Checklist for talking to investors

The Checklist Template for talking to investors is a practical guide designed to support you in the stages prior to an investment search process, whether in pre-seed, seed or other early stages.

Its goal is to help you identify whether your startup is truly ready to start conversations with investors and which aspects are worth working on before committing team time, resources, or expectations about a potential round. The template is structured in phases that cover the key areas investors assess at early stages.

Unlike a theoretical manual or a lengthy document, this checklist works as a clear and usable checklist, designed to quickly review the project’s status, facilitate the founding team’s internal alignment, and serve as a guide to prepare meetings, demo days, or outreach processes with investors.

Template sections explained in detail

First, it is necessary to define the basics of the investment search: process name, round type, target dates, responsible person, round objective, priority use of funds, target investor profile, available materials, and criteria to proceed or pause. This initial information helps organize the process from the outset and avoid improvised or misaligned conversations. It also helps prevent internal drift and define objective criteria before starting meetings with investors, enabling better decision-making within the team.

The checklist is then organized into eight phases, which cover the key elements investors usually analyze when evaluating a project. Each phase will allow you to spot gaps, reflect on the project’s maturity, and make informed decisions before starting or continuing conversations.

1. Problem and value proposition: this phase reviews whether the project starts from a real, relevant, and well-understood problem, whether the value proposition directly addresses that problem, and whether there is a clear differentiation versus current alternatives. It helps validate whether the project’s starting point is solid and understandable, even for people who are not experts in the sector.

2. Market and opportunity: analyzes whether there is a real and accessible market opportunity, whether the target market is well-defined, whether its size has been estimated, and whether the project understands the competitive context. It also helps reflect on market timing and the real ability to reach the first customer segments.

3. Traction and validation: this section focuses on the available evidence such as validations with customers or users, pilots, usage, sales, and key metrics. It does not seek to demand complex figures, but to check whether the project can demonstrate learnings and data-based evolution beyond the initial idea.

4. Business model and growth: evaluates whether the business model is clear, understandable, and sustainable; whether the main costs, margins, and growth levers are known; and whether the project can explain how it scales without excessive complexity. This phase connects directly with the project’s viability from an investor perspective.

5. Team and internal capabilities: reviews whether the founding team is aligned, whether clear responsibilities exist, whether key functions are covered, and whether the level of commitment is in line with the investment process. It also helps identify whether the team’s capabilities are complementary and whether there is a plan to strengthen them when needed.

6. Narrative and investment materials: this phase focuses on how the project is told, the consistency between story and data, the clarity of the message, adaptation to the investor’s profile, and consistency across presentations, conversations, and written materials such as the pitch deck.

7. Round strategy: analyzes whether the project is clear about how much capital it needs, what for, which type of investor it is targeting, and why that type of round fits its current stage. It also helps reflect on timing and on the approach strategy to investors.

8. Risks and management of the investment process: the final phase invites you to identify the project’s main risks, consider how to communicate them transparently, and prepare the team for the process’s duration, uncertainty, and possible rejections. It also includes reflection on how to manage the investment search without affecting day-to-day operations.

Put the Checklist for talking to investors into practice 

This checklist helps you identify whether your startup has the necessary conditions to start conversations with investors or whether, on the contrary, it is better to strengthen some aspects before taking that step. Its purpose is to offer an honest, practical, and structured view of the project’s current state, taking into account both internal preparation —strategy, team, business model, or narrative— and the external elements that influence an investment process.

Through this tool you will be able to detect strengths, identify areas for improvement, and prioritize next steps, approaching conversations with investors from a more solid, realistic perspective that is aligned with your project’s current moment.

Prepare your next conversations with investors and download the Checklist for talking to investors. Discover more ready-to-use tools in the contents section of the ONE Platform.