How we review
- Identify the entity, business model and specific research question.
- Identify authorised evidence for demand, revenue and burn.
- Document assumptions and counter-evidence for concentration, funding and execution.
Startup due diligence for business model, metrics and runway
Review startup claims about business model, traction and liquidity against available evidence. Includes a runway calculator and research from €45.
What evidence matters before considering a startup investment?
Start with evidence of demand and revenue, current cash and assumptions about burn. Confirm which entity owns or operates the product. Separate signed contracts and cash receipts from expressions of interest and pipeline.
Typical risk factors
- Short runway and reliance on unconfirmed funding.
- Revenue concentration and traction metrics that are hard to verify.
- Dependence on founders, key partners or unsecured resources.
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Calculate cash runway
Unrestricted cash ÷ monthly net cash burn. Use a representative period without one-off financing effects.
Runway assumes constant burn. It is a scenario and excludes unconfirmed future funding.
Calculated from your inputs only. No automatic data retrieval or investment score.
How the research score is built
- Demand and revenue evidence30 %
- Cash and funding30 %
- Business model and execution25 %
- Structure and governance15 %
We rate documented characteristics in each criterion from 0 to 100. 0 means weak, 50 means mixed and 100 means strong. The research score is the sum of each rating × its weight, divided by 100.
The risk score uses its own scale from 0 for low to 100 for substantial evidenced risk. Evidence coverage is the sum of weights for criteria with sufficient evidence. While any criterion remains unresolved, we show the gap and withhold the overall score.
See the fictional score demonstrationResearch packages and scope
Indicative one-time prices refer to the standard scope shown when sufficient data is available. For more complex work, we agree a custom quote first.
BASIC RISK SNAPSHOT™
One entity, one question and an overview based on public records.
45 €indicative price per report
- Brief profile and key risk factors
- Relevant metrics with data dates
- Source list and open questions
PRO INVESTOR INTELLIGENCE™
Deeper traction and liquidity review using agreed, accessible evidence.
95 €indicative price per report
- Everything in Basic
- Asset-class-specific metrics and risk matrix
- One benchmark where reliable data is available
PREMIUM DEEP RESEARCH™
Cross-check key business assumptions and review qualitative runway scenarios for one startup.
195 €indicative price per report
- Everything in Pro
- Deeper cross-checks of key claims and an evidence matrix
- Up to three qualitative scenarios with assumptions and open risks
Frequently asked questions
What does an initial startup snapshot review?
It covers one entity and one agreed question, with available evidence, key risks and unresolved checks.
Do pledges and pilots count as revenue?
Pipeline, signed contracts, booked revenue and cash receipts are considered separately. Pilot projects can be paid or unpaid.
How do you handle unconfirmed funding?
Unconfirmed funding stays outside the base calculation. It can be included separately as a clearly labelled scenario assumption.
Should I send confidential records in the form?
Initially include only the entity and a general question. A suitable channel for any further documents is agreed separately.
Are legal and tax due diligence included?
The standard report focuses on document-based business and financial research. Legal or tax due diligence requires suitably qualified professionals.
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What would you like to check next?
How can I assess the business quality of listed companies?How do I prepare a brief for a complex review?How does a scenario differ from a forecast?
Business & Market Research Sources and data dates
These sources are starting points. Reports document the evidence actually used and its date, with missing or conflicting data shown separately.
Full research methodologyRESEARCH BRIEFING
Request a research report
Describe the subject and your research question. After reviewing data availability, we confirm the scope, price and delivery date.
Free and without obligationIndependent research without personal investment recommendations