Definition
Antler
A global early-stage investor that backed Levelheaded.
From the episode “97% of Lawsuits Never See a Courtroom”Hear it on the podcast1 episode
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Accredited investorA person who meets income or net-worth thresholds permitting them to invest in private securities — a gatekeeping standard Joris argues locks regular people out of the best returns.Acqui-hireAn acquisition done mainly to bring a team on board.AI Holding CompanyA corporate structure that builds and operates a portfolio of AI-native businesses under shared infrastructure rather than scaling a single product. Inspired by Berkshire Hathaway but applied to creation rather than acquisition, the AI holding company model pairs repeat founders with applied AI specialists, provides centralized capital and operational expertise, and lets each portfolio company run independently. The economic thesis: AI has collapsed execution costs enough that a team of fewer than five people can now deliver service outcomes at enterprise scale - making a portfolio of small, specialized companies more capital-efficient than one large generalist organization. Infinity Constellation is the first known implementation of this model at scale, having launched ten companies in twelve months with teams of five or fewer, multiple of which reached $1M ARR in their first year.AI-Native CompanyAn organization that applies AI to automate its internal processes as a default, not as an exception. Distinct from an AI-native product - a company can sell AI products without being AI-native internally, and vice versa.ARR (Annual Recurring Revenue)Annual recurring revenue. The annualized value of subscription contracts currently in force.Bookings vs. run rate vs. ARRBookings are contracts signed, run rate annualizes a recent period, ARR is recurring subscription revenue. They are not interchangeable.BootstrappedFunded entirely by the founder, no outside investment.Bottom-Up Market SizingEstimating potential revenue based on customer count and pricing.