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How to play Term Scramble

Each round shows a clue and a row of shuffled letters. Tap the letters in order to fill the answer row. Tap a letter in the answer row to send it back, or press Clear to start the word again. You can also type on a keyboard. When every letter is placed, press Check.
A correct word is worth 10 XP and a perfect game of ten adds 20 XP. A wrong answer costs one of your five hearts and shows the right spelling with a short explanation. The ten words are drawn from a set of sixteen.

The vocabulary of a funding round

Most of the words in Term Scramble come up the first time a founder raises money. They describe three things: who owns the company, how long the money lasts and what proof investors want to see.
  • Ownership. Equity is ownership, held as shares. Vesting means shares are earned over time. Dilution is what happens to your percentage when new shares are issued to an investor.
  • Money and time. Runway is the number of months the cash will last. A bootstrapped company funds itself. An angel is an individual who invests early, and venture capital comes from funds that back high-growth companies.
  • Proof. A prototype tests the idea. Traction shows customers want it. A milestone is a target that often unlocks the next tranche of funding, and valuation is the price all of this adds up to.

Two terms that are easy to mix up

An incubator and an accelerator are different things. An incubator supports a company while the idea is still taking shape, often for a year or more. An accelerator takes a company that already has a product and pushes it hard for a few months, usually ending in a pitch to investors.
Valuation is quoted two ways. Pre-money is the value before the new investment and post-money is the value after it. An investor who puts in one million at a four million pre-money valuation owns twenty percent, because the post-money value is five million.

Where to go from here

The startup guides explain each of these terms with examples. For the numbers behind them, play Runway Rush, which asks you to work out burn, runway and dilution, or open the free business tools.

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