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Field Notes

Operators writing it down.

Essays from the Moonlabs operating tables. AI-native building, commercial leverage, fundraising, what is actually working on the ground. No hot takes, no link-bait. Just the things we wish someone had handed us two years ago.

Featured Incubator 2 May 2026 · 6 min read

Why the Incubator charges a £999 commitment fee

We added a £999 commitment fee to the Incubator agreement in 2026. It is credited back in full against the success fee at round close — so if you raise, it costs you nothing on net. This post explains why we did it.

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