Before reviewing a startup: criteria and information gaps
A persuasive pitch may start a conversation. It is not, by itself, enough to establish whether an opportunity fits your criteria or what remains to be checked.
Use the free worksheetSeparate two tasks: define the kind of venture you seek and examine a specific opportunity. Then distinguish strategic review from any specialist diligence a transaction may require.
Three steps before deciding.
Write your thesis first
Clarify preferred sectors, stage, approximate investment size, geography, time horizon and involvement. Add limits that would make you decline an opportunity even if its story appeals to you.
Mark claim, source and question
For each important statement about customers, revenue, costs, team, technology or milestones, note the supporting material, who supplied it and what remains unverified. A pitch-deck figure remains a claim until its source and scope are checked.
Define permissions and review type
Request only information the founders are authorised and willing to share. Decide whether you need to clarify your thesis, a bounded strategic review or specialist legal, tax, financial or technical diligence.
See the question behind the decision.
A venture reports user growth. Useful questions include how it is measured, how many users return, what serving them costs and whether the period and market match your thesis. No single answer decides an investment.
Initial review checklist
Use this as a conversation aid; do not upload third-party documents to this page.
- 01
Fit with my thesis
Which criterion is met, missing or unclear?
- 02
Main claims
What is asserted, and which document or person can support it?
- 03
Material gaps
What missing information could change my decision?
- 04
Permissions and participants
Who may share information, and whose voluntary involvement is needed?
- 05
Review required
Is it a thesis question, a strategic review or a specialist diligence matter?
Important boundary
This guide does not verify a startup, value shares, recommend an investment or replace specialist legal, tax, accounting, financial or technical diligence. It does not guarantee access to NBH projects or returns.