Stage and sector calibrate how strictly each moat is weighed. Mode shapes the tone.
Stage
Pre-seed
Idea to first customers.
Seed
PMF in progress; <50 customers.
Series A
PMF found; scaling.
Sector
Horizontal B2B SaaS
Vertical SaaS / Vertical AI
Marketplace
Fintech
Healthtech
Deeptech / Hardware-AI
Consumer
Mode
Founder
Self-assess your own company. Educational framing; aspirational verdicts contextualised.
Analyst
Assess a portfolio or pipeline company. Evidence required; comparable across companies.