Three distinct buyer narratives with probabilities. Clinical Movement Intelligence (Catapult/Nuffield/physio-tech) recommended as primary path at £3-8M, 30-35% probability.

Strava acquisition funnel thesis is strategically valid. Three post-Runna gaps identified. Dual-track recommended: opportunistic Strava approach + clinical credibility build.

Inverted the crown jewel thesis. Lead with user insight, not technology. Position against Runna's weakness (rigidity). Gait analysis becomes the sweetener, not the headline.

Three questions: (1) What do users actually say RunCoach does differently? (2) Has Strava's IPO timeline slipped? (3) Is conversational AI coaching defensible?

Existing strategy gets the 'why' right but the 'how' wrong. Proposed 'Fortress, Win, Contest' sequencing with $480-770M budget.

Revised position — iCapital-Hexure changes the calculus. Three-track parallel response: CANNEX immediately, build life beachhead organically, acquire for scale later.

$50M for structured products is strategically incoherent. Recommends $150-200M minimum. Highest-conviction deal: OTCX, not GenTwo.

BofA conflict mapping and post-merger integration capacity for a ~300-person company running parallel integrations.

Max TWO concurrent deals with 90-day stagger mandatory. Four-gate kill framework. Hire 4-6 person dedicated integration team ($1.5-2M/year) BEFORE Deal #1.

Build deal muscle before doing deals. Bifocal structure: execution + pipeline. Build core, outsource spikes. $2.5-3.5M active years.

Sequenced focus strategy — $7-10M over 12 months, 15-20 hires, stage-gated with real options at each phase

Penetrate→Monetize→Defend sequence — premium tier is 'strategically wrong', fragments user base and throttles data flywheel