Angel investors
How can an angel distinguish references from independent evidence for a climate software startup?
a climate software startup: Distinguish a source's direct observation from their opinion, inference, or relationship with the company.
Distinguish a source's direct observation from their opinion, inference, or relationship with the company. References can be informative and biased at the same time. Important claims deserve a provenance trail and, where feasible, corroboration.
Start with the decision
For each claim, record the source, relationship, date, actual observation, and available supporting record. Seek permission before sharing private statements. Preserve contradictions instead of selecting only the reference that supports the preferred decision.
The illustrative scenario
This is an educational workbook. The company or fund and all numerical inputs below are fictional. They are not ADIN results, customer claims, market benchmarks, or a forecast.
The fictional product helps building operators reconcile energy data. A facilities team uses the dashboard, while a finance manager approves spending. Deployments depend on meter access and consistent records across properties.
A claimed environmental benefit is different from a measured change attributable to the product. Separate data quality, operational action, and any externally verified result.
Turn the scenario into an evidence decision
Consider a review of a climate software startup in which a confident explanation arrives before the supporting records. Start with the first question in the table. Write down what an answer would change: the next interview, the experiment's scope, a request for specialist review, or a decision to wait. A question without a consequence can produce a longer document while adding little understanding.
Next, inspect the record named in the table and record its date, owner, permission boundary, and limitations. Inspect permissioned meter samples, installation requirements, operator references, and the method used for claimed savings. Keep comparison periods and missing readings visible. If the record contradicts the explanation, preserve both accounts and ask which definition, period, or workflow differs. Do not silently select the version that makes the opportunity look strongest.
Finish with a conditional statement: if the specified evidence supports the claim under these conditions, take the named next step; otherwise investigate the unresolved question. Source quality depends on relevance and independence as well as reputation. A detailed firsthand account can answer a narrow question while remaining insufficient to support a broader claim about the company. This worked exercise is about the decision process. It does not assert that a fictional company has met a real diligence standard or that a template can authorize an investment.
| Item | Illustration |
|---|---|
| Decision question | What was directly observed? |
| Case-specific constraint | A claimed environmental benefit is different from a measured change attributable to the product. Separate data quality, operational action, and any externally verified result. |
| Record to inspect | Inspect permissioned meter samples, installation requirements, operator references, and the method used for claimed savings. Keep comparison periods and missing readings visible. |
| Comparison to preserve | Compare the full deployment process with the operator's current reporting. A useful dashboard still needs someone able to act on its findings. |
| Unresolved case question | Who supplies reliable data? |
Use this worksheet
Answer the questions with a source, date, owner, and next action. Mark an unknown as unknown. Use public or permissioned information and involve a qualified specialist when a question requires expertise beyond the team’s competence.
- What was directly observed?
- When was it observed?
- What relationship exists?
- Can a record corroborate it?
- Which source disagrees?
Questions specific to this scenario
- Who supplies reliable data?
- Which savings are actually measured?
- How long does a property rollout take?
Inspect permissioned meter samples, installation requirements, operator references, and the method used for claimed savings. Keep comparison periods and missing readings visible.
A concrete next test
Trace one claimed operational saving from raw meter data to a documented action and comparison period. Ask which part is measured and which part is inferred. Keep missing readings and unrelated changes visible before using the claim in an investment discussion.
Interpret the result
Source quality depends on relevance and independence as well as reputation. A detailed firsthand account can answer a narrow question while remaining insufficient to support a broader claim about the company.
Compare the full deployment process with the operator's current reporting. A useful dashboard still needs someone able to act on its findings.
Sources and method
These primary resources provide background for the concepts. The fictional scenario, calculations, and worksheet are ADIN educational examples; the sources do not report or validate those invented results. Reviewed October 11, 2026.