Definition
Order of payouts in an exit (preferences first, then common).
Examples
The exit waterfall showed investors got paid first.
Origin
Modern business/startup term; used as practical shorthand in product, growth, and investing.
Use it in Nautis
Track waterfall alongside everything else in your startup.
Nautis brings planning, fundraising, finance, and operations into one AI-native workspace — so concepts like waterfall stop being spreadsheet trivia and start showing up where decisions get made.