Definition
Quote-to-cash
The full business process from quoting a client to receiving payment.
From the episode “Agent Memory Is the Next Great Moat”Hear it on the podcast1 episode
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Related terms in Finance & Markets
Priority DateThe official filing date of a patent application, which determines which inventor has superior rights when two parties claim the same invention. Under the America Invents Act (2011), the United States switched from a first-to-invent system to a first-to-file system: the first person to file a patent application wins priority, regardless of who actually invented the idea first. This makes the priority date the single most important protective action an inventor can take before disclosing an idea publicly. A provisional patent filing establishes priority date immediately, even before a full application is complete.Procure-to-Pay (P2P)The full procurement workflow from identifying a need and sourcing vendors through to purchase order, invoice receipt, and payment. Levelpath automates this entire workflow in a single platform.Provisional Patent ApplicationA low-cost, informal filing at the USPTO that establishes a priority date without requiring formal claims, patent figures, or legal formatting. Filing fee as low as $65 for micro-entities (individual inventors meeting USPTO criteria). Grants 12 months of patent-pending status during which the inventor can disclose the idea, fundraise, and build without losing patent rights. Must be converted to a full non-provisional application within 12 months to mature into a granted patent. Ophir cites provisionals as the most criminally underused tool in the founder's legal stack: only ~170,000 filed per year in the US versus ~700,000 non-provisional applications, despite the expected ratio being the inverse.Purchase Order (PO)A formal document issued by a buyer to a vendor authorizing a specific purchase at agreed terms. The PO creates a contractual obligation and is used to validate incoming invoices.Rare earthsA group of 17 elements essential for magnets in EVs, drones, and weapons systems; China controls roughly 91% of separation and refining.Real-World Assets (RWA)Physical or off-chain assets represented as tokens on a blockchain. Dan argues this is the obvious first step — the interesting question is what becomes an asset that wasn't one before.Regulatory captureShaping regulation so it protects incumbents from competitors, a tactic Eric says is genuinely in play in AI policy.ReinsuranceInsurance for insurers. Reinsurers backstop the capacity that lets an MGA write meaningful limits.