Glossary

Glossary

ROFR (Right of First Refusal)

A legal right to buy shares before they are offered externally

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Runway

The time until a startup runs out of cash, typically 18 months

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

SaaS (Software as a Service)

Software delivered over the internet on a subscription basis

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

SAFE Note

A simple agreement for future equity, not a debt instrument

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Seed Round

The first significant structured funding to build the initial team

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

SEIS (Seed Enterprise Investment Scheme)

UK tax scheme offering investors 50% tax relief on seed investment

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Series A

The first major VC round for proven products ready to scale

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Tag-Along Rights

A minority shareholder's right to join a founder's stock sale

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

TAM, SAM, SOM

A framework for sizing market opportunity: Total, Serviceable, Obtainable

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Term Sheet

A non-binding summary of the main financial and legal deal terms

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Unicorn

A privately held startup valued at $1 billion or more

By Chris Kernaghan Nov 24, 2025 1 min read

Glossary

Valuation Cap

A ceiling on valuation for converting early investor's notes

By Chris Kernaghan Nov 24, 2025 1 min read