Real Assets
We build future energy systems and resilient infrastructure, backing emerging opportunities in technology, land and water.
Real Assets
Private Equity & Ventures
Real Assets
Private Equity & Ventures
In startups and venture, asking the wrong questions can cost more than you think
Founders ask, “Would you use this product?”
VCs ask, “Is this market growing?”
Marketers ask, “Would you be interested if we launched this feature?”
These are comfort questions. They feel like diligence, but they’re really narrative reinforcement.
Good questions dig into behaviour, not opinion.
Instead of asking if someone would use your product, ask when they last tried to solve this problem and how.
Instead of asking if the market is big, ask who is paying today and how much.
Instead of asking if a founder is prepared, ask how they’ve navigated the last blind corner and what broke along the way.
Reality lives in specifics: actions, transactions, frustrations. That’s where the signal hides.
For VCs, the temptation is to validate an investment thesis with shallow diligence:
“The TAM is clearly massive.”
“This founder has charisma.”
“Everyone’s talking about this space.”
But the right diligence questions feel less glamourous and more uncomfortable:
How many customers are paying, at what gross margin, and how fast is that improving?
What are the real switching costs in this market?
If demand is real, what bottlenecks are already visible in delivery?
The answers might make you less excited, but that’s the point. Good questions protect you from falling in love with a mirage.
The Granny test isn’t about clever phrasing. It’s about intellectual honesty. Founders must resist the urge to chase flattering answers; VCs must resist the urge to justify consensus narratives. Both must trade easy optimism for hard evidence.
Because whether you’re building or funding, asking bad questions is like running negative margins: it feels like growth, but it’s just deferred collapse.