Center of Excellence: Deals

Deal Flow: What Every Manager Needs to Know

In this Center of Excellence:

Part 1: Sourcing. Build a System, Not an Inbox.

• The best funds don't wait for deals — they build systems that attract them.
• Your sourcing engine is a reflection of your thesis. If it's not compound­ing over time, it's not working.
• Read the full resource here.

Part 2: Filtering. Thesis First, Everything Else Second.

• A strong filter isn't a checklist — it's your thesis, operationalized.
• Speed matters. The best opportunities don't wait for slow processes.
• Read the full resource here.

Part 3: Diligence. Conviction Is Built, Not Assumed.

• There is no universal diligence checklist. There is only the checklist that fits your thesis.
• Early-stage diligence is about validating the signals that drew you in — not running a Series A process on a pre-seed company.
• Read the full resource here.

Part 4: Decision-Making. Every Yes Is a Bet. Make It Deliberately.

• Knowing why a deal works is more important than knowing that it works.
• Your thesis is not just a sourcing filter — it's a decision framework.
• Read the full resource here.

Part 5: Closing. Execution Is Where Trust Begins.

• How you negotiate terms is the first chapter of your relationship with a founder.
• Clarity, speed, and simplicity close deals. Cleverness slows them down.
• Read the full resource here.

Part 6: Follow-Up. The Deal Close Is the Relationship Start.

• Most fund managers focus on getting into deals. The ones who build lasting franchises focus on what happens after.
• Post-investment follow-up is also a feedback loop — what you learn from your portfolio should sharpen every earlier stage of your process.
• Read the full resource here.

Our recommended deal flow and portfolio management guru

Neal Strickberger is a General Partner at Seed Milestone Fund and a seasoned investor-operator with deep experience at the pre-seed and seed stages. He focuses on technical innovation across AutoTech, EnergyTech, Logistics, IoT, and Enterprise SaaS — sectors where operational expertise matters as much as capital. His approach connects strategy to execution, and his experience as both a founder and investor gives him a ground-level perspective on what it actually takes to build high-conviction deal flow.