Stealth Research

The studio model, benchmarked.

Original research on the operating economics of building companies from infrastructure outward. We publish what we've learned because the industry needs more receipts and fewer victory laps.

Free to read · Quarterly cadence · No paywalls

Featured · Q2 2026

The latest from Stealth Research.

Volume I · Issue 02
02
"The Capital Efficiency Index: How Studio-Built Companies Outperform on Burn"
STEALTH · Q2 2026
New release

The Capital Efficiency Index

Across 187 venture-backed companies tracked through the Stealth dataset, studio-built companies reached $1M ARR with 47% less capital deployed than non-studio peers. The report breaks down the seven mechanisms driving the gap — and what late-stage investors should be modeling for in their own underwriting.

187
Companies analyzed
47%
Less capital to $1M ARR
7
Mechanisms identified
68 pp
Full report length
Research library

Everything we've published.

A growing archive of thesis papers, sector reports, and operating benchmarks. We add new research quarterly.

Vol. I · Issue 02 Benchmark Report

The Capital Efficiency Index

Studio-built companies reach $1M ARR with 47% less capital deployed than non-studio peers. The seven operating mechanisms behind the gap.

Q2 2026 · 68 ppRead →
Vol. I · Issue 01 Thesis Paper

The Founder Velocity Hypothesis

Why operating velocity in the first 90 days predicts year-three outcomes better than founder pedigree, sector, or initial capital raised. A new model for early-stage founder selection.

Q1 2026 · 42 ppRead →
Special Report State of the Industry

State of the Venture Studio 2026

The annual benchmark across 78 active venture studios globally. Capital deployed, companies produced, exit ratios, and the operating practices separating top-quartile studios from the median.

Jan 2026 · 124 ppRead →
Thesis Note 04 Sector Brief

Why Industrial Software is the Next Decade's Best Studio Bet

A sector deep-dive on the structural advantages industrial software businesses have when built inside studios — talent gravity, customer access, capital patience.

Dec 2025 · 28 ppRead →
Thesis Note 03 Operating Brief

The Cost of Shared Infrastructure: A Studio Accounting Framework

How to allocate shared studio resources across portfolio companies fairly. A pragmatic accounting framework for studio-portfolio fee structures.

Nov 2025 · 22 ppRead →
Thesis Note 02 Methodology Paper

Forkaia® Score: A FICO for Work Readiness

The 300–850 scoring model, its 5-factor decomposition, calibration methodology, and validation across 47K operator profiles. Open methodology, peer-reviewable.

Oct 2025 · 36 ppRead →
Thesis Note 01 Founding Thesis

Why Stealth: An Operating Argument for the Studio Model

The founding thesis paper. Why traditional venture capital is structurally limited and why studios with operating infrastructure will outperform across the cycle.

Sept 2025 · 54 ppRead →
Working Paper In Progress

The University-as-Pipeline Thesis

Working paper on the operating leverage of university partnerships as recruiting pipelines vs. as research-transfer pipelines. Why Forkaia® bet on the former.

Q3 2026 · ComingNotify me →
Publishing series

Four publication tracks. Distinct purposes.

Stealth Research publishes across four distinct tracks. Each has its own cadence, depth, and intended audience. All are free to read.

Quarterly · 60–120 pp

The Studio Benchmark

Original benchmark reports analyzing the dataset across a defined question. The flagship track — long-form, citation-heavy, written for institutional consumption.

Monthly · 20–40 pp

Thesis Notes

Shorter operating arguments and sector briefs. Less data-heavy, more about the practical mechanics of how the studio model works in specific situations.

Annual · 100+ pp

State of the Industry

The flagship annual report on the venture studio model globally. Published January. Cited by major publications and used as the industry's anchor benchmark.

Ad hoc · Working drafts

Working Papers

In-progress research published as drafts for community feedback before final publication. Open to peer review and critique from the venture studio community.

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