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Startup Validation: Difference between revisions
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* Can you quantify the demand for your product? | * Can you quantify the demand for your product? | ||
* What makes your product stand apart from competition? What is your USP? | |||
* Which part of your product are you most proud of? In which area do you need to get better? | |||
* How big is the total addressable market? How large is the serviceable available market? | * How big is the total addressable market? How large is the serviceable available market? | ||
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* In which timeframe and at which valuation could an exit be realistic? | * In which timeframe and at which valuation could an exit be realistic? | ||
* Which kind of terms did you agree with lead investors on? (Liquidations preferences, drag/tag along etc.) | * Which kind of terms did you agree with lead investors on? (Liquidations preferences, drag/tag along etc.) | ||
==== Risks ==== | |||
* What would you say are the biggest risks when investing in your company? | |||
* What would you say are the biggest weak points of you business model? | |||
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==== Motivation ==== | ==== Motivation ==== | ||
* What has been your motivation to start your startup? | |||
* How long is the Team already working together? How did you find each other? | * How long is the Team already working together? How did you find each other? | ||
* | * Which values are important for your company? Which goals are important? Do different team members bring different accents into this? | ||
* What is background situation of | * What is background situation, personal goals of team members. Can you afford to pursue your goals for an extended amount of time with little or no compensation? | ||
* Does any of the core team members have a side hustle or is this startup even the side hustle? | * Does any of the core team members have a side hustle or is this startup even the side hustle? | ||
* Is the team genuinely driven by a deep mission and vision or do they want to make a quick buck? | * Is the team genuinely driven by a deep mission and vision or do they want to make a quick buck? | ||
==== Skills ==== | ==== Skills ==== | ||
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* Are all necessary skillsets presented in the team to make it a success? If no: Which skills are missing? | * Are all necessary skillsets presented in the team to make it a success? If no: Which skills are missing? | ||
* Do we believe that team members have a growth mindset and the ability and passion to excel in their work areas? | * Do we believe that team members have a growth mindset and the ability and passion to excel in their work areas? | ||
* Where do you personally think you have the biggest blind spot and is there a team member who covers it for you? | |||
==== Workflow ==== | ==== Workflow ==== | ||
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* How is the team working together? (Remote, in-person) | * How is the team working together? (Remote, in-person) | ||
* How are decisions taken? | * How are decisions taken? | ||
* Do you have one official managing director/ceo that is ultimately legally responsible? | |||
* How is work split? | * How is work split? | ||
* Which tools does the team use for planning, coordination, communication etc.? | * Which tools does the team use for planning, coordination, communication etc.? | ||
* What is the work-life balance of team members? | |||
==== Recruiting ==== | ==== Recruiting ==== | ||
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==== Budgeting ==== | ==== Budgeting ==== | ||
* What costs over the last years/month (since inception)? | * What costs over the last years/month (since inception)? | ||
* Do you currently receive a salary? What will your salary be after a successful funding round? | |||
* What is your current budgeting plan? If you are not cash flow positive do you know how long your cash will last before you need to cancel the project? e.g. 9m month run away cash. | * What is your current budgeting plan? If you are not cash flow positive do you know how long your cash will last before you need to cancel the project? e.g. 9m month run away cash. | ||
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==== Co-Investors ==== | ==== Co-Investors ==== | ||
* Have you been looking for investors? Who did you talk to before? With how many investors have you been talking? | * Have you been looking for investors? Who did you talk to before? With how many investors have you been talking? | ||
* How many VCs are active in your space? How large are they? | |||
* Do you currently have investors? If yes who are they? | * Do you currently have investors? If yes who are they? | ||
* Which conditions did you have in your last funding round? (size, structure) | * Which conditions did you have in your last funding round? (size, structure) | ||
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* How are you planning to structure your current funding round? | * How are you planning to structure your current funding round? | ||
* How do you plan to structure the angel part of it? | * How do you plan to structure the angel part of it? | ||
* At which point do you plan to establish a board? | |||
== | ==== Working together ==== | ||
* | * What are you looking for in a business angel? | ||
* How much access & transparency would a business angel have? | |||
* How do you plan to keep your investors up to date? | |||