Thank you for the thoughtful read. I resonate with the "we don't even know we don't know" point because a portfolio can look well-optimized even when the unfound orgs never enter the denominator.

The search cost isn't just high, it's front-loaded and shareable in a way the field doesn't take advantage of. Once a grantmaker has done the work of mapping who's real in a place, that map is close to a public good, but too often we fund as if every funder has to rediscover it alone. A shared diligence layer for high-proximity orgs would change the per-grant math.