The due diligence process involved analysis of company documents, interviews with the management team, use of a proprietary diagnostics tool, external interviews and detailed business analysis. Specifically, CLT reviewed the latest company documents such as business plan, conference presentations and recent grant applications. The management team was interviewed at their premises for review of the current position of the business. This meeting included a demonstration of the microchip technology. During the interviews, CLT used a “Diagnostic Q&A toolkit” to evaluate and provide an independent opinion on key risks. Further desk research and telephone interviews of manufacturers, end users, industry experts were undertaken. A report was submitted that contained insights on topics such as current progress on commercial relationships and level of interest including value proposition, business model for commercialization, team, key risks identified, what the funds will be spent as well as information regarding exits of similar companies. The report also included a risk register identifying the likelihood, impact and possible mitigation strategies and consideration was given to the question regarding how much funding this business might need before it can raise corporate investment or start to generate income.