Preparation guide
Before you raise, build the evidence.
Ten questions to structure your next round and identify what needs attention first.
Review each question with your team and gather the evidence available. Clearly identify any answer that is still a hypothesis.
01Investment decisionWhat specific milestone will this round fund, and why do you need capital now?
Evidence to reviewDefine the milestone, timeframe and decision it will enable. Connect funding to a measurable step forward for the business.
02Commercial validationWho pays for your solution, why do they choose it, and what shows they keep using it?
Evidence to reviewDistinguish cash collected, contracts, pilots and commercial interest. Gather usage and retention evidence where relevant.
03Metric qualityCan you reconstruct your key metrics from consistent underlying data?
Evidence to reviewDocument definitions, time periods and sources. Review cohorts, concentration, margins and unit economics as relevant to your business model.
04Reachable marketWhich segment can you serve first, and how do customers and pricing support your market estimate?
Evidence to reviewBuild a bottom-up estimate with explicit assumptions. Separate the total market from the demand you can realistically reach.
05DifferentiationWhy would a customer choose you over the alternatives they use today?
Evidence to reviewCompare outcomes, costs and constraints. Include in-house solutions and the option of keeping the status quo.
06Round size and use of fundsIs the amount you are raising connected to an execution plan and a budget?
Evidence to reviewLink the use of funds to owners, milestones and monthly cash needs. Test a base case and a slower-growth scenario.
07Cash and timingHow much time does your available cash give you to complete the round?
Evidence to reviewUpdate cash, burn and commitments. Identify the decisions you would make if fundraising takes longer than expected.
08Team and executionWho will execute the plan, and which capabilities are missing?
Evidence to reviewClarify founding-team responsibilities and priority hires. Connect each gap to the funded plan.
09Information readinessCan you clearly present the company’s ownership, contracts and principal risks?
Evidence to reviewOrganize the cap table, corporate records, material contracts, intellectual property and financial data. Identify open items and owners.
10Investor fitWhich investors fit your stage, market and round size?
Evidence to reviewValidate their thesis, geography, check size and decision process. Build a reasoned shortlist and tailor your message to the actual fit.
Use this guide to identify priorities for further work. Completing it does not constitute an assessment or an investment decision.
