A venture studio carry waterfall, explained in one line, is the ordered set of rules that decides how exit proceeds get split between the studio, its investors, and you — the founding team — typically returning invested capital first, paying a preferred return, then dividing the profits known as “carry.” It refers to the sequence
Cyberphysical data advantages create 3-5x higher enterprise value through proprietary data moats, operational efficiencies, and predictive capabilities that pure software plays can’t match. These systems — where sensors, software, and real-world operations converge — are rapidly becoming the decisive factor between $10M and $100M valuations. Picture a founder at $1.2M ARR watching competitors with inferior