Blog
Startup Due Diligence Request Tracker A Template for Managing Follow Ups
A startup due diligence request tracker records each investor question, who will answer it, the supporting evidence, and what remains to be done. Use one maintained working list so the team can coordinate follow-ups without treating an uploaded file as proof that the investor's question has been resolved.
Agree on the tracker format and response process with the people participating in the review. The template here is a practical working choice. Adapt it to the actual investor requests, your team, and any process established with counsel.
Give each request a clear reference
Assign an identifier and retain the original wording. Add a short clarification where the question is ambiguous, but do not overwrite the request with your interpretation. Record when it was received and which reviewer asked it.
If a question arrives through a call, write down your understanding and confirm it through the agreed process. A request for customer information may mean contracts, a performance report, or an explanation of concentration. Clarification should determine what the team collects next.
Use a small set of working columns
Start with the following fields:
- Request reference, wording, and date received.
- Person responsible for preparing the response.
- Document references or other evidence.
- Current status and unresolved question.
- Next action and agreed follow-up date, where applicable.
- Response sent and reviewer feedback.
Add an advisor-review field if certain answers require approval before they are shared. Keep sensitive internal discussions separate from a tracker version provided externally.
Define statuses the team can use consistently
Use plain labels such as clarification needed, collecting evidence, preparing answer, advisor review, response sent, and reviewer confirmation recorded. Agree on what each means. Where an item does not apply, retain the explanation and any follow-up rather than simply deleting it.
The status should describe the work. Response sent tells you that the company has provided an answer. It does not mean the investor considers the matter resolved. Ask how sufficiency will be confirmed and record that feedback when available.
Connect the answer to the exact evidence
Use stable document references and relevant dates. Save the response that was actually sent and the supporting material used for it. When an answer changes, explain the change and identify the earlier response it affects.
For a hypothetical request DD-014, an investor asks why two ownership summaries differ. The coordinator assigns the factual review to the company record owner and the interpretation to counsel. The entry records the supporting event and approved answer, while any further question remains visible.
Review dependencies before chasing deadlines
Some requests depend on another person confirming facts or completing an action. Record that dependency and coordinate a realistic follow-up. A date chosen without the responsible person's input can create another inaccurate expectation.
Use a short review meeting to identify blocked requests and the next person needed. Discuss the items that require a decision instead of reading the entire tracker aloud. For the wider sequence, see our Startup Due Diligence Process guide.
Maintain the document base that supports responses
DocChief helps keep corporate documents available for health checks, compliance gap analysis, and ongoing investor communication. A founder can use selected customizable, trackable links for a focused answer and the organized smart data room for a broader established review. Invited investors can review through the freemium experience without paying for access.
The tracker remains a record of the team's response process. Keep it connected with the maintained evidence and confirm the actual workflow you use in the platform. Explore DocChief to reduce repeated collection when follow-up questions return to the same corporate records.