Glossary and citations. · hmm Ventures

The Record · ex-34 / 38

04 · The method → References

Glossary01 / 03

Terms across the thesis, the markets, the research.

Definitions are written plainly so the assumptions and metrics can be reviewed without specialist context.

NECESSITIES

T1 (Tier 1): Companies that cannot legally operate without regulatory approval (a licence, a clearance, a certification). The barrier is permission to operate.
T2 (Tier 2): Companies whose customers are statutorily required to produce evidence, reporting, monitoring, or compliance outputs that the company enables. The barrier is evidence of compliance.
Five Necessities: Food Security Systems, Biomedical Systems, Power Systems, Autonomous Systems, Critical Materials and Supply Integrity. The five sectors that meet the regulation-as-barrier test.
Crystallisation Window: The gap between a regulation's effective date and the moment a compliant operational layer exists. The window the thesis targets.
Conservative classifier (33.5%): The deterministic T1/T2 classifier that produces 33.5% regulated share of the four-market 19,416-company universe. Reproduces from shipped keyword sets alone. The single classifier used for every empirical claim.
Three-method classifier: A broader classifier (keyword + domain index + LinkedIn index + university spinout registry) maintained as a methodology sensitivity and available on request. Backs no headline figure.

Markets · footnotes02 / 03

Chapter 04

[1] Government of Japan, Act on the Promotion of Research, Development and Utilization of AI-Related Technologies (AI Promotion Act), enacted 28 May 2025. Most provisions effective 4 June 2025; AI Strategy Headquarters effective 1 September 2025.
[2] Ministry of Economy, Trade and Industry (METI) and Ministry of Internal Affairs and Communications (MIC), AI Guidelines for Business v1.1 (March 2025); v1.2 reportedly in preparation per industry briefings, METI confirmation pending.
[3] Ministry of Finance, Financial Statements Statistics of Corporations by Industry, FY2024 annual release, September 2025. Thirteenth consecutive year of record aggregate internal reserves; excludes finance and insurance.
[4] Synspective Inc., Tokyo Stock Exchange Growth Market listing, 2024. Public-record outcome cited as a market reference point, not a portfolio holding.

Chapter 05

[1] Australian Government, Critical Minerals Strategy 2023-2030; Department of Industry, Science and Resources, Critical Minerals Office. FIRB review thresholds revised for sensitive-sector transactions, 2024.
[2] Australian Energy Market Operator, Integrated System Plan; Australian Energy Regulator revenue determinations; Australian Renewable Energy Agency annual reports, 2024-25 vintage.
[3] Public valuation reporting for Eucalyptus, Neara, and the listing of Telix Pharmaceuticals. Cited as market reference points, not portfolio holdings; valuations per public record and subject to change.

Chapter 06

[1] New Zealand Ministry of Business, Innovation and Employment, Innovation Services transition announcement, 2025. Operational handover from Callaghan Innovation continuing through 2026.
[2] Medsafe, Web Assisted Notification of Devices (WAND) database and medical-device notification pathway.
[3] Callaghan Innovation Annual Reports through FY24. Distribution figures aggregate direct grants and R&D Tax Incentive administration; precise figures vary by year and require independent verification against the official annual report series.
[4] Public valuation reporting for Halter. Cited as a market reference point, not a portfolio holding; valuation per public record and subject to change.

Chapter 07

[1] Health Sciences Authority (Singapore), medical-device and health-product regulatory framework.
[2] Infocomm Media Development Authority and AI Verify Foundation, Model AI Governance Framework for Agentic AI, January 2026.
[3] Singapore sector-specific regulatory sandbox programmes, 2024-2025 additions.

Research · footnotes03 / 03

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