5.5 · Risk and Governance5.5 · 风险与治理Each risk paired with its remedy每项风险都配一个应对
Each Risk, Paired With Its Remedy
每一项风险，都配一个应对
These are the four ways this investment goes wrong. Each one is written next to the mechanism that is supposed to catch it — so you can judge the mechanism, not the phrasing.
这是这笔投资出错的四种方式。每一项都写在对应的应对机制旁边——好让你们评判机制本身，而不是措辞。
5.5
Risk and How It Is Governed风险与治理安排
Risk风险
Key-person dependency关键人依赖
Why it matters为何重要
The process knowledge sits largely with the founding team, and the parameter library is not yet institutionalised on paper.工艺知识目前主要集中在创始团队，参数库尚未完整文档化制度化。
Governance治理
Founder share lock-up to 36 months; parameter-library documentation is milestone #1, so the asset survives any single person.创始人股权锁定至36个月；参数库文档化列为里程碑 #1，使资产不依赖任何单一个体。
Risk风险
Capital misallocation资金使用偏离
Why it matters为何重要
Early-stage teams routinely overspend on equipment before validating demand; the module could be built and nobody buy from it.早期团队常在验证需求之前就把钱花在设备上；模块可能建成却无人采购。
Governance治理
Tranche release on milestone certification; quarterly operating brief; budget deviation over 15% requires board-observer sign-off.按里程碑分批释放；季度经营简报；预算偏离超过 15% 需董事观察员签认。
Risk风险
Patent scope narrowed on examination实审中权利要求被限缩
Why it matters为何重要
Preliminary examination is not a novelty determination. Claims may be reduced during substantive examination.初步审查并非新颖性认定。实质审查阶段权利要求可能被缩减。
Governance治理
Trade-secret layer covers the parameter packs, which are deliberately excluded from the published application.参数包以商业秘密方式保护，并有意排除于公开申请文件之外。
Risk风险
Customer adoption at commercial scale商业规模下的客户接受度
Why it matters为何重要
We have no purchase orders. Plantation procurement is conservative and moves on trust and proven batches.我们尚无采购订单。种植园采购保守，依赖信任与已验证批次。
Governance治理
First-customer target is set at nursery wholesalers, who already own distribution — not at end estates, where the sales cycle is longer.首个客户目标锚定在已拥有渠道的苗圃批发商，而非销售周期更长的终端庄园。