A Wizard of Oz MVP shows users a product that appears automated, while humans secretly perform the work behind the scenes to test demand.

A concierge MVP delivers the product’s value manually, by hand, to early customers before any software is built, to validate demand cheaply.

A minimum lovable product is an MVP that, beyond merely working, is delightful enough to make early users genuinely love and recommend it.

Structured equity is a hybrid financing that blends downside protection like debt (e.g., guaranteed minimum returns or seniority) with equity-style upside, often used in late-stage or down markets.

Recycling is a fund’s practice of reinvesting early proceeds or fees, rather than distributing them, so it can deploy more than its committed capital into investments.

Liquidation overhang is the situation where the total of investors’ liquidation preferences is so high relative to an exit price that founders and common shareholders receive little or nothing.

A capital commitment is the total amount a limited partner contractually pledges to a fund, drawn down over time through capital calls as the fund makes investments.

A convertible loan agreement (CLA) is the European equivalent of a convertible note: a loan to a startup that converts into equity at a future financing, usually with a discount and/or valuation cap.

DPI (Distributions to Paid-In) measures how much cash a fund has actually returned to investors relative to the capital they paid in; a DPI of 1.0x means investors have gotten their money back.

Qualified Small Business Stock (QSBS) is U.S. stock that, if held for at least five years, can let investors exclude a large portion of capital gains from federal tax under IRC Section 1202.