# Ten West Future Mode - Test Plan Prove the underwriting and the cash control with a small pilot. Then raise credit against the results. ## Steps 1. **Define the product.** - An advance for a revenue share (beatBread model) fits an artist-tools company. - A catalog purchase (Duetti model) needs more capital per deal. 2. **Audit Future Mode data.** - Royalty statement data gives a pricing edge. Stream counts alone do not. 3. **Back-test.** - Take artists with 2–3 years of history. - Forecast 12-month and 24-month revenue from earlier data. Compare with actuals. 4. **Sign one distributor partner** that redirects payments. - This is the hardest commercial step. Do it before raising capital. 5. **Run a pilot of 20–50 deals (£1–2m).** - Fund it with equity, a family office or a forward-flow partner. - Track collections against forecast for 6–12 months. 6. **Raise a warehouse facility.** - Targets: specialty-credit funds like Northleaf, Viola Credit, GMO. - Bring the pilot data. 7. **Securitize** once the seasoned pool is large. Duetti's first ABS was $80m. > [!tip] Faster test with no capital > beatBread offers a white-label funding engine with its own capital. Ten West can test artist demand before it takes balance-sheet risk. ## Open questions - What data does Future Mode see today? - Which distributors does Ten West have relationships with? - Does Ten West want to own the lending book, or only originate for a partner? ---- tags: #boat links: [[Music Royalty Financing MOC]] [[Critical Assumptions and Non-Negotiables]] [[Competitor Teardown - beatBread Duetti RoyFi]]