Definition

Cap Table

The record of who owns what slice of the company.

From the episode “AI Law Firm: The Logan Brown Playbook”

How founders on the podcast use it

The record of who owns what equity in a company, including shares, options, SAFEs, and other convertible instruments.

$1.6 Billion of Equity On-Chain. Here Is Why.

The list of all equity holders in a company, including founders, investors, and option holders. Strategic cap tables prioritize investors who add distribution, expertise, or access.

The Searchable Life: When Memories Get a Database

A record of a company's ownership structure, including equity classes and percentages. Referenced as one of the legal documents where the LLM-as-wireframe method applies.

Fix the Thing 70% of Americans Are Ignoring

The document showing ownership structure of a company, including founders, investors, and employees with options. Who is on your cap table signals a great deal to prospective investors.

Will VC Destroy Your Startup?

Capitalization table — the document showing the ownership structure of a startup, including all equity holders, their percentage ownership, and what they paid for their shares.

Will VC Destroy Your Startup?

Hear it on the podcast5 episodes

AI Law Firm: The Logan Brown Playbook $1.6 Billion of Equity On-Chain. Here Is Why.The Searchable Life: When Memories Get a Database Fix the Thing 70% of Americans Are Ignoring Will VC Destroy Your Startup?

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Related terms in Startups & Fundraising

BootstrappedFunded entirely by the founder, no outside investment.Bottom-Up Market SizingEstimating potential revenue based on customer count and pricing.Built to scaleSoftware plus the governance, permissions, security, and process needed for an organization to rely on it.Canada's Commercialization GapCanada invests approximately $53 billion annually in R&D — roughly $40 billion directly into universities and research institutions. The University of Toronto is credited as a birthplace of modern deep learning (Geoffrey Hinton's research, which contributed to TensorFlow and became the foundation of modern LLMs). But Canada commercializes only a small fraction of this IP compared to US peers; a single top US university may outpace the entire Canadian system. In the AI era, as software-as-moat disappears, deep IP becomes the only defensible competitive edge — making this commercialization gap strategically urgent.Capital Efficiency (AI Era)The ratio of revenue generated to capital invested, as redefined by the AI-driven collapse in execution costs. Pre-AI, reaching $1 million ARR typically required $2-5 million in capital (engineering salaries, infrastructure, sales team). AI-native companies designed around the outcome-as-a-service model can now target $1 million ARR on less than $1 million in capital - a multiple that was structurally impossible before AI collapsed the labor cost of software execution. Infinity Constellation's portfolio benchmark: multiple companies reaching $1M ARR with teams of five or fewer in their first year. Capital efficiency in the AI era is therefore not just a financial metric but a proof point for the underlying model - if AI leverage is real, the unit economics should be visible in the revenue-to-capital ratio from the first year of operation.Capital EfficientA business that generates significant revenue per dollar of investor capital raised — the holy grail for growth-stage investors.Capital formationThe process of raising and issuing new equity to fund a company. Fairmint automates and lowers the cost of this process.Chicken-and-Egg ProblemThe marketplace bootstrapping challenge where supply won't join without demand and demand won't come without supply. Typically solved by subsidizing one side — usually supply — early on.

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