E2M — Day-90 Brazil Investment Memo Template

1. Original 90-day mandate
2. What we proved
3. What we disproved
4. What remains unknown
5. Customer evidence and pipeline progression
6. Operating constraints observed
7. Entry-model implications
8. First-team / provider implications
9. Updated 12-month economics
10. Decision: INVEST / MAINTAIN / CHANGE / STOP
11. Smallest next commitment justified by evidence
12. Day-180 milestones, owners and critical dependencies
13. Risks requiring qualified legal/tax/employment/privacy/customs review