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Gornall & Strebulaev’s research reports responses of up to 17% for the strongest pitches. We assume 3–10% interested replies, approximately 35% of replies leading to calls and 35% of calls leading to active discussions for planning; these are our assumptions, not figures measured by Gornall and Strebulaev. The initial stage assumes about 3 initial emails per funding target (follow-ups not included) — the same per-target figure behind the contact estimates shown on the tariff cards. For 300 targets, we instead illustrate 10–30 replies, 5–14 calls (about 48% of replies), 2–5 discussions and 1–2 investments. The other investment ranges are illustrative too. Overall bar heights use a compressed scale for legibility, while the colored portions within each bar are linear. The marked number is a modeled median from a lower-weighted triangular distribution, with the most likely value at the lower estimate—not an observed median. Investment percentages compare both investment bounds with the upper discussion estimate, pairing the upper bounds in the optimistic scenario; they are not measured conversion rates.

Figures are indicative only and are not a forecast or guarantee. Actual outcomes depend on fit, pitch, timing and follow-up and may differ substantially. Round.Guru accepts no responsibility for outcomes implied by this illustration; a campaign may result in zero calls or investments. Funding targets are capacity, not automatically sent messages.