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TechMoney: Prepping for Diligence The Technical Side of Raising Capital
TechMoney: Prepping for Diligence
The Technical Side of Raising Capital
Stefan Koritar (@skoritar)
EU Entrepreneur-in-Residence, Cachette Capital
Ellie Cachette (@ecachette)
General Partner, Cachette Capital
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17:00 - 17:45
8 April 2017
A Little About US (CCM)
Cachette Capital or “CCM” is a full service Fund of Funds which
specializes in venture capital meaning:
= WE ALL NEED EACH OTHER
• Venture Capitalists or Venture capital firms need us,
we are their investors.
• Likewise, in order to help put money to work we need
the venture capitalists.
• For venture capitalists to make money, they need
A Little About Me…
• EU Entrepreneur in Residence for CCM
• Co-founder of Sloppe
• Product Manager, Telenav
• Regional Director Balkans, Startup Grind
• Entrepreneur at Heart
Purpose of Today’s Talk
• Learn some tips and tricks from Silicon Valley
• Go over basics of technical diligence
• Build great products from Day 1
What is Technical Diligence?
• Prepping for Investors
• Knowing what “assets” are
• Development Budgets per Financing Stages
• Planning For User Growth and Scaling
• VC Approved Metrics
• Technical Documentation
• Risks to Fix or Avoid During diligence
Introduction: Why Technical Diligence?
• Founders and CTOs often overlook the value of technical diligence
• There are tricks to making a startup more valuable based upon
• Technical preparation can make or break a startup
Don’t lose money over simple technical mistakes which are preventable
Prepping For Investor Talks
• When do you start preparing?
• Prepping for investor diligence
• How can your dev team ruin funding
• Budget Expectations and Technology
When Do You Start Preparing?
The right answer for when to start prepping for technical diligence is
“now” but the practical answer is when you actually have something that
• When you have a working prototype and MVP and
plan to start more serious development
• When you start to get users and tractions on some
stage of a working product
• As soon as servers or software subscriptions are
needed (say like Heroku). What account should all
those link to?
Ways Your Dev Team Can Ruin Funding
Surprisingly having a great developer or dev team is only part of it. Here
are some common ways your dev team can kill funding:
• If the persons, team or firm do not have enough equity or
the correct contracts and agreements in place.
• When you start to get users and tractions on some stage
of a working product
• If there is any sense of dev fraud: lies about how much
code was done, if developers over billed, or not technical
experience on staff to sniff it out
Budgets: Know Your Stage
• Whether its your funding stage or product stage, understand where
you are in the mix.
• If you are looking for a product market fit, go low on design.
• If you are looking to scale, go high on dev and growth
Budgets: By Tech Category
• Operational Costs (servers, emails, website)
• Development Costs (developers, new dev)
• Hidden Costs (APIs, programs needed ex: Twilio)
• Development Team churn
- Product market fit
- Technical investment (money lost or gained in dev lessons)
- Development Teams, Internal and/or Outsourced
Unless you are entering a Series A or B odds are you have very little to relevant
intellectual property that has been established. It’s the nature of building
What is IP?
• Intellectual Property
• Team - 1:1 meetings with dev team
Tools and Tips for Scaling
• Planning for user growth and scaling during fundraising
• Unit Tests / Integration Tests / Code Coverage
• Version Control / Github
• Load Testing
• Automated CI
• Automated Deployments
• Automated Scaling
The Common Speedbump: Security
• Intrusion Detection / Intrusion Prevention
• Backups / Disaster Recovery & Business Continuity
• Security Audits & Penetration Tests
Technical Documentation Expectations
• Bare minimum
Do you have any documentation?
Fix or Avoid Risks
• Do the right preparation
• Always be ready for an audit
• Understand the math and value ROI of tech