We start with an evaluation process to determine if there is a fit. We look for founders that know their market, bring domain expertise and have a clever idea. We look for markets that we know and can help with, such as HR systems, data intelligence, digital transformation, enterprise software, IT infrastructure tools. We look at the size of the market and the timing of launch to see if we think the idea can become a viable company with great growth prospects. We start by asking for a little background; you can download the form here. During the evaluation process we come to an agreement with the startup on near-term milestones that we can support.
Then we introduce the founders to our team members and identify a scope of work that will contribute value to the startup and accelerate it toward launch. Once scoped, we price the project and usually propose that the startup “pay” using pretty standard convertible note terms plus a small cash component payment. The best projects achieve MVP by the end of the project so that the startup can go out to customers and get real world feedback.
After we commence the project, we will meet each month to review progress, and meet each quarter to revisit whether we want to continue the process or stop…a tough but an open, honest discussion. In that way both Triangulum and the startup know exactly where we stand and what the level of commitment is.