored-By: Claude Opus 4.6 (1M context) <noreply@anthropic.com>
