Diligence questions arrive earlier than the term sheet
Many founders wait for a signed process letter before assembling evidence. In practice, serious investors ask about licences, unit economics, and controls during early conversations.
A light pre-investment pass — even two weeks of focused work — surfaces the answers you will need anyway: where the product claim sits relative to your licence, how revenue is recognized, and who owns each control area.
Treat those early questions as a rehearsal. The founders who look calm in diligence usually practiced with the same materials beforehand.