{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "fundraising.risk_factors",
    "slug": "risk_factors",
    "domain": "fundraising",
    "defaultLabel": "Fundraising Risk Factors",
    "description": "Named risks that could prevent the round from closing as targeted — market conditions (general venture sentiment, sector-specific freeze), investor-side risk (anchor investor wobble, partner-meeting drop-off), company-side risk (a metric trending wrong direction, customer concentration concern surfaced in diligence), and timing risk (runway versus close date). Common pitfall: optimistic CEOs under-report risk factors. Boards should expect at least 2–3 named risks even in a healthy round — \"no risks\" is itself a risk signal.",
    "fieldType": "text",
    "unit": null,
    "maturity": "general",
    "suggestedForStages": [
      "preSeed",
      "seed",
      "seriesA",
      "seriesB",
      "seriesC"
    ],
    "defaultOwningFunctions": [
      "Finance"
    ],
    "stageRelevance": {
      "preSeed": "recommended",
      "seed": "recommended",
      "seriesA": "recommended",
      "seriesB": "recommended",
      "seriesC": "recommended"
    },
    "definitionSource": {
      "tier": "editorial",
      "sourceName": "imboard Editorial",
      "sourceUrl": null,
      "sectionRef": null,
      "publicationDate": "2026-04-01",
      "attributionNotice": null
    },
    "formula": "Narrative — list of named risks, each ideally with a likelihood / mitigation pair.",
    "whyItMatters": "Surfaces what could go wrong before it does — boards earn their seat by spotting risks the CEO is too close to see. Also a contract between CEO and board on what to watch.",
    "interpretationGuidance": "Watch for risks that persist across multiple updates with no mitigation movement — usually a sign the CEO needs board help. A new risk appearing late in the round (post-term-sheet) deserves immediate board attention.",
    "relatedKpiIds": [
      "fundraising.round_status",
      "fundraising.strategy",
      "fundraising.assumptions"
    ]
  }
}