ACQ2: The Acquired Interviews

Could I see myself or my wife working for/with this CEO? Would I quit my job and go work for this person? That’s the crux of it. If you’re a CEO out raising money, that is the lens with which you should view every interaction with a VC. You should come across in such a personally compelling way that they’re drawn to you. That’s the bar they are holding you to.



The right amount of diligence is a great topic to think about, whether a company is ready for investment or not. This episode was made for founders getting ready for investment, or founders who want to start asking the right questions about their work. Ben and David discuss in depth what you can reasonably expect from VCs conducting diligence, and how to set yourself up for long-term value creation. Most importantly, Ben and David discuss the questions you should be prepared to answer and the questions you should be prepared to have asked about you.


Be sure to follow the Acquired Podcast:


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LP Show Page


Links from the Show:


Show Bookmarks:

[02:45] – The importance of Diligence

[03:50] – Early Stage and People Diligence

[13:15] – Market Landscape

[18:02] – How can an Entrepreneur find the right VC for the right landscape?

[22:11] – What is the best diligence a found has done on Wave Capital?

[24:10] – ‘Where does the money come from?’

[29:35] – Diligence on the Product

[37:06] – Post-Term Sheet Diligence

[41:02] – Accounting Diligence

[42:47] – Legal and IP Diligence

[48:30] – Diligence on Seed vs Series B and beyond

[50:00] – Diligence Variation based on time, risk, and opporunity


People Worth Knowing:

Bijan Sabet

Bill Gurley

Don Valentine

Eric Yuan

Jake Saper

Steve Jobs

Trip Hawkins


Companies Mentioned in Episode:

Perkins Coie


Spark Capital







Episode Specific Terms:

Consumer App

Escape Velocity

Frontier Tech

IP Assignment Agreement


Market Map

Pre and Post Term Sheet Diligence

Product Risk vs People Risk

Representations and Warranties

Sovereign Wealth Fund

Team Risk

Term Sheet

The Data Room

VC Sourcing Strategy


Ben and David’s Affiliations:

Wave Capital, @WaveCapitalVC

Pioneer Square Labs, @psl

What is ACQ2: The Acquired Interviews?

ACQ2 is Ben and David's conversations with expert founders and investors. Acquired the stories of great companies — and ACQ2 dives deeper into the lessons we can learn from them, often with the protagonists themselves.