El Informe del Mes Malo

A 90-minute, 4-round Express simulation in the learner's own chair as a founder writing four consecutive monthly investor updates after losing the largest customer: calling the lead investor before the update goes out and opening with the bad news and its numbers rather than the wins; keeping the same table and definitions every month instead of dropping a row or redefining the headline metric; presenting runway scenarios with triggers agreed with the board and asking for something specific; giving every investor the same information at the same time rather than a private channel for the loudest angel; correcting an error found in three earlier updates early and in full; and raising a bridge openly, on standard terms, with each investor's pro-rata.

Leonor Turiel Pelaz (fictional) is chief executive and co-founder of Turnela Software, a fictional Zamora start-up whose software plans home-care shifts and routes; a 1.5-million-euro seed came from a fictional fund and seven angels, and the customer that leaves takes 27 percent of recurring revenue.

You decide how the January update opens and which figures it carries, what you ask for and which cash plan you present, what you do with an angel's request for private information and with an overstated figure, and how you raise the bridge and report from then on.

Scored on how truly informed the investors are, the chance of closing the bridge in time, the funding to the Series A protected, your time and energy, your investors' trust and the lead investor's trust, and open risk; two shortcuts (an overstated figure kept until the bridge closes, a verbal yes reported as a signed contract) come back and cap the score. Spanish primary, English included.

An intermediate simulation for participants who already know the core concepts of the subject, designed for master's and MBA programmes.