Assessment Criteria
How we evaluate deep tech startups in due diligence reports.
We assess startups on three dimensions, each scored 1-10.
Technical Credibility (1-10)
- Is the core mechanism scientifically sound?
- Are key parameters (efficiency, current density, yield, etc.) specified or hand-waved?
- Does published precedent support the approach?
- What's the current TRL and what's required to advance?
Commercial Viability (1-10)
- Do unit economics close without policy support?
- Is there evidence of customer demand (LOIs, pilots, revenue)?
- What's the realistic timeline to meaningful revenue?
- Does the capital requirement match VC fund math?
Moat Strength (1-10)
- Is there defensible IP, or does prior art limit protection?
- How long would it take a well-funded competitor to replicate?
- Are there network effects, switching costs, or other structural advantages?
- Is execution speed the primary moat?
What DD Reports Don't Cover
To be clear about scope:
- We don't do background checks on founders
- We don't assess cap table structure or deal terms
- We don't provide legal opinions on IP ownership or freedom-to-operate
- We don't replace actually talking to the founders
We focus on: Does the technology work? Are the cost projections realistic? What are the technical and commercial risks that could kill this?
What's Next
- DD Report Sections — What you get in a report
- Creating a DD Report — Run your own analysis