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
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.
A growing archive of thesis papers, sector reports, and operating benchmarks. We add new research quarterly.
Studio-built companies reach $1M ARR with 47% less capital deployed than non-studio peers. The seven operating mechanisms behind the gap.
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.
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.
A sector deep-dive on the structural advantages industrial software businesses have when built inside studios — talent gravity, customer access, capital patience.
How to allocate shared studio resources across portfolio companies fairly. A pragmatic accounting framework for studio-portfolio fee structures.
The 300–850 scoring model, its 5-factor decomposition, calibration methodology, and validation across 47K operator profiles. Open methodology, peer-reviewable.
The founding thesis paper. Why traditional venture capital is structurally limited and why studios with operating infrastructure will outperform across the cycle.
Working paper on the operating leverage of university partnerships as recruiting pipelines vs. as research-transfer pipelines. Why Forkaia® bet on the former.
Stealth Research publishes across four distinct tracks. Each has its own cadence, depth, and intended audience. All are free to read.
Original benchmark reports analyzing the dataset across a defined question. The flagship track — long-form, citation-heavy, written for institutional consumption.
Shorter operating arguments and sector briefs. Less data-heavy, more about the practical mechanics of how the studio model works in specific situations.
The flagship annual report on the venture studio model globally. Published January. Cited by major publications and used as the industry's anchor benchmark.
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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One email per publication. Quarterly cadence on the benchmark reports, monthly on thesis notes, immediately on working papers. Unsubscribe with one click.