The burden of the due diligence process
Due diligence is a crucial part of business and legal transactions. The process is how we confirm other parties are representing themselves truthfully. For startups in particular, this can be a distracting undertaking. Startup operators are kept from their more urgent responsibilities: hiring, marketing, and building.
We recently heard about this obstacle from Timor Espallargas. Timor is the CEO of MyWork, a platform for personnel management and human resources. He shared with us how he was seeking some relief from what had become a burdensome process:
During our last fundraising round, we needed to make the process as efficient as possible, in order to get back to the business of building our business.Timor Espallargas, CEO of MyWork
Alleviating the due diligence burden with GoFullPage
For MyWork’s recent fundraising round, they needed to prove administrative minutiae such as domain ownership, power of attorney, and brand ownership. This proof often lives on clunky, unsophisticated government websites. These documents would also require a datestamp, to prove the information is current.
Timor was able to create high-quality documentation, and bypassed any question of validity.
GoFullPage ended up being a crucial tool for reducing Timor’s paperwork burden:
We were juggling so many documents for our due diligence process that it was comforting to know we had a top-of-the-line tool to handle documentation. It was a no-brainer for me.”Timor Espallargas, CEO of MyWork