Were there any particular challenges or surprises in obtaining the documents for the due diligence?
Nils Vossebein: Due diligence is a big undertaking. There were no real surprises, but some things are hard to describe because there is always a lot of agility in a startup. Especially with startups in DeepTech, which have a lot to do with artificial intelligence (AI) and data, and may come with a technology rather than a finished product idea, it is particularly difficult because things can always change. The same goes for certain predictions or target numbers. Otherwise, of course, it's a big undertaking to get everything together, so it takes a lot of time.
How did you overcome those challenges?
Nils Vossebein: We assigned one person plus or minus to this task, but that person got sick in the meantime, so there were delays. Since we are talking to a lot of potential customers at the moment and the exhibition season is coming up again, we are trying to find the time somewhere. Especially with such important things and several founders, you always have to coordinate together.
"Due diligence is especially difficult for startups in DeepTech that are working with a technology, not a finished product idea, because things can always change."
What advice or tips would you give to other startups preparing for due diligence?
Nils Vossebein: Prepare documents early and have them ready. For us, it's more of a search through different folders. Fortunately, we don't have to create everything from scratch. Otherwise, it is of course always easier to start with a concrete product or service, because many questions can be answered faster and more precisely. We talk to different potential customers who all want something different. So of course some questions can be answered less precisely.