Last night Keith McGreggor tweeted a picture laying out the characteristics of the Investment Readiness Level (IRL). After seeing it, I was impressed as seed and early stage angel investors often invest based on the team, the market, and gut feel — a very unscientific process. With the Investment Readiness Level, there’s a barometer of progress that brings much more rigor to the evaluation.
Here’s the Investment Readiness Level, based on the picture of the slide:
- High-fidelity MVP
- Sufficient market opportunity
- Left side of canvas validation
- Right side of canvas validation
- Product / market fit
- Problem / solution validation
- Low-fidelity MVP
So, the next time an entrepreneur is trying to raise money, have them evaluate their Investment Readiness Level using these attributes.
What else? What are your thoughts on the Investment Readiness Level?