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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>
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