Cap table
Also: Capitalisation table
The ledger of who owns what — every shareholder, their share class and their percentage.
Keep it clean from day one; a messy or unfair cap table scares off the very investors you'll need later.
Hear it from people who've done it
Get the real-world version of "Cap table" drawn from hundreds of conversations with founders and investors.
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Dilution
The drop in your ownership percentage each time the company issues new shares.
Fully diluted
The share count assuming every option, SAFE and convertible has been exercised and converted.
Option pool / ESOP
Equity set aside to grant to employees as options, usually 10–15% of the company.
Founder vesting
Founders' own shares vesting over time, so a co-founder who leaves early doesn't walk with a huge stake.
Secondary
A sale of existing shares (often founder or early-investor stock) rather than new shares issued by the company.
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