Tech DD Myth Busters # 4
Tech DD is a highly Time Consuming activity that may eat up all top resources of the entity in a few weeks.
The last thing an investor wants to do in a company they have invested in; is to waste their time on activities that might not bring high ROI.
“How long will it take, and how many of my top team members do you need to get involved?” This is an often asked question in my conversations with the investment fund managers/partners. The short answer is -
- a few of the team members need to spend
- few hours of the day (not full time) for
- around a week or so.
I understand that you do not want your top team to spend time on activities that may not have immediate and direct impact on the projects at hand. As a Tech service company CEO, I go through that dilemma everyday.
Typically we need to coordinate with,
- Tech Head / Head of Engineering
- Head of Compliance
- Tech Leads
They may need to share the information / documents we request to them to assess the systems, and tech-stack etc. We put our efforts into auditing the whole tech-stack, identifying the potential risks as well as scale-opportunities. They might need to get on a call with us to address the clarifications we seek related to the digital platform.
That’s it. The whole assessment process takes around a week, and gives you a very clear picture of where the entity and the platform stand in terms of tech-readiness, security and compliances, that may save you from a critical failure or thousands of dollars in the non-compliance penalty in the future.
Quite worth it, isn't it?