Wed, 20 January 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In running a diligence process it’s important to keep track of the progress of team members.
Set up frequent follow-up calls to check progress and resolve issues.
Follow-up calls should be scheduled and led by the deal lead.
A check-in call should take no more than 30 minutes.
In the follow-up calls, make sure the team members share their information in the Google doc format so the lead can start compiling the information into the final diligence report.
Take notes directly into the report including outstanding issues and questions for the startup.
In most cases, new information about a startup will come to light that may give the team pause about continuing with the investment.
If the new information is a major change, then the deal lead should gather feedback from the group and follow up with the startup to get clarification.
Plan on two follow-up calls in your month-long diligence process.
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