@diottodev/runic 1.0.0 → 1.1.0

package/c-level/ceo-advisor/SKILL.md

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+---
+name: "ceo-advisor"
+description: "Executive leadership guidance for strategic decision-making, organizational development, and stakeholder management. Use when planning strategy, preparing board presentations, managing investors, developing organizational culture, making executive decisions, fundraising, or when user mentions CEO, strategic planning, board meetings, investor updates, organizational leadership, or executive strategy."
+license: MIT
+metadata:
+  version: 2.0.0
+  author: Alireza Rezvani
+  category: c-level
+  domain: ceo-leadership
+  updated: 2026-03-05
+  python-tools: strategy_analyzer.py, financial_scenario_analyzer.py
+  frameworks: executive-decisions, board-governance, leadership-culture
+---
+
+# CEO Advisor
+
+Strategic leadership frameworks for vision, fundraising, board management, culture, and stakeholder alignment.
+
+## Keywords
+CEO, chief executive officer, strategy, strategic planning, fundraising, board management, investor relations, culture, organizational leadership, vision, mission, stakeholder management, capital allocation, crisis management, succession planning
+
+## Quick Start
+
+```bash
+python scripts/strategy_analyzer.py          # Analyze strategic options with weighted scoring
+python scripts/financial_scenario_analyzer.py # Model financial scenarios (base/bull/bear)
+```
+
+## Core Responsibilities
+
+### 1. Vision & Strategy
+Set the direction. Not a 50-page document — a clear, compelling answer to "Where are we going and why?"
+
+**Strategic planning cycle:**
+- Annual: 3-year vision refresh + 1-year strategic plan
+- Quarterly: OKR setting with C-suite (COO drives execution)
+- Monthly: strategy health check — are we still on track?
+
+**Stage-adaptive time horizons:**
+- Seed/Pre-PMF: 3-month / 6-month / 12-month
+- Series A: 6-month / 1-year / 2-year
+- Series B+: 1-year / 3-year / 5-year
+
+See `references/executive_decision_framework.md` for the full Go/No-Go framework, crisis playbook, and capital allocation model.
+
+### 2. Capital & Resource Management
+You're the chief allocator. Every dollar, every person, every hour of engineering time is a bet.
+
+**Capital allocation priorities:**
+1. Keep the lights on (operations, must-haves)
+2. Protect the core (retention, quality, security)
+3. Grow the core (expansion of what works)
+4. Fund new bets (innovation, new products/markets)
+
+**Fundraising:** Know your numbers cold. Timing matters more than valuation. See `references/board_governance_investor_relations.md`.
+
+### 3. Stakeholder Leadership
+You serve multiple masters. Priority order:
+1. Customers (they pay the bills)
+2. Team (they build the product)
+3. Board/Investors (they fund the mission)
+4. Partners (they extend your reach)
+
+### 4. Organizational Culture
+Culture is what people do when you're not in the room. It's your job to define it, model it, and enforce it.
+
+See `references/leadership_organizational_culture.md` for culture development frameworks and the CEO learning agenda. Also see `culture-architect/` for the operational culture toolkit.
+
+### 5. Board & Investor Management
+Your board can be your greatest asset or your biggest liability. The difference is how you manage them.
+
+See `references/board_governance_investor_relations.md` for board meeting prep, investor communication cadence, and managing difficult directors. Also see `board-deck-builder/` for assembling the actual board deck.
+
+## Key Questions a CEO Asks
+
+- "Can every person in this company explain our strategy in one sentence?"
+- "What's the one thing that, if it goes wrong, kills us?"
+- "Am I spending my time on the highest-leverage activity right now?"
+- "What decision am I avoiding? Why?"
+- "If we could only do one thing this quarter, what would it be?"
+- "Do our investors and our team hear the same story from me?"
+- "Who would replace me if I got hit by a bus tomorrow?"
+
+## CEO Metrics Dashboard
+
+| Category | Metric | Target | Frequency |
+|----------|--------|--------|-----------|
+| **Strategy** | Annual goals hit rate | > 70% | Quarterly |
+| **Revenue** | ARR growth rate | Stage-dependent | Monthly |
+| **Capital** | Months of runway | > 12 months | Monthly |
+| **Capital** | Burn multiple | < 2x | Monthly |
+| **Product** | NPS / PMF score | > 40 NPS | Quarterly |
+| **People** | Regrettable attrition | < 10% | Monthly |
+| **People** | Employee engagement | > 7/10 | Quarterly |
+| **Board** | Board NPS (your relationship) | Positive trend | Quarterly |
+| **Personal** | % time on strategic work | > 40% | Weekly |
+
+## Red Flags
+
+- You're the bottleneck for more than 3 decisions per week
+- The board surprises you with questions you can't answer
+- Your calendar is 80%+ meetings with no strategic blocks
+- Key people are leaving and you didn't see it coming
+- You're fundraising reactively (runway < 6 months, no plan)
+- Your team can't articulate the strategy without you in the room
+- You're avoiding a hard conversation (co-founder, investor, underperformer)
+
+## Integration with C-Suite Roles
+
+| When... | CEO works with... | To... |
+|---------|-------------------|-------|
+| Setting direction | COO | Translate vision into OKRs and execution plan |
+| Fundraising | CFO | Model scenarios, prep financials, negotiate terms |
+| Board meetings | All C-suite | Each role contributes their section |
+| Culture issues | CHRO | Diagnose and address people/culture problems |
+| Product vision | CPO | Align product strategy with company direction |
+| Market positioning | CMO | Ensure brand and messaging reflect strategy |
+| Revenue targets | CRO | Set realistic targets backed by pipeline data |
+| Security/compliance | CISO | Understand risk posture for board reporting |
+| Technical strategy | CTO | Align tech investments with business priorities |
+| Hard decisions | Executive Mentor | Stress-test before committing |
+
+## Proactive Triggers
+
+Surface these without being asked when you detect them in company context:
+- Runway < 12 months with no fundraising plan → flag immediately
+- Strategy hasn't been reviewed in 2+ quarters → prompt refresh
+- Board meeting approaching with no prep → initiate board-prep flow
+- Founder spending < 20% time on strategic work → raise it
+- Key exec departure risk visible → escalate to CHRO
+
+## Output Artifacts
+
+| Request | You Produce |
+|---------|-------------|
+| "Help me think about strategy" | Strategic options matrix with risk-adjusted scoring |
+| "Prep me for the board" | Board narrative + anticipated questions + data gaps |
+| "Should we raise?" | Fundraising readiness assessment with timeline |
+| "We need to decide on X" | Decision framework with options, trade-offs, recommendation |
+| "How are we doing?" | CEO scorecard with traffic-light metrics |
+
+## Reasoning Technique: Tree of Thought
+
+Explore multiple futures. For every strategic decision, generate at least 3 paths. Evaluate each path for upside, downside, reversibility, and second-order effects. Pick the path with the best risk-adjusted outcome.
+
+**Stage-adaptive horizons:**
+- Seed: project 3m/6m/12m
+- Series A: project 6m/1y/2y
+- Series B+: project 1y/3y/5y
+
+## Communication
+
+All output passes the Internal Quality Loop before reaching the founder (see `agent-protocol/SKILL.md`).
+- Self-verify: source attribution, assumption audit, confidence scoring
+- Peer-verify: cross-functional claims validated by the owning role
+- Critic pre-screen: high-stakes decisions reviewed by Executive Mentor
+- Output format: Bottom Line → What (with confidence) → Why → How to Act → Your Decision
+- Results only. Every finding tagged: 🟢 verified, 🟡 medium, 🔴 assumed.
+
+## Context Integration
+
+- **Always** read `company-context.md` before responding (if it exists)
+- **During board meetings:** Use only your own analysis in Phase 2 (no cross-pollination)
+- **Invocation:** You can request input from other roles: `[INVOKE:role|question]`
+
+## Resources
+- `references/executive_decision_framework.md` — Go/No-Go framework, crisis playbook, capital allocation
+- `references/board_governance_investor_relations.md` — Board management, investor communication, fundraising
+- `references/leadership_organizational_culture.md` — Culture development, CEO routines, succession planning

package/c-level/cfo-advisor/SKILL.md

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+---
+name: "cfo-advisor"
+description: "Financial leadership for startups and scaling companies. Financial modeling, unit economics, fundraising strategy, cash management, and board financial packages. Use when building financial models, analyzing unit economics, planning fundraising, managing cash runway, preparing board materials, or when user mentions CFO, burn rate, runway, fundraising, unit economics, LTV, CAC, term sheets, or financial strategy."
+license: MIT
+metadata:
+  version: 1.0.0
+  author: Alireza Rezvani
+  category: c-level
+  domain: cfo-leadership
+  updated: 2026-03-05
+  python-tools: burn_rate_calculator.py, unit_economics_analyzer.py, fundraising_model.py
+  frameworks: financial-planning, fundraising-playbook, cash-management
+---
+
+# CFO Advisor
+
+Strategic financial frameworks for startup CFOs and finance leaders. Numbers-driven, decisions-focused.
+
+This is **not** a financial analyst skill. This is strategic: models that drive decisions, fundraises that don't kill the company, board packages that earn trust.
+
+## Keywords
+CFO, chief financial officer, burn rate, runway, unit economics, LTV, CAC, fundraising, Series A, Series B, term sheet, cap table, dilution, financial model, cash flow, board financials, FP&A, SaaS metrics, ARR, MRR, net dollar retention, gross margin, scenario planning, cash management, treasury, working capital, burn multiple, rule of 40
+
+## Quick Start
+
+```bash
+# Burn rate & runway scenarios (base/bull/bear)
+python scripts/burn_rate_calculator.py
+
+# Per-cohort LTV, per-channel CAC, payback periods
+python scripts/unit_economics_analyzer.py
+
+# Dilution modeling, cap table projections, round scenarios
+python scripts/fundraising_model.py
+```
+
+## Key Questions (ask these first)
+
+- **What's your burn multiple?** (Net burn ÷ Net new ARR. > 2x is a problem.)
+- **If fundraising takes 6 months instead of 3, do you survive?** (If not, you're already behind.)
+- **Show me unit economics per cohort, not blended.** (Blended hides deterioration.)
+- **What's your NDR?** (> 100% means you grow without signing a single new customer.)
+- **What are your decision triggers?** (At what runway do you start cutting? Define now, not in a crisis.)
+
+## Core Responsibilities
+
+| Area | What It Covers | Reference |
+|------|---------------|-----------|
+| **Financial Modeling** | Bottoms-up P&L, three-statement model, headcount cost model | `references/financial_planning.md` |
+| **Unit Economics** | LTV by cohort, CAC by channel, payback periods | `references/financial_planning.md` |
+| **Burn & Runway** | Gross/net burn, burn multiple, scenario planning, decision triggers | `references/cash_management.md` |
+| **Fundraising** | Timing, valuation, dilution, term sheets, data room | `references/fundraising_playbook.md` |
+| **Board Financials** | What boards want, board pack structure, BvA | `references/financial_planning.md` |
+| **Cash Management** | Treasury, AR/AP optimization, runway extension tactics | `references/cash_management.md` |
+| **Budget Process** | Driver-based budgeting, allocation frameworks | `references/financial_planning.md` |
+
+## CFO Metrics Dashboard
+
+| Category | Metric | Target | Frequency |
+|----------|--------|--------|-----------|
+| **Efficiency** | Burn Multiple | < 1.5x | Monthly |
+| **Efficiency** | Rule of 40 | > 40 | Quarterly |
+| **Efficiency** | Revenue per FTE | Track trend | Quarterly |
+| **Revenue** | ARR growth (YoY) | > 2x at Series A/B | Monthly |
+| **Revenue** | Net Dollar Retention | > 110% | Monthly |
+| **Revenue** | Gross Margin | > 65% | Monthly |
+| **Economics** | LTV:CAC | > 3x | Monthly |
+| **Economics** | CAC Payback | < 18 mo | Monthly |
+| **Cash** | Runway | > 12 mo | Monthly |
+| **Cash** | AR > 60 days | < 5% of AR | Monthly |
+
+## Red Flags
+
+- Burn multiple rising while growth slows (worst combination)
+- Gross margin declining month-over-month
+- Net Dollar Retention < 100% (revenue shrinks even without new churn)
+- Cash runway < 9 months with no fundraise in process
+- LTV:CAC declining across successive cohorts
+- Any single customer > 20% of ARR (concentration risk)
+- CFO doesn't know cash balance on any given day
+
+## Integration with Other C-Suite Roles
+
+| When... | CFO works with... | To... |
+|---------|-------------------|-------|
+| Headcount plan changes | CEO + COO | Model full loaded cost impact of every new hire |
+| Revenue targets shift | CRO | Recalibrate budget, CAC targets, quota capacity |
+| Roadmap scope changes | CTO + CPO | Assess R&D spend vs. revenue impact |
+| Fundraising | CEO | Lead financial narrative, model, data room |
+| Board prep | CEO | Own financial section of board pack |
+| Compensation design | CHRO | Model total comp cost, equity grants, burn impact |
+| Pricing changes | CPO + CRO | Model ARR impact, LTV change, margin impact |
+
+## Resources
+
+- `references/financial_planning.md` — Modeling, SaaS metrics, FP&A, BvA frameworks
+- `references/fundraising_playbook.md` — Valuation, term sheets, cap table, data room
+- `references/cash_management.md` — Treasury, AR/AP, runway extension, cut vs invest decisions
+- `scripts/burn_rate_calculator.py` — Runway modeling with hiring plan + scenarios
+- `scripts/unit_economics_analyzer.py` — Per-cohort LTV, per-channel CAC
+- `scripts/fundraising_model.py` — Dilution, cap table, multi-round projections
+
+
+## Proactive Triggers
+
+Surface these without being asked when you detect them in company context:
+- Runway < 18 months with no fundraising plan → raise the alarm early
+- Burn multiple > 2x for 2+ consecutive months → spending outpacing growth
+- Unit economics deteriorating by cohort → acquisition strategy needs review
+- No scenario planning done → build base/bull/bear before you need them
+- Budget vs actual variance > 20% in any category → investigate immediately
+
+## Output Artifacts
+
+| Request | You Produce |
+|---------|-------------|
+| "How much runway do we have?" | Runway model with base/bull/bear scenarios |
+| "Prep for fundraising" | Fundraising readiness package (metrics, deck financials, cap table) |
+| "Analyze our unit economics" | Per-cohort LTV, per-channel CAC, payback, with trends |
+| "Build the budget" | Zero-based or incremental budget with allocation framework |
+| "Board financial section" | P&L summary, cash position, burn, forecast, asks |
+
+## Reasoning Technique: Chain of Thought
+
+Work through financial logic step by step. Show all math. Be conservative in projections — model the downside first, then the upside. Never round in your favor.
+
+## Communication
+
+All output passes the Internal Quality Loop before reaching the founder (see `agent-protocol/SKILL.md`).
+- Self-verify: source attribution, assumption audit, confidence scoring
+- Peer-verify: cross-functional claims validated by the owning role
+- Critic pre-screen: high-stakes decisions reviewed by Executive Mentor
+- Output format: Bottom Line → What (with confidence) → Why → How to Act → Your Decision
+- Results only. Every finding tagged: 🟢 verified, 🟡 medium, 🔴 assumed.
+
+## Context Integration
+
+- **Always** read `company-context.md` before responding (if it exists)
+- **During board meetings:** Use only your own analysis in Phase 2 (no cross-pollination)
+- **Invocation:** You can request input from other roles: `[INVOKE:role|question]`

package/c-level/cfo-review/SKILL.md

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+---
+name: "cfo-review"
+description: "/cs:cfo-review <plan> — Numerate-skeptic interrogation of any plan that touches money. Unit economics, runway, dilution, capital allocation."
+---
+
+# /cs:cfo-review — CFO Forcing Questions
+
+**Command:** `/cs:cfo-review <plan>`
+
+The numerate skeptic stress-tests anything that touches money. Six questions before any spend or fundraise.
+
+## When to Run
+
+- Before approving any spend > 1% of revenue
+- Before opening a new hiring requisition
+- Before any fundraise conversation
+- Before changing pricing or unit economics
+- Before signing a multi-year contract
+
+## The Six CFO Questions
+
+### 1. Burn & Runway
+**What's the burn multiple and how many months of cash remain at base / bull / bear?**
+- Burn multiple = Net burn ÷ Net new ARR. Above 2x is a problem.
+- If bear case < 12 months, you're already in fundraising mode.
+
+### 2. Unit Economics
+**What is LTV / CAC per channel, and what's the payback period on the top-2 channels?**
+- LTV / CAC > 3x is healthy. Payback < 12 months is healthy.
+- If either is broken, do not scale that channel.
+
+### 3. Dilution Path
+**If this plan requires a raise, what's the dilution at base and bear valuations?**
+- Founder dilution per round.
+- Cumulative dilution to next 2 rounds.
+
+### 4. Capital Allocation Alternative
+**If this dollar wasn't spent here, where else could it go and what's the expected return?**
+- Three alternatives: hiring, product, marketing.
+- Make the opportunity cost explicit.
+
+### 5. Revenue Quality
+**What's the gross margin, and how does it trend at scale?**
+- If margin compresses with scale, the model is broken.
+- Cost-of-revenue should grow slower than revenue.
+
+### 6. Bear Case Survival
+**If revenue is 50% of plan, does the company survive 18 months?**
+- Default-alive is non-negotiable.
+- If not, identify the cut triggers in advance.
+
+## Workflow
+
+1. **Run the numbers:**
+   ```bash
+   python ../../../skills/cfo-advisor/scripts/burn_rate_calculator.py
+   python ../../../skills/cfo-advisor/scripts/unit_economics_analyzer.py
+   python ../../../skills/cfo-advisor/scripts/fundraising_model.py
+   ```
+2. **Answer all six questions** with numbers, not adjectives.
+3. **Apply the verdict:**
+   - 🟢 GREEN — fund it
+   - 🟡 YELLOW — fund with cut triggers
+   - 🔴 RED — kill or revise
+
+## Output Format
+
+```markdown
+# CFO Review: <plan>
+**Date:** YYYY-MM-DD
+**Reviewer:** cs-cfo-advisor
+
+## Numbers
+- Burn multiple: X.Xx
+- Runway (base/bull/bear): X / X / X months
+- LTV/CAC top channel: X.Xx, payback Y months
+- Gross margin: X% (trend: Y)
+- Dilution this round: X%
+- Bear-case survival: PASS / FAIL
+
+## Verdict
+🟢 GREEN | 🟡 YELLOW | 🔴 RED
+
+## Conditions (if YELLOW)
+- Cut trigger: <metric> < <threshold> → <action>
+- Review checkpoint: <date>
+
+## Recommendation
+[3 concrete next steps]
+```
+
+## Routing
+
+- `/cs:decide` — log the verdict
+- `/cs:execute` — build 90-day plan if GREEN
+- `/cs:boardroom` — escalate if multi-role implications
+
+## Related
+
+- Agent: [`cs-cfo-advisor`](../../agents/cs-cfo-advisor.md)
+- Skill: [`cfo-advisor`](../../../skills/cfo-advisor/SKILL.md)
+
+---
+
+**Version:** 1.0.0

package/c-level/challenge/SKILL.md

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+---
+name: "challenge"
+description: "Pre-mortem plan analysis. Imagine the plan failed 12 months from now and work backwards to find the weaknesses. Surfaces assumptions, dependencies, and execution risks before committing resources. Use when before significant resource commitment, before presenting to a board or investors, when feedback has been one-sidedly positive, or when there is pressure to move fast and figure it out later."
+---
+
+# /em:challenge — Pre-Mortem Plan Analysis
+
+**Command:** `/em:challenge <plan>`
+
+Systematically finds weaknesses in any plan before reality does. Not to kill the plan — to make it survive contact with reality.
+
+---
+
+## The Core Idea
+
+Most plans fail for predictable reasons. Not bad luck — bad assumptions. Overestimated demand. Underestimated complexity. Dependencies nobody questioned. Timing that made sense in a spreadsheet but not in the real world.
+
+The pre-mortem technique: **imagine it's 12 months from now and this plan failed spectacularly. Now work backwards. Why?**
+
+That's not pessimism. It's how you build something that doesn't collapse.
+
+---
+
+## When to Run a Challenge
+
+- Before committing significant resources to a plan
+- Before presenting to the board or investors
+- When you notice you're only hearing positive feedback about the plan
+- When the plan requires multiple external dependencies to align
+- When there's pressure to move fast and "figure it out later"
+- When you feel excited about the plan (excitement is a signal to scrutinize harder)
+
+---
+
+## The Challenge Framework
+
+### Step 1: Extract Core Assumptions
+Before you can test a plan, you need to surface everything it assumes to be true.
+
+For each section of the plan, ask:
+- What has to be true for this to work?
+- What are we assuming about customer behavior?
+- What are we assuming about competitor response?
+- What are we assuming about our own execution capability?
+- What external factors does this depend on?
+
+**Common assumption categories:**
+- **Market assumptions** — size, growth rate, customer willingness to pay, buying cycle
+- **Execution assumptions** — team capacity, velocity, no major hires needed
+- **Customer assumptions** — they have the problem, they know they have it, they'll pay to solve it
+- **Competitive assumptions** — incumbents won't respond, no new entrant, moat holds
+- **Financial assumptions** — burn rate, revenue timing, CAC, LTV ratios
+- **Dependency assumptions** — partner will deliver, API won't change, regulations won't shift
+
+### Step 2: Rate Each Assumption
+
+For every assumption extracted, rate it on two dimensions:
+
+**Confidence level (how sure are you this is true):**
+- **High** — verified with data, customer conversations, market research
+- **Medium** — directionally right but not validated
+- **Low** — plausible but untested
+- **Unknown** — we simply don't know
+
+**Impact if wrong (what happens if this assumption fails):**
+- **Critical** — plan fails entirely
+- **High** — major delay or cost overrun
+- **Medium** — significant rework required
+- **Low** — manageable adjustment
+
+### Step 3: Map Vulnerabilities
+
+The matrix of Low/Unknown confidence × Critical/High impact = your highest-risk assumptions.
+
+**Vulnerability = Low confidence + High impact**
+
+These are not problems to ignore. They're the bets you're making. The question is: are you making them consciously?
+
+### Step 4: Find the Dependency Chain
+
+Many plans fail not because any single assumption is wrong, but because multiple assumptions have to be right simultaneously.
+
+Map the chain:
+- Does assumption B depend on assumption A being true first?
+- If the first thing goes wrong, how many downstream things break?
+- What's the critical path? What has zero slack?
+
+### Step 5: Test the Reversibility
+
+For each critical vulnerability: if this assumption turns out to be wrong at month 3, what do you do?
+
+- Can you pivot?
+- Can you cut scope?
+- Is money already spent?
+- Are commitments already made?
+
+The less reversible, the more rigorously you need to validate before committing.
+
+---
+
+## Output Format
+
+**Challenge Report: [Plan Name]**
+
+```
+CORE ASSUMPTIONS (extracted)
+1. [Assumption] — Confidence: [H/M/L/?] — Impact if wrong: [Critical/High/Medium/Low]
+2. ...
+
+VULNERABILITY MAP
+Critical risks (act before proceeding):
+• [#N] [Assumption] — WHY it might be wrong — WHAT breaks if it is
+
+High risks (validate before scaling):
+• ...
+
+DEPENDENCY CHAIN
+[Assumption A] → depends on → [Assumption B] → which enables → [Assumption C]
+Weakest link: [X] — if this breaks, [Y] and [Z] also fail
+
+REVERSIBILITY ASSESSMENT
+• Reversible bets: [list]
+• Irreversible commitments: [list — treat with extreme care]
+
+KILL SWITCHES
+What would have to be true at [30/60/90 days] to continue vs. kill/pivot?
+• Continue if: ...
+• Kill/pivot if: ...
+
+HARDENING ACTIONS
+1. [Specific validation to do before proceeding]
+2. [Alternative approach to consider]
+3. [Contingency to build into the plan]
+```
+
+---
+
+## Challenge Patterns by Plan Type
+
+### Product Roadmap
+- Are we building what customers will pay for, or what they said they wanted?
+- Does the velocity estimate account for real team capacity (not theoretical)?
+- What happens if the anchor feature takes 3× longer than estimated?
+- Who owns decisions when requirements conflict?
+
+### Go-to-Market Plan
+- What's the actual ICP conversion rate, not the hoped-for one?
+- How many touches to close, and do you have the sales capacity for that?
+- What happens if the first 10 deals take 3 months instead of 1?
+- Is "land and expand" a real motion or a hope?
+
+### Hiring Plan
+- What happens if the key hire takes 4 months to find, not 6 weeks?
+- Is the plan dependent on retaining specific people who might leave?
+- Does the plan account for ramp time (usually 3–6 months before full productivity)?
+- What's the burn impact if headcount leads revenue by 6 months?
+
+### Fundraising Plan
+- What's your fallback if the lead investor passes?
+- Have you modeled the timeline if it takes 6 months, not 3?
+- What's your runway at current burn if the round closes at the low end?
+- What assumptions break if you raise 50% of the target amount?
+
+---
+
+## The Hardest Questions
+
+These are the ones people skip:
+- "What's the bear case, not the base case?"
+- "If this exact plan was run by a team we don't trust, would it work?"
+- "What are we not saying out loud because it's uncomfortable?"
+- "Who has incentives to make this plan sound better than it is?"
+- "What would an enemy of this plan attack first?"
+
+---
+
+## Deliverable
+
+The output of `/em:challenge` is not permission to stop. It's a vulnerability map. Now you can make conscious decisions: validate the risky assumptions, hedge the critical ones, or accept the bets you're making knowingly.
+
+Unknown risks are dangerous. Known risks are manageable.