Startup Funding Espresso -- How to Manage the Diligence Teams

How to Manage the Diligence Teams Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In running an angel group, managing the diligence process is key to successfully funding deals. Here are some points to consider in managing the diligence process: Write out the diligence process for others to use and include templates and key questions to answer. Setup a standard diligence process schedule with a number of hours for each step. The more team members you recruit, the fewer hours each team member must commit. Set expectations for the level of work to be done. Put the diligence documents online along with a diligence report so everyone on the team can access it. Review the diligence report every few days to check progress. Include a previous diligence report to give the diligence team an example to review for the format, depth, and analysis. Hold weekly conference calls to check the status with the team and what challenges may arise. Set up a communication channel with the startup as most diligence processes require more information than was initially submitted. Give feedback on the report to show where the team should spend time -- in short, where the investors have concerns. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.Let's go startup something today. ______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.