How to Audit a Startup in 9 Steps
Michael Spencer
A.I. Writer, researcher and curator - full-time Newsletter publication manager.
I have an insatiable curiosity for the prospecting of startups, mostly innovative, mostly California based. Today I'd like to quickly take you on a journey of some of the websites I use to do this in a timely fashion. This literally takes just 10 minutes.
1- Crunchbase
To see funding, rounds, who is their VC. Get a feel for their press releases and PR.
2- Glassdoor
How do they treat employees, how is morale at the company, do they approve of management, the benefits, the culture? This is a direct grade on leadership. Without talent and employee engagement, a startup is going nowhere.
3- Google the CEO
Does the CEO have a branded voice, is it authentic, are they an influencer, is this company good at social media and PR? In other words, are they legit. Now repeat the same exercise for the CMO, COO, CPO and other co-founders.
4- Branding Credibility
If I google the company, what comes up first. Do they have social authority on Twitter, Instagram, Medium and YouTube? Or are they simply doing LinkedIn and Facebook.
5- Blog
Do they have a blog that blends social and knowledge authority with educational content and actionable tips & content of actual value to their customers, or are they just a gimmick. How is the quality of their content marketing? Do they offer any insightful thought leadership, or are they behind on the game.
6- Angel List
Do they have a profile on Angel List, is it followed, does anyone care about them?
7- Company Culture Audit
I will go to their LinkedIn corporate page and Instagram page. Here I'm looking at are they transparent about their company culture, proud of their employees and marketing themselves as a fun place to work at?
If not, they are going to have trouble engaging and attracting talented millennials to work for them. The LinkedIn and Instagram page has to be inspirational, and tell the story of their company and demonstrate (social proof) that this company actually cares about its employees.
8- Videos & PDFs
Now google the company name with "videos" and again with "pdf" and quickly see if the company offers any legit resources for free to the public the demonstrate that this startup knows what it is doing. Are they generous with their insights? Are they knowledgeable about what they do? Do they have a story to their brand that is compelling?
9- Social Blogging
Do they have any contributors to Medium or LinkedIn Pulse, that demonstrates that they are innovative in their market or their product or their leadership in contributing to their industry, the startup, entrepreneurial and insight community?
If a startup fails anyone one of these areas, I personally would have to assume they are early-stage, haven't done their homework, are too busy working to care about their online reputation management or are an immature brand.
To subscribe to my articles, go here.
M&A Deals Senior associate
6 年Nawfal HILALY
Enabling.Infrastructure.Visibility for your ICT resources and facilities
9 年Unfortunately we do not have the luxury of using online tools to carry out audits of startups we have to get down into the trenches and pull them out by their ears or belt buckles to inspect them for suitability for early stage funding.
How does this apply to organizations outside the US..... For example, the Middle East?
Associate Professor at DSP group UNIUD
9 年What about revenues? In my personal view, this should be the most important parameter in something that aims to be an economical activity. Yes, being funded is nice, it is a measure of how much VCs believe in you, but at the end of day what matters is: do you get more money from your customers than what you spend? If the answer is not, you are an economic black hole...