A repeatable 30 minute process. Run it live while evaluating, not as paperwork afterward. From the team at Aleva: https://www.aleva.io/templates/angel-diligence-checklist

Deal: ___ Date: ___ Lead partner: ___

1. Founder and team

• [ ] Have we seen the product work, or just slides about the product?
• [ ] Does the founder answer hard questions directly, or does the story shift?
• [ ] Why is this team the one to win this market?
• [ ] Reference calls done (at least one not supplied by the founder)?

2. Market and timing

• [ ] Is the market big enough that a win matters?
• [ ] Why is now the moment (what changed)?
• [ ] Who loses if this company wins, and will they fight back?

3. Product and traction

• [ ] Is growth real demand, or paid acquisition that stops when the money stops?
• [ ] Retention: do users stay, or churn through?
• [ ] What did the last three lost customers say?

4. Business model and unit economics

• [ ] Do the unit economics work today, or only at imagined scale?
• [ ] What has to be true for gross margin to reach target?

5. The round

• [ ] Valuation vs. stage: defensible or momentum priced?