Sector thesis canvas
Pick a template (AI applications, deep-tech, space) or start blank. The six fields force a thesis to be falsifiable — what's changing, who pays, what stops a fast follower, and what we won't fund.
1 · Macro change
The thing that's actually different in the world. Concrete and recent.
2 · Buyer
Who pays. Function · budget line · internal sponsor.
3 · Business model
How the buyer is charged. Recurring? Per-use? Take-rate?
4 · Defensibility
What stops a fast follower or a hyperscaler from eating the category.
5 · Disqualifiers
What we will not invest in, even if it looks adjacent.
6 · The next 18 months
Two or three companies we expect to surface that fit the thesis.