Due Dilligence

https://www.meetup.com/Seattle-Angel/events/271263808/

-- @todo Can we get a Checklist? -- @todo What About a ENT "Canvas" for Fund Raising -- @todo Canvas All the Things! -- @todo ENT should have a Prepared One-Sheet + Link to Doc-Set Magic

Books / Links

SAC YouTube Channel, Some Recordings have Books "Angels" by Jason...something "Calacanis?"

Pre-Seed?

Angels & Syndicates

FFF, Heros, Angels
DD Focus: TAM, Simple Company (simple cap-table), Good Team
- TAM: >$5B
- Proven Team: 18+ mo together? All Key Players on Cap-Table
- No Surprises!!
- Buying the Team more; INT is buying BEFORE the "Pivot"

Seed (eg: Priced)

Angels and Syndicates & Seed

Serious Money
DD Focus: Product/Market Fit ("PMF"), Unit Economics,
- CAC: Customer Acuisition Cost
- ASP: Average Sales Price
- ICP: Ideal Client Profile
- CLTV: Customer Life Time Value
- Stickyness: IP,

Series A

Seed and Early Stage Venture Funds

DD Focus: Scale
- Documented & PRoven Scale Metrics
- Control of Churn, not a "leaky bucket", doing client exit interviews? Active Surveys?
- =50 Clients at ASP
- Margins Good/Real
- Eye on Next Target, Customer Segment, Growth Area
- Capital Stack?

Always Do

Thesis: Bio-Pharma, FinSaaS, etc.
Ability to write this check
Ability to say "no" or "not yet" ** Not Yet is a big deal
Passion for Service

Table Stakes for ENT

Must haves for getting started

Identify Lead -- "big dogs", "whos in charge", audience research
Organized Documents
- Legal: Articls, Cap-Table, etc, etc, keep it clean and tidy
- Pitch Deck
- Financials: P&L, Balanace Sheet, Projection
- Team Details: Current Resumes, Future Hires, Options Details
- Team is on LinkedIn, AngelList, ProSeeder, Gust, CrunchBase, PitchBook, etc, etc