For each option show: cash spent before first evidence; time to first evidence; cash remaining if wrong; reversibility; people impact; legal dependency; and what would make this option clearly inferior. Keep probabilities as transparent subjective judgements when no data exist—never imply precision. For a SAFE or priced financing, run instrument-specific modelling and seek securities counsel; YC's SAFE materials describe why headline valuation alone is insufficient. The SAFE — Y Combinator
Deliverables: one-page options grid with upside/downside and conditions. Pitfall: presenting a scenario spreadsheet as a forecast of guaranteed returns.