Investment thesis
Solution-System Fit
Innovation in complex, regulated, infrastructure-heavy markets goes beyond building fast and breaking things. Winners understand the operating environment — regulation, procurement, incentives, stakeholders, and supply chains — and build products that are viable inside it.
System-Viable > Minimum-Viable
A Minimum Viable Product can prove that a solution works. A System-Viable product proves that the solution can be bought, deployed, and scaled inside real institutions.
If “later” includes compliance, procurement, integration, and stakeholder alignment — it’s not later. It’s the product.
What we optimize for
- Adoption pathways: clear buyer, procurement motion, and deployment plan
- Constraint mastery: regulation, safety, incentives, governance
- Stakeholder alignment: decision-makers, operators, and beneficiaries
- Institutional-grade delivery: integration, reliability, and risk management
- Scale through systems: partnerships, standards, and supply chain readiness
What we look for
System-Viable checklist
| Dimension | Signals |
|---|---|
| Regulatory path | Clear compliance route, approvals timeline, safety plan |
| Buyer & procurement | Named buyer, budget owner, procurement steps, procurement risk |
| Incentives & economics | Unit economics resilient to policy changes; incentive-aware GTM |
| Stakeholders | Stakeholder map; operator workflows; adoption barriers addressed |
| Supply chain | Dependencies identified; alternatives; lead times; vendor strategy |
| Deployment | Implementation plan; integration; support; uptime and monitoring |
This checklist can be adapted per sector and stage.
What we avoid
Red flags
“We’ll handle compliance later.”
That’s how pilots die quietly.
Unknown buyer.
If procurement can’t buy it, the market doesn’t exist.
Incentive fragility.
If the economics collapse without subsidies, you need a plan B.
Integration blind spots.
Institutional workflows are the real product surface area.