# Investment Tickets and Position Sizing: Evaluating Accelerators and Venture Builders | KEZ$

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How to size project investments, distinguish services from capital, and assess ownership, cash reserves, governance and conflicts in venture builders.

[Accelerators and venture builders: strategy](https://kezs.com.br/en/learn/accelerators-strategy)

# Investment Tickets and Position Sizing: Evaluating Accelerators and Venture Builders

How to size project investments, distinguish services from capital, and assess ownership, cash reserves, governance and conflicts in venture builders.

KEZS team · Educational guide

[Accelerators](https://kezs.com.br/en/learn?tag=Accelerators)[Venture builders](https://kezs.com.br/en/learn?tag=Venture%20builders)[Position sizing](https://kezs.com.br/en/learn?tag=Position%20sizing)[Investment tickets](https://kezs.com.br/en/learn?tag=Investment%20tickets)[Service valuation](https://kezs.com.br/en/learn?tag=Service%20valuation)[Governance](https://kezs.com.br/en/learn?tag=Governance)[Conflicts of interest](https://kezs.com.br/en/learn?tag=Conflicts%20of%20interest)

[← Accelerators and venture builders: strategy](https://kezs.com.br/en/learn/accelerators-strategy)[1. Start with the economic unit being funded](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-1)[2. Keep four different numbers in separate columns](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-2)[3. Size the investment around the evidence it can produce](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-3)[4. An integrated example of cash, spending and ownership](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-4)[5. The schedule exposes a weakness hidden by the headline amount](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-5)[6. Value services by what the company will receive](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-6)[7. When the operator also receives equity](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-7)[8. Deliverables and intellectual property underpin the stake's value](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-8)[9. Set a project exposure limit and distinguish follow-on reserves](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-9)[10. Calculate dilution alongside the need for fresh cash](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-10)[11. Equity, convertibles, debt and donations create different rights](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-11)[12. Release funds against useful evidence without excessive reporting](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-12)[13. Stress-test setbacks and distinguish support from prolonging losses](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-13)[14. Conflicts of interest should change how decisions are made](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-14)[15. Negotiate price, rights and responsibilities together](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-15)[16. Record a decision that can be reviewed, corrected and closed](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#topic-16)[Frequently asked questions](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#faq)[References](https://kezs.com.br/en/learn/accelerators-strategy/investment-tickets-and-position-sizing-evaluating-accelerators-and-venture-builders#references)

What you will find 

Programs that combine business preparation, product development, commercial support and potential investment may include very different things in the amount advertised per project. An offer of R$ 600,000 might mean cash transferred to the company, specialist time, supplier credits or a combination. The investor's first task is to identify what actually funds operations, who receives each payment and what rights are granted in exchange. Without this separation, the investment ticket can appear larger than the financial capacity delivered. Restricted credits, for example, cannot necessarily pay salaries or another supplier.

01 

## Start with the economic unit being funded

The unit of analysis should be a project with an identifiable owner, budget, deliverables and contracting entity. Funding a company with three initiatives is different from investing exclusively in one initiative. If the money can cover expenses elsewhere in the business, the economic exposure extends beyond the project presented. Documentation should identify where revenue, contracts, assets and obligations sit, and whether the investor owns a stake in the whole company or holds rights tied to a defined operation. A project name in a presentation does not establish that boundary.

Position sizing follows from this structure. Before asking what ownership percentage to buy, define the problem being funded and the next verifiable state of the business: a usable product, a completed integration or a tested sales process. Each objective requires different resources and produces different evidence. Preparation may improve execution without automatically creating a saleable asset. A defensible ticket has an understandable purpose, duration and risk, even when the outcome remains uncertain. The relevant question is what the commitment makes possible and what exposure it creates.

02 

## Keep four different numbers in separate columns

A useful analysis distinguishes disbursed capital, outstanding contractual commitments, purchased services and economic ownership. Disbursed capital is money actually transferred under a defined instrument. An outstanding commitment is an amount that may still become payable under agreed conditions. Services represent specific costs or consideration. Economic ownership describes rights in the company or under another instrument. Combining these categories without explanation creates an exposure figure that corresponds neither to cash nor to actual rights. They may all belong in the decision, but each needs its own description and treatment.

Suppose an investor contributes R$ 600,000 and the company uses R$ 180,000 of that amount to hire the program operator. The investor has invested R$ 600,000; the company receives the funds and purchases services within that budget. The operator has not invested an additional R$ 180,000 simply by performing the work. If the proposal advertises R$ 780,000 in support, it must explain that it combines financial resources with an expense already funded by those resources. Otherwise, the same economic benefit is effectively counted twice.

Current exposure also differs from capacity to provide follow-on funding. An internal reserve of R$ 300,000 for a possible future investment does not immediately increase ownership or become cash available to the company. Without a binding commitment, it remains an intention subject to another decision. Investors should distinguish amounts already paid, enforceable obligations and additional resources they believe may be needed. These figures answer different questions about loss exposure, business continuity and decision-making authority. A reserve shown in an investor's planning cannot simply fill a gap in the company's cash forecast.

03 

## Size the investment around the evidence it can produce

An investment ticket can be calculated backward from the next meaningful decision. Define that decision, then estimate the work required to reach it. For a business software project, the question might be whether to continue selling after observing implementation, recurring use and customers' willingness to pay. The budget should include enough development, deployment, support and commercial work to produce that evidence. Funding only technical construction can leave the company with a finished product and almost the same commercial uncertainty it had at the outset.

This approach requires a distinction between a contractual deliverable and a business hypothesis. Making an integration available may be a verifiable supplier obligation. Persuading five buyers to adopt it also depends on external factors. The service agreement should hold the supplier accountable for what it can control, while the investment committee evaluates signals supporting continuation. Turning every commercial hypothesis into a developer obligation invites disputes. Treating every completed technical task as market validation encourages investment without adequate support. The same milestone may therefore require separate technical acceptance and investment interpretation.

The investor should ask whether the budget can produce an interpretable result. A free pilot with users introduced by the operator may demonstrate functionality while revealing little about independent acquisition or pricing. An undersized project may finish without sufficient evidence, requiring another contribution merely to complete the original experiment. An oversized project may commit too much before resolving its main uncertainty. Position sizing becomes more useful when each stage answers an important question and identifies what will remain unknown. A failed experiment can still inform a decision if its scope and evidence are clear.

04 

## An integrated example of cash, spending and ownership

All numerical scenarios in this article are hypothetical arithmetic illustrations. A company negotiates R$ 600,000 in equity funding at a pre-money valuation of R$ 4.2 million. Once the full investment is contributed, the post-money reference is R$ 4.8 million. The investor owns 12.5%, calculated as R$ 600,000 divided by R$ 4.8 million, and the founders retain 87.5%. This assumes there are no convertible debts, options or other rights that could change the calculation base. The valuation is a negotiated reference, not proof that a buyer would pay that amount.

The plan spends the R$ 600,000 over six months. Operator services account for R$ 180,000; development contracted from third parties, R$ 240,000; commercial activities, R$ 120,000; and legal, administrative and infrastructure expenses, R$ 60,000. Together these equal R$ 600,000. To simplify the cash forecast, assume spending is uniform at R$ 100,000 per month, with no revenue and no opening cash balance. Payments to the operator are already included in this spending. They are not counted again as a separate contribution or as additional resources available to the company.

Funding is released in three installments: R$ 240,000 at the start, R$ 180,000 after the second month and R$ 180,000 after the fourth. The 12.5% ownership figure describes the fully funded scenario. The instrument must specify what happens if funding stops. Paying the first installment should not be assumed to grant permanently all rights associated with the full amount, and stopping later installments should not be assumed to erase rights already acquired. The legal mechanism must reflect the economics, including breaches, unmet conditions and the treatment of partial performance.

05 

## The schedule exposes a weakness hidden by the headline amount

In the example, the initial R$ 240,000 leaves R$ 140,000 at the end of month one and R$ 40,000 at the end of month two, before the next installment. The second payment raises cash to R$ 220,000. Spending in months three and four leaves R$ 20,000. The third installment brings the balance to R$ 200,000, enough for the final two months. The project finishes with zero cash under these simplified assumptions. This is a budget with no cushion for delayed receipts, unexpected spending or costs extending beyond the planned period.

If the second installment arrives one month late, the available R$ 40,000 cannot cover planned monthly spending of R$ 100,000. The shortfall is R$ 60,000. A project can meet its deliverables and still be interrupted by the funder's approval process. Evaluation dates, required documents and release deadlines therefore belong in the operating plan. The company should not discover on payment day that the committee requires a demonstration or signature that takes weeks to obtain. A condition can be reasonable in substance and still be poorly scheduled.

One response is to assess the milestone earlier and release the installment before cash becomes critical. Other responses include reducing fixed commitments or adding an explicit financial cushion, with a revised total budget. A potential reserve cannot be treated as available cash while it remains subject to fresh approval. Investors should examine the lowest projected balance and the obligations falling due around it. A comfortable monthly average can hide a payment concentration that stops operations. The forecast should also show who acts when a release is delayed and which commitments can realistically be postponed.

06 

## Value services by what the company will receive

Suppose the operator advertises a package with a list price of R$ 300,000 but offers it to the example project for R$ 180,000. The R$ 120,000 difference does not automatically become invested capital or a claim against the company. It might reflect a commercial discount, forgone margin or a list price that is difficult to compare with the market. Assessing the package requires its scope, assigned team, availability, deliverables, revision terms and additional charges. Estimated hours alone do not establish economic value, particularly when the experience or availability of the people supplying them is unclear.

External comparisons help when they preserve comparable conditions. A development proposal including maintenance, documentation and knowledge transfer cannot be compared on price alone with one ending at code delivery. The operator might justify a higher price through business knowledge and specialist coordination, but that advantage needs evidence. Internal cost, commercial margin and the price charged are different concepts. None independently proves how much the company saves or how much value will be created. A useful comparison considers both what is included and what the company would still need to purchase.

Within the budget, the R$ 180,000 should be linked to identifiable deliverables and acceptance criteria. Business preparation, product work and commercial support can be described separately without assigning an artificial value to every meeting. A revealing question is what the company would need to commission again if the relationship ended. Missing documentation, dependence on particular individuals or restricted asset access can create substantial replacement costs. Those costs may offset part of the apparent benefit and should influence the investor's assessment of the package and the company's ability to continue independently.

07 

## When the operator also receives equity

Granting equity rights instead of paying cash changes the transaction. As an alternative to the main example, suppose the parties agree that the operator receives 3.75%, the investor retains 12.5% and the founders retain 83.75%, all measured on the same final ownership base. These three stakes total 100%. This allocation must be negotiated expressly. It does not arise automatically from the services agreement, nor does it mean that work can be contributed directly to share capital under every Brazilian legal structure. The implementation needs an appropriate instrument and analysis.

At the R$ 4.8 million economic reference, 3.75% arithmetically corresponds to R$ 180,000. That equivalence proves neither the value of the services nor the price the stake could achieve in a sale. If equity replaces the cash service payment, the R$ 180,000 previously allocated to the operator no longer leaves through that budget line. The plan must show whether this permits lower fundraising, a longer cash runway or another approved use. Retaining a fictional expense merely to preserve the original presentation would obscure the actual economics.

Rights may be earned as deliverables are accepted, with provisions for early departure and incomplete work. The agreement should identify who bears dilution, how rights are implemented and what applies before they become final. Investors should also examine situations where the operator receives both equity and cash compensation. That can be legitimate when both forms of consideration are transparent and justified. The concern is an undisclosed payment or duplicate compensation for the same obligation without a conscious agreement. Any revised structure should remain consistent across the budget, service contract and ownership records.

08 

## Deliverables and intellectual property underpin the stake's value

An ownership percentage has limited usefulness if the company does not control the assets required to operate. A product developed within a program may depend on the operator's pre-existing code, third-party libraries, accounts opened in individuals' names and contractor agreements that inadequately address rights. Before substantial funds are released, diligence should identify what already exists, what will be created and the permissions needed to use, modify, maintain and commercialize each component. A working demonstration can conceal dependencies that become costly only when the company changes suppliers.

Contracts can distinguish pre-existing intellectual property, materials created specifically for the project and the supplier's shared tools. A license may serve the business when it permits continuity, maintenance and supplier replacement on the necessary terms. Other circumstances may require ownership or broader rights. Avoid both a sweeping assignment that promises rights the supplier does not hold and a narrow license that traps the project in an irreplaceable commercial relationship. The practical test is whether the company can carry on its intended activity within the rights actually granted.

Acceptance should include repository access, adequate documentation, deployment instructions, contributor agreements and control of essential accounts. Presenting the product is different from handing over the ability to operate it. Personal data and customer information also require handling consistent with the purposes and responsibilities involved. Investors do not need unrestricted access to every record to conduct diligence. Limited evidence, ownership records and supervised demonstrations may establish the necessary facts with less exposure. Access arrangements should support verification while protecting information that the investor does not need to receive.

09 

## Set a project exposure limit and distinguish follow-on reserves

In the main scenario, the investor contributes R$ 600,000 and considers reserving another R$ 300,000 for possible follow-on funding. Planned exposure is therefore capped internally at R$ 900,000, while ownership remains 12.5% until another transaction occurs. The reserve buys no advance ownership and does not ensure that a future round will be attractive. It represents capacity that may be used, retained or directed elsewhere, subject to applicable rules and a new assessment. The company should understand whether any part is committed rather than infer a promise from the investor's internal planning.

A policy for a portfolio of projects can distinguish an initial limit from a total limit without prescribing anyone's personal asset allocation. Its purpose is to examine what happens if several companies need additional funds simultaneously. Committing all capacity to initial installments can leave otherwise reasonable selections without continuity funding. The opposite mistake is to retain large reserves for projects whose central hypothesis has failed, preventing other opportunities from receiving consideration. A reserve policy needs a decision process that can respond to new evidence rather than preserve every original commitment indefinitely.

Reserve use should have criteria: sufficient commercial evidence, a clearly defined need, a revised budget and acceptable terms. Distinguish compliance with contractual obligations from a preference to preserve an ownership percentage. Following a round solely to avoid dilution can increase total risk without improving the asset. Project limits should also consider existing obligations and shared dependencies, including exposure to one supplier. If several businesses rely on the operator's same team, a failure there can affect multiple positions simultaneously. Different company names do not necessarily mean independent operational risks.

10 

## Calculate dilution alongside the need for fresh cash

Return to the main scenario, where the investor owns 12.5% after contributing R$ 600,000. Suppose a new hypothetical round raises R$ 1.2 million at a pre-money valuation of R$ 6 million. The post-money valuation is R$ 7.2 million. Without further investment or other ownership changes, the existing stake falls to approximately 10.42%: 12.5% multiplied by R$ 6 million divided by R$ 7.2 million. That percentage reduction alone does not establish whether declining to participate was a good or bad decision. The new terms and the business's prospects also matter.

To retain 12.5%, the investor would need to subscribe for R$ 150,000 of the R$ 1.2 million round, assuming the right and opportunity to participate on those terms. Cumulative contributions would rise to R$ 750,000, and the originally contemplated R$ 300,000 reserve would fall to R$ 150,000. The calculation assumes proportional participation in the same round with no additional instruments. Preemptive rights, options, conversions or other changes to the ownership base require a different calculation. The required cash contribution should be confirmed before treating preservation of the percentage as feasible.

Compare the calculation with the operating plan. A round at a higher valuation may still provide too little funding for the next stage. A round causing more dilution may supply resources better suited to execution. Ownership also need not translate into the same percentage of proceeds in every exit, because preferences and other clauses can change distributions. The capitalization table should therefore be accompanied by an explanation of economic rights. Focusing only on the percentage retained can encourage defensive decisions and obscure unfavorable terms or an unresolved need for additional capital.

11 

## Equity, convertibles, debt and donations create different rights

The instrument changes what the investment ticket means. Equity brings rights and risks associated with ownership under the relevant structure and agreements. A convertible can postpone the final ownership calculation, but needs rules covering conversion, triggering events, any maturity and termination scenarios. Saying that funding will convert later does not settle its economic price. A discount, valuation cap and calculation base can shift value between the parties in different ways. Investors should understand the possible outcomes rather than treat a deferred percentage as an absence of valuation risk.

Debt creates repayment obligations and requires a plausible funding source to meet them. The main plan assumes no revenue for six months and finishes without cash. Adding debt installments without changing inflows or expenses creates a shortfall. Expected sales are different from existing eligible receivables. Where financing concerns receivables already created, the underlying contracts, delivery conditions, acceptance and debtor risk matter. A forecast that customers may buy cannot establish the same rights as a documented amount already owed. The nature of the asset must support the financing description.

Brazilian business forms impose further limits: a MEI cannot admit equity partners while remaining a MEI. Donations to nonprofits do not purchase equity or promise a financial return. Public securities distributions and regulated financial activities require appropriate legal structures or providers. Technology, intermediation or a CNAE economic activity classification is not permission to perform regulated activities. The instrument must match the actual transaction, with specialist advice where necessary. Convenient terminology should not disguise different rights. None of these structures inherently guarantees approval, repayment, profitability, liquidity or preservation of capital.

12 

## Release funds against useful evidence without excessive reporting

Each installment should depend on a concise set of evidence tied to the risk being reduced. For the example's second release, the committee might assess a usable product version, acceptance of contracted deliverables and reconciliation of initial spending. For the third, it might examine documented implementation results and the commercial tests specified in the plan. Records should explain what happened, the limitations and the underlying sources. A slide declaring traction cannot replace contracts or usage evidence. Requirements should be understood early enough for the team to produce them during normal execution.

Observed facts and interpretations should be presented separately. Three companies completing a pilot is verifiable if suitable records exist. Concluding that recurring demand exists requires more evidence, such as continued usage, payment and repeatability. Interviews conducted by the seller may offer clues but carry incentives and bias. Investors should examine how evidence was produced and how independent it is. They should neither demand impossible certainty from a developing business nor accept every assertion as sufficient proof. A small, clearly described observation is more useful than a broad conclusion unsupported by its sample.

Controls also have costs that affect the position. Extensive weekly reports can consume resources intended for product work and sales. A monthly routine covering reconciled cash, accepted deliverables, changed hypotheses and pending decisions is often more interpretable than dozens of indicators with no decision attached. A material exception can trigger deeper verification of the relevant issue. Missing evidence should lead to a specific question, rather than indiscriminate document production. The aim is to clarify whether funds should be released and what action is needed, while keeping the reporting burden proportionate.

13 

## Stress-test setbacks and distinguish support from prolonging losses

Consider a 20% increase affecting only third-party development. That line rises from R$ 240,000 to R$ 288,000, taking the total budget from R$ 600,000 to R$ 648,000 with all other assumptions unchanged. The R$ 48,000 overrun equals 8% of the original total budget. Reduced scope, renegotiation or additional funding might address it, but each changes the decision. Removing features might preserve the core hypothesis or remove exactly what the pilot needed to test. The response should identify which evidence remains achievable under the revised plan.

Another scenario is a two-month delay requiring the full set of activities to continue at the hypothetical R$ 100,000 monthly spending rate. The additional cost is R$ 200,000, bringing the total to R$ 800,000. If the investor funds all of it, R$ 100,000 remains within the planned R$ 900,000 exposure limit, before other commitments. Available capacity does not establish that another investment is justified. First examine the cause of delay, contractual responsibility and the prospect of completing a useful stage. This is a separate scenario from the development overrun, unless both are expressly modeled together.

The product might also be delivered and rejected commercially. More acquisition spending could merely reinforce the absence of demand. Compare an orderly shutdown, a limited change and continued execution, accounting for obligations already incurred and closure costs. Money spent does not return through persistence, and an accounting valuation creates no liquidity. Investors must recognize the possibility of total loss. Relationships with the operator or founders should not turn follow-on funding into a chain of contributions without fresh justification. A decision to stop can still require resources to settle obligations and preserve records.

14 

## Conflicts of interest should change how decisions are made

An operator may select projects, sell services, receive equity, recommend suppliers and introduce opportunities to investors. Each role carries distinct incentives. A development-heavy project can generate operator revenue even when its risk and ownership terms are unattractive to an investor. A founder may accept an expensive package to obtain access to capital. Disclosure is necessary, but effective disclosure also requires a real ability to compare alternatives and reject terms without hidden consequences. The process should make clear whether services are mandatory, negotiable or available from another provider.

A practical control is to separate investment recommendations from approval of related-party spending. Material proposals may require external comparisons, price justification and decisions by people without a direct interest in the compensation. Any commission paid to the introducer should be known, along with payments from recommended suppliers. If the same team produces evidence and earns fees when milestones are approved, acceptance by another responsible person or independent verification can help at points involving substantial value. Such checks have costs, so their depth should correspond to the conflict and potential impact.

An operator that is also a shareholder faces additional tensions. It may favor preserving its own contracts during cost reductions or keeping a project alive to avoid recognizing a loss. Investors should know who decides on supplier replacement, additional budgets and closure. Minutes or equivalent records should identify the alternatives considered and any recusals or other conflict measures adopted. Governance cannot remove diverging interests. It can establish a process for identifying and addressing them before they become difficult-to-recover costs. A disclosure buried in a contract is insufficient if it never affects the actual decision.

15 

## Negotiate price, rights and responsibilities together

A disagreement over valuation can conceal a disagreement about the services offered. A founder might welcome R$ 600,000 in funding but consider R$ 180,000 in mandatory services excessive. The operator might argue that coordination prevents mistakes; the investor might seek more equity because some funding returns to the program's service provider. Negotiation improves when those arguments become evidence or contractual terms: adjustable scope, price comparisons, freedom to contract and replacement criteria. This makes it possible to evaluate the service package and ownership terms together without confusing their separate economic effects.

Information rights, reserved matters and deadlock procedures should be proportionate to the position and risk. Requiring investor authorization for every small expense can delay the project and increase the cost the controls were meant to contain. Leaving substantial new debt or related-party contracts unsupervised can undermine the investment case. Define strategic decisions, budget tolerances and operational authority, including who is responsible and how quickly a decision is required. The installment schedule should account for these procedures so that governance does not itself create the cash interruption identified in the example.

Responsibilities must also fit the team's actual capacity. The founder is responsible for operations and information supplied; the operator for contracted deliverables; and the investor for diligence and investment decisions. A financial lead organizes cash records and reconciliation, while legal support structures instruments and rights. Small teams or outside providers may perform these functions, but the assignments should be explicit. If nobody is responsible for accepting work or updating the capitalization table, the omission can become a dispute precisely when money is due. Clear ownership of a task is more useful than assuming someone will handle it.

16 

## Record a decision that can be reviewed, corrected and closed

The final project assessment should allow someone to reconstruct the decision without relying on the presenter's memory. It should record the funded objective, instrument, initial contribution, contemplated total exposure limit, budget, schedule, ownership calculation and critical assumptions. Include operator service payments, asset rights, conflicts and continuation conditions. In the main example, the central figures are R$ 600,000 in full funding, R$ 180,000 in services within that budget, 12.5% ownership and a potential R$ 300,000 reserve subject to fresh assessment. Keeping these figures together makes their relationships easier to check.

Errors discovered later need explicit correction. If services were counted twice, revise the materials and explain the impact to affected parties. If options or convertibles were omitted from the ownership base, recalculate percentages before treating the position as settled. If cash depends on merely expected revenue, present the scenario without it. Changes should preserve an understandable history identifying responsibility and reasons, rather than silently replace the version supporting an earlier decision. Corrected records help distinguish a changed business situation from an original calculation or disclosure error.

A project-based approach can help organize this analysis. KEZS connects entrepreneurial projects and potential funders through technology and intermediation. Investors conduct their own diligence and make their own decisions; KEZS does not assign a credit score. Transparent documentation may help compare assumptions, but it does not guarantee approval, liquidity, returns or payment. The practical decision is how much to commit, what evidence to fund and when to review or close the position. A sound process reduces ambiguity while leaving business uncertainty, execution risk and the possibility of loss intact.

FAQ 

## Frequently asked questions.

### How can I compare programs advertising the same ticket with different packages?

Reconstruct each proposal's economic flows. Identify cash actually received by the company, mandatory operator payments, optional services, restricted credits and rights required in exchange. Then compare the budget needed to reach the same deliverable or evidence. A program transferring more cash may require more expensive contracts; another may offer useful services but limited flexibility. Include execution capacity, asset ownership and replacement costs. Check whether the headline combines cash and services already paid for with that cash. A comparison is meaningful only when the amounts fund comparable objectives and the restrictions are visible.

### Should unused mentoring hours trigger a refund or reduce the operator's equity?

That depends on the agreement and why the hours went unused. Reserving a team's availability for a defined period can have value even if the founder uses fewer hours. A promised deliverable that was never provided raises a different issue. Define scheduling, reserved capacity, validity, rescheduling and consequences of nonperformance. If equity is earned through deliverables, apply the agreed acceptance and acquisition conditions. Do not retrospectively turn every unused hour into a financial credit without a clear contractual basis. Equally, a broad availability clause should not obscure a separate obligation to deliver specific work.

### Can the investor hold a stake in a holding company linked to several projects?

Such structures may be possible, but the investor must understand which assets, liabilities and cash flows fall within the exposure. Ownership in a holding company does not establish exclusive economic rights over the project highlighted in a presentation. Shared expenses, transfers between companies and operator contracts can change the result. Examine the ownership chain, instruments and cost-allocation rules, including where project revenue is received and obligations are incurred. Position sizing should reflect that broader exposure rather than only one initiative's budget. A project-specific presentation cannot replace the rights established by the actual structure.

### When can an installment be stopped after technical work has been accepted?

There must be a basis in the agreement and a relevant change, such as materially incorrect information or failure to satisfy another applicable condition. Technical acceptance alone does not resolve every investment condition. However, a new commercial concern does not authorize ignoring an enforceable commitment. The committee must distinguish its current willingness to invest from obligations already assumed. Documentation should address suspension, notice, cure periods and consequences. This helps prevent an interruption from becoming an opportunistic renegotiation. Any assessment should also distinguish work already accepted and payable from funding that remains genuinely conditional.

### Should investors have direct access to every project system and document?

Access should support diligence and monitoring rights without exposing unnecessary information. Demonstrations, reconciled statements, reports and samples may answer some questions; others require specialist document review. Personal data, trade secrets and customer information need purpose-based access controls. Private documents should not be placed on public blockchains to demonstrate transparency. Even where a record has technical integrity, that does not establish its truth, legal title, reserve solvency or a payment guarantee. Verification should focus on the relevant claim and its supporting evidence, with permissions suited to the information, rather than assume that unrestricted access produces better diligence.

### How should an exit be assessed when no buyer for the stake is foreseeable?

Treat liquidity as uncertain and examine contractual pathways without assuming they will occur. A company sale, a new investor or a purchase by another shareholder depends on actual conditions and interested parties. Transfer provisions can facilitate or restrict those routes but cannot create a buyer. The ticket assessment should allow for monitoring costs, a prolonged holding period and possible total loss. A higher valuation in a later round is a negotiated reference, not cash available for redemption. Economic preferences may also affect proceeds if a transaction eventually occurs, so percentage ownership alone cannot establish an exit amount.

### What if the operator can no longer support the projects it selected?

Activate a continuity plan with defined priorities and owners: preserve access, obtain documentation, identify unfinished deliverables and estimate replacement costs. The agreement should guide payment for accepted work, remaining obligations and available corrective measures. Investors should also assess other projects relying on the same team, since the failure may affect several positions. Consider additional resources only against a revised budget and a separate justification. Funding the supplier again should not be presumed to resolve the problem. The plan should establish what the company can continue operating during the transition and which dependencies require immediate attention.

## References and context

Institutional reference points for checking applicable rules and guidance. Calculations and scenarios are original examples, not quotes, historical results or individualized recommendations.
- [Banco Central — correspondentes no País ↗](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20CMN&numero=4935)
- [CVM — Resolução 88, texto e alterações ↗](https://conteudo.cvm.gov.br/legislacao/resolucoes/resol088.html)
- [CVM — Resolução 175, fundos de investimento ↗](https://conteudo.cvm.gov.br/legislacao/resolucoes/resol175.html)
- [Portal do Empreendedor — perguntas sobre MEI ↗](https://www.gov.br/empresas-e-negocios/pt-br/empreendedor/perguntas-frequentes)
- [ANPD — orientações e perguntas frequentes ↗](https://www.gov.br/anpd/pt-br/acesso-a-informacao/perguntas-frequentes)

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Accelerators and venture builders: strategy 

### Investment Thesis and Selection Criteria for Accelerators and Venture Builders

Assess accelerators and venture builders through investment criteria, service valuation, contracts, conflicts of interest and disciplined decisions.Explore the article ↗  ](https://kezs.com.br/en/learn/accelerators-strategy/investment-thesis-and-selection-criteria-for-accelerators-and-venture-builders)

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Accelerators and venture builders: strategy 

### Capital Allocation and Loss Capacity in Accelerators and Venture Builders

Assess cash, services, reserves and conflicts in accelerators and venture builders, with practical examples of budgets, losses and investment decisions.Explore the article ↗  ](https://kezs.com.br/en/learn/accelerators-strategy/capital-allocation-and-loss-capacity-in-accelerators-and-venture-builders)

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Accelerators and venture builders: strategy 

### Diversification by Risk Source for Accelerators and Venture Builders

An investor’s guide to shared risks, service valuation, contracts, incentives and cash planning in Brazilian acceleration and venture building programs.Explore the article ↗  ](https://kezs.com.br/en/learn/accelerators-strategy/diversification-by-risk-source-for-accelerators-and-venture-builders)

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